SAN DIEGO-Strategic Hotels & Resorts Inc. of Chicago is nearing a deal with Blackstone Group LP of New York to reorganize the debt load on Hotel Del Coronado situated near San Diego. Strategic as well as KSL Resorts and Kohlberg Kravis Roberts & Co., the co-owners of the hotel, would deposit required capital to reduce the debt on the hotel from $630 million to $425 million.
The deal would reduce Strategic's 45% stake. Blackstone would offer $100 million in new capital. For the full story, go to Crain's Chicago Business.
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