Singapore Government Buys Hotel Stake
Associated Press 05.31.07, 5:03 PM ET
Strategic Hotels & Resorts said it sold a minority interest in its InterContinental Chicago and Hyatt Regency La Jolla hotels to the real estate investing arm of the Singapore government for $450 million.
GIC Real Estate Pte. Ltd. will receive a 49 percent stake in the hotels, while Strategic Hotels & Resorts will retain a 51 percent holding and manage the properties under a long-term agreement, the company said in a release Thursday.
The deal is expected to close in the third quarter.
Shares of Strategic Hotels & Resorts rose 49 cents, or 2.2 percent, to close at $23.32.
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