Strategic Hotels & Resorts, Inc. Announces Closing of Public Offering of 5.75 Million Preferred Shares

CHICAGO, May 17  /PRNewswire-FirstCall/ -- Strategic Hotels & Resorts, Inc. (NYSE:BEE) today announced that it has closed its underwritten public offering of 5,750,000 shares of its 8.25% Series C Cumulative Redeemable Preferred Stock (liquidation preference $25 per share).

Wachovia Securities acted as sole book-running manager of the offering, Deutsche Bank Securities and Raymond James acted as joint lead managers and A.G. Edwards and Citigroup acted as co-managers.

Copies of the prospectus supplement and the accompanying prospectus may be obtained from Wachovia Securities, ATTN: Prospectus Department, 8739 Research Drive, Charlotte, North Carolina 28262, or 704-593-7559, or from the offices of any of the other managing underwriters identified in this news release.

This communication shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.

About the Company

Strategic Hotels & Resorts, Inc. is a real estate investment trust (REIT) which owns and asset manages high-end hotels and resorts. The company has ownership interests in 18 properties with an aggregate of 8,463 rooms. For further information, please visit the company's website at http://www.strategichotels.com/ . 

DATASOURCE: Strategic Hotels & Resorts, Inc.



CONTACT:  James Mead, Chief Financial Officer of Strategic Hotels &

Resorts, Inc., [phone]; or Analyst Inquiries, Leslie Loyet,

[phone], or Media Inquiries, Tim Grace, [phone], both of

Financial Relations Board



Web site:  http://www.strategichotels.com/ 

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