SAN DIEGO-Strategic Hotels & Resorts Inc. has closed a deal with Blackstone Group LP to reorganize the debt load on the 787-room Hotel Del Coronado situated near San Diego. According to the deal, the value of the property may reach nearly $590 million.
A joint venture of Strategic, Kohlberg Kravis Roberts & Co. and KSL Resorts owns the property. The hotel was sold to a new venture headed by Blackstone. With the new deal, the stake of Strategic and KSL has been reduced. For the full story, go to Crain's Chicago Business.
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