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CHICAGO-Strategic Hotel Capital Inc. raised $217.7 million by selling 12.8 million shares of common stock, which it will use to add luxury properties to its portfolio. The REIT already has the 692-room Fairmont Chicago under contract, having agreed to pay San Francisco-based Swig Co. $154.7 million.

In addition to the stock offering, Strategic Hotel Capital is raising acquisition capital by selling three assets, including two in the Chicago suburbs. The 390-room Lincolnshire Marriott Resort recently joined the list of assets on the market, as Strategic Hotel Capital already was shopping the 398-room Marriott Schaumburg as well as an Embassy Suites in Lake Buena Vista, FL.

Deutsche Bank Securities Inc. was book-running manager for the stock offering, while Goldman Sachs & Co. was joint lead manager with Banc of America Securities LLC, Credit Suisse First Boston, Wachovia Securities, and Raymond James as co-managers.

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