Strategic Hotels & Resorts, Inc. Announces Closing of Public Offering of Common Stock and Exercise of Over-Allotment Option

CHICAGO, May 24  /PRNewswire-FirstCall/ -- Strategic Hotels & Resorts, Inc. (NYSE:BEE) today announced the closing of its previously announced underwritten public offering of common stock.  A total of 16,100,000 shares were sold at a price of $20.50 per share, including 2,100,000 shares pursuant to an over-allotment option exercised in full by the underwriters.  Net proceeds to the Company, after underwriting discounts but before expenses, totaled approximately $318.8 million.

The offering was made through an underwriting syndicate led by Deutsche Bank Securities Inc. and Wachovia Capital Markets, LLC, with Citigroup Global Markets, Inc., Raymond James & Associates, Inc. and JMP Securities LLC as underwriters.

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 state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any state.  Copies of the prospectus supplement and the accompanying prospectus may be obtained from the offices of Deutsche Bank Securities Inc., 60 Wall Street, New York, NY 10005, Attention: Syndicate Department, from the offices of Wachovia Capital Markets, LLC, 375 Park Avenue, New York, NY 10152, Attention: Syndicate Department or from the offices of any of the other managing underwriters identified in this news release.

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 Leslie Loyet, Analyst Inquiries,

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

Financial Relations Board



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

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