Strategic Hotels and Resorts, Inc. provides update regarding Essex House Hotel Acquistion
Strategic Hotels & Resorts, Inc.?(NYSE: BEE) announced today that the deadline for closing the?Essex House Hotelacquisition has been extended until?Friday, September 14, 2012.? The agreements with?Marriott International?and?Bank of America Merrill Lynch?remain in effect through the extension period.
“We are working diligently to close the purchase of this iconic hotel and appreciate the extension considering the tight timeframe involved,” said?Laurence Geller, President and Chief Executive Officer of?Strategic Hotels & Resorts, Inc.? “Our goal is to secure the right alternatives to fund the remaining capital requirements on terms that are in the best interest of our shareholders.”