Blackstone to Buy Strategic Hotels & Resorts for $6B

Reuters

Strategic Hotels & Resorts Inc (NYSE:BEE) said affiliates of Blackstone Real Estate Partners VIII LP, the real estate fund of Blackstone Group LP (NYSE:BX), would buy the company and subsidiary Strategic Hotels Funding LLC in a deal valued at $6 billion including debt.

The offer of $14.25 per unit represents a premium of 4.8 percent to Strategic Hotels & Resorts' close on Friday.

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(Reporting by Ankit Ajmera in Bengaluru; Editing by Ted Kerr)