CHICAGO, Aug. 8 /PRNewswire-FirstCall/ -- Strategic Hotels & Resorts, Inc. today announced that the company closed on its acquisition of a 65.0% interest in the entity that owns the InterContinental Hotel in Prague, Czech Republic, for $68.8 million, from affiliates of GIC Real Estate, Inc. The purchase brings the company's interest in the entity that owns the property to 100%. Including the assumption of $56.5 million in debt, the company's total investment to acquire the 65% interest is $125.3 million.
About the Company
Strategic Hotels & Resorts, Inc. is a real estate investment trust (REIT) which owns and asset manages high-end hotels and resorts. The company has ownership interests in 19 properties with an aggregate of 9,607 rooms. For further information, please visit the company's website at http://www.strategichotels.com/ .
