CHICAGO—Strategic Hotels & Resorts Inc.said Monday that it was exploring strategic alternatives for thecompany, including a possible sale. The lodging REIT, which tradeson the New York Stock Exchange as BEE, hasretained J.P. Morgan as financial advisor.
The announcement confirms a report in Bloomberg Business lastmonth that quoted sources said to be familiar with the matter. Thesources said that eBay Inc. founder PierreOmidyar, who controls development company OhanaReal Estate Investors, was among those interested inacquiring BEE.
More recently, Seattle-based Cascade InvestmentLLC, controlled by Bill Gates, said in anSEC filing Monday that it had increased its ownership of BEE to9.8%. Cascade, BEE's second-largest shareholder afterVanguard Group, also said in the SEC filing thatit had entered into a confidentiality and standstill agreement withBEE providing, among other things, for “the sharing of certainnon-public information.”
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Paul Bubny
Paul Bubny is managing editor of Real Estate Forum and GlobeSt.com. He has been reporting on business since 1988 and on commercial real estate since 2007. He is based at ALM Real Estate Media Group's offices in New York City.
