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New partners for Hotel Del Coronado
Strategic Hotel Capital, Inc. (SLH) today announced it has signed an agreement to acquire a 45 percent interest in the Hotel del Coronado in San Diego, California through a new joint venture with existing owners Kohlberg Kravis Roberts & Co. (“KKR”) and KSL Resorts. The $745 million aggregate purchase price for the joint venture includes the 679-room luxury property, a spa and beach club that are currently under development, an under construction 78-room beachfront, luxury condominium-hotel development, and a zoned parcel for an additional 144-room development. The acquisition, which is expected to close in the first quarter of 2006.
The Hotel del Coronado, a National Historic Landmark located on 28 acres of prime beachfront, is considered to be one of the top ten resorts in the world. The property’s amenities include eight unique restaurants, retailing outlets, two spacious beachfront pools, and 135,000 square feet of combined indoor and outdoor function space, including two of the most famous ballrooms in the country. A current expansion, due to be completed in 2006, will more than triple the number of treatment rooms and add an infinity pool to the existing spa, as well as add retail space and 78 luxury beach-front condominium-hotel rooms.
Strategic Hotel Capital will be managing partner of the venture. KKR will hold 41 percent, and KSL Resorts the remaining 14 percent. KSL Resorts will continue to manage the property on behalf of the joint venture. Strategic Hotel Capital’s total equity investment will be approximately $70 million, plus closing costs.
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