Strategic Hotels & Resorts Reports First Quarter 2009 Results

Share Name	Share Symbol	Market	Type
Bee Vectoring Technologies International Inc	CSE:BEE	CSE	Common Stock

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CHICAGO, May 6 /PRNewswire-FirstCall/ -- Strategic Hotels & Resorts (NYSE: BEE) today reported results for the first quarter ended March 31, 2009. First Quarter Recap -- Comparable funds from operations (Comparable FFO) was a loss of $0.15 per diluted share compared with income of $0.30 per diluted share in the prior year. -- Quarterly Comparable EBITDA was $22.8 million compared with $55.7 million in the prior year. -- North American total revenue per available room (Total RevPAR) decreased 22.8 percent and revenue per available room (RevPAR) decreased 24.1 percent driven by a 10.1 percentage point decrease in occupancy and an 11.1 percent decrease in average daily rate (ADR). Non-rooms revenue declined by 22.0 percent. -- European Total RevPAR decreased 26.1 percent (12.3 percent in constant dollars) and RevPAR decreased 29.3 percent (14.4 percent in constant dollars). -- North American gross operating profit (GOP) and EBITDA margins contracted 560 basis points and 630 basis points, respectively. North American EBITDA per room declined 43.7 percent. Chief Executive Officer Laurence Geller remarked, "Despite continued pressures on the luxury market, we are executing plans on all of our key strategic fronts. Our revenue growth continues to outperform comparable national indices for luxury hotels. Operating controls at our hotels are significantly reducing costs while making substantial improvements in productivity. And, we have made great strides toward right sizing our corporate overhead for today's business realities with a run rate reduction over 20% from levels in 2007. We also have confidence in the structural elements of our balance sheet with no maturing debt until 2011 and liquidity provided through a durable amended bank credit facility. "As we move forward, we continue to focus on further enhancing our liquidity through aggressive and innovative asset management, limiting capital outlays, and seeking opportunities to raise efficiently priced equity through disciplined processes and carefully executed hotel sales." Financial Results The company reported first quarter 2009 financial results as follows: -- Net loss attributable to common shareholders was $43.2 million, or $0.57 per diluted share, for the first quarter of 2009, compared with net loss attributable to common shareholders of $7.9 million, or $0.11 per diluted share, for the first quarter of 2008. -- Comparable EBITDA was $22.8 million compared with $55.7 million for the first quarter of 2008. -- FFO was a loss of $10.6 million, or $0.14 per diluted share, compared with income of $18.9 million, or $0.25 per diluted share, in the first quarter of 2008. Comparable FFO was a loss of $11.4 million, or $0.15 per diluted share, compared with income of $22.6 million, or $0.30 per diluted share, in the first quarter of 2008. Bank Credit Facility Amendment During the first quarter, the company completed an amendment to its bank credit facility which amended certain terms and covenants in order to provide protection against the deteriorating operating environment. The amended terms include a reduction in total facility size to $400.0 million, an increase in pricing to LIBOR plus 375 basis points and security interests in five previously unsecured hotel properties. In return, the company negotiated a reduction of the minimum corporate fixed charge coverage ratio to 0.9 times and an increase in maximum corporate leverage to 80%. The maturity date of the facility remains unchanged with an initial maturity in March 2011 and a one year extension option available upon achieving certain specified performance criteria. Earnings Call The company will conduct its first quarter 2009 conference call for investors and other interested parties on May 7, 2009 at 10:00 a.m. Eastern Time (ET). Interested individuals are invited to listen to the call by telephone at 888-713-4199 (toll international: 617-213-4861) with pass code 24417368. To participate on the web cast, log on to http://www.strategichotels.com/ or https://www.theconferencingservice.com/prereg/key.process?key=PPBXE66T7 15 minutes before the call to download the necessary software. For those unable to listen to the call live, a taped rebroadcast will be available beginning at 1:00 p.m. ET on May 7, 2009, through 11:59 p.m. ET on May 14, 2009. To access the replay, dial 888-286-8010 (toll international: 617-801-6888) and request replay pin number 33077752. A replay of the call will also be available on the Internet at http://www.strategichotels.com/ or http://www.earnings.com/ for 30 days after the call. The company also produces supplemental financial data that includes detailed information regarding its operating results. This supplemental data is considered an integral part of this earnings release. These materials are available on the Strategic Hotels & Resorts' website at http://www.strategichotels.com/ within the first quarter information section. Portfolio Definitions North American hotel comparisons for the first quarter 2009 are derived from the company's hotel portfolio at March 31, 2009, consisting of properties in which operations are included in the consolidated results of the company. European hotel comparisons for the first quarter 2009 are derived from the company's European owned and leased hotel properties at March 31, 2009. About the Company Strategic Hotels & Resorts, Inc. is a real estate investment trust (REIT) which owns and provides value-enhancing asset management of high-end hotels and resorts in the United States, Mexico and Europe. The company currently has ownership interests in 19 properties with an aggregate of 8,358 rooms. For a list of current properties and for further information, please visit the company's website at http://www.strategichotels.com/. This press release contains forward-looking statements about Strategic Hotels & Resorts (the "Company"). Except for historical information, the matters discussed in this press release are forward-looking statements subject to certain risks and uncertainties. Actual results could differ materially from the Company's projections. Factors that may contribute to these differences include, but are not limited to the following: economic conditions generally and in the real estate market specifically, including further deterioration of the current global economic downturn and the extent of its effect on business and leisure travel and the lodging industry; demand for hotel rooms in our current and proposed market areas; outbreak of contagious diseases such as the H1N1 virus; availability of capital; ability to obtain or refinance debt or comply with covenants contained in our debt facilities; rising interest rates and operating costs; rising insurance premiums; cash available for capital expenditures; competition; ability to dispose of existing properties in a manner consistent with our disposition strategy; delays and cost overruns in construction and development; demand for hotel condominiums; marketing challenges associated with entering new lines of business; risks related to natural disasters; the effect of threats of terrorism and increased security precautions on travel patterns and hotel bookings; the outbreak of hostilities and international political instability; legislative or regulatory changes, including changes to laws governing the taxation of REITs; and changes in generally accepted accounting principles, policies and guidelines applicable to REITs. Additional risks are discussed in the Company's filings with the Securities and Exchange Commission, including those appearing in the Company's most recent form 10-K and subsequent 10-Qs. Although the Company believes the expectations reflected in such forward-looking statements are based on reasonable assumptions, it can give no assurance that its expectations will be attained. The forward-looking statements are made as of the date of this press release, and we undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. Strategic Hotels & Resorts, Inc. and Subsidiaries (SHR) Consolidated Statements of Operations (in thousands, except per share data) Three Months Ended March 31, --------- 2009 2008 ---- ---- Revenues: Rooms $96,586 $130,280 Food and beverage 57,106 79,124 Other hotel operating revenue 25,791 27,154 ------ ------ 179,483 236,558 Lease revenue 1,120 1,287 ----- ----- Total revenues 180,603 237,845 ------- ------- Operating Costs and Expenses: Rooms 27,289 33,125 Food and beverage 42,827 56,743 Other departmental expenses 55,238 62,562 Management fees 6,763 9,609 Other hotel expenses 13,782 16,042 Lease expense 3,966 4,327 Depreciation and amortization 34,103 27,603 Impairment losses and other charges 459 - Corporate expenses 10,424 7,430 ------ ----- Total operating costs and expenses 194,851 217,441 ------- ------- Operating (loss) income (14,248) 20,404 Interest expense (23,966) (22,842) Interest income 414 595 Loss on early extinguishment of debt (883) - Equity in earnings (losses) of joint ventures 139 (779) Foreign currency exchange gain (loss) 2,015 (3,209) Other expenses, net (39) (262) --- ---- Loss before income taxes, loss on sale of noncontrolling interests in hotel properties and discontinued operations (36,568) (6,093) Income tax expense (100) (212) ---- ---- Loss before loss on sale of noncontrolling interests in hotel properties and discontinued operations (36,668) (6,305) Loss on sale of noncontrolling interests in hotel properties - (5) --- --- Loss from continuing operations (36,668) (6,310) Income from discontinued operations, net of tax - 5,200 --- ----- Net loss $(36,668) $(1,110) Net loss attributable to the noncontrolling interests in SHR's operating partnership 446 2 Net loss attributable to the noncontrolling interests in consolidated affiliates 753 897 --- --- Net loss attributable to SHR (35,469) (211) Preferred shareholder dividends (7,721) (7,721) ------ ------ Net loss attributable to SHR common shareholders $(43,190) $(7,932) ======== ======= Basic and Diluted Loss Per Share: Loss from continuing operations attributable to SHR common shareholders $(0.57) $(0.18) Income from discontinued operations attributable to SHR common shareholders - 0.07 --- ---- Net loss attributable to SHR common shareholders $(0.57) $(0.11) ====== ====== Weighted average common shares outstanding 75,166 74,950 ====== ====== Strategic Hotels & Resorts, Inc. and Subsidiaries (SHR) Consolidated Balance Sheets (in thousands, except share data) March 31, December 31, 2009 2008 ---- ---- Assets Investment in hotel properties, net $2,358,243 $2,383,860 Goodwill 118,002 120,329 Intangible assets, net of accumulated amortization of $3,414 and $3,096 31,445 32,277 Investment in joint ventures 81,584 82,122 Cash and cash equivalents 128,283 80,954 Restricted cash and cash equivalents 28,796 37,358 Accounts receivable, net of allowance for doubtful accounts of $2,477 and $2,203 64,180 70,945 Deferred financing costs, net of accumulated amortization of $6,981 and $6,655 16,566 10,375 Deferred tax assets 36,246 38,260 Other assets 46,987 52,687 ------ ------ Total assets $2,910,332 $2,909,167 ========== ========== Liabilities and Shareholders' Equity Liabilities: Mortgages and other debt payable $1,292,896 $1,301,535 Exchangeable senior notes, net of discount 166,198 165,155 Bank credit facility 296,000 206,000 Accounts payable and accrued expenses 240,991 281,918 Deferred tax liabilities 31,232 34,236 Deferred gain on sale of hotels 97,800 104,251 ------ ------- Total liabilities 2,125,117 2,093,095 Noncontrolling interests in SHR's operating partnership 5,096 5,330 Equity: SHR's shareholders' equity: 8.50% Series A Cumulative Redeemable Preferred Stock ($0.01 par value; 4,488,750 shares issued and outstanding; liquidation preference $25.00 per share) 108,206 108,206 8.25% Series B Cumulative Redeemable Preferred Stock ($0.01 par value; 4,600,000 shares issued and outstanding; liquidation preference $25.00 per share) 110,775 110,775 8.25% Series C Cumulative Redeemable Preferred Stock ($0.01 par value; 5,750,000 shares issued and outstanding; liquidation preference $25.00 per share) 138,940 138,940 Common shares ($0.01 par value; 150,000,000 common shares authorized; 74,971,069 and 74,410,012 common shares issued and outstanding) 750 744 Additional paid-in capital 1,233,077 1,228,774 Accumulated deficit (745,732) (710,263) Accumulated other comprehensive loss (92,277) (93,637) ------- ------- Total SHR's shareholders' equity 753,739 783,539 ------- ------- Noncontrolling interests in consolidated affiliates 26,380 27,203 ------ ------ Total equity 780,119 810,742 ------- ------- Total liabilities and equity $2,910,332 $2,909,167 ========== ========== Strategic Hotels & Resorts, Inc. and Subsidiaries (SHR) FINANCIAL HIGHLIGHTS Supplemental Financial Data (in thousands, except per share information) March 31, 2009 -------------- Pro Rata Share Consolidated -------------- ------------ Capitalization -------------- Common shares outstanding 74,971 74,971 Operating partnership units outstanding 976 976 Stock options outstanding 885 885 Restricted stock units outstanding 1,079 1,079 ----- ----- Combined shares, options and units outstanding 77,911 77,911 Common stock price at end of period $0.69 $0.69 ----- ----- Common equity capitalization $53,759 $53,759 Preferred equity capitalization (at $25.00 face value) 370,236 370,236 Consolidated debt (excludes the discount on exchangeable senior notes) 1,768,896 1,768,896 Pro rata share of unconsolidated debt 282,825 - Pro rata share of consolidated debt (107,065) - Cash and cash equivalents (128,283) (128,283) -------- -------- Total enterprise value $2,240,368 $2,064,608 ========== ========== Net Debt / Total Enterprise Value 81.1% 79.5% Preferred Equity / Total Enterprise Value 16.5% 17.9% Common Equity / Total Enterprise Value 2.4% 2.6% Strategic Hotels & Resorts, Inc. and Subsidiaries (SHR) Investment in the Hotel del Coronado (in thousands) Three Months Ended March 31, ----------- 2009 2008 ---- ---- Total revenues (100%) $28,192 $34,858 Property EBITDA (100%) $8,506 $11,449 Equity in losses of joint venture (SHR 45% ownership) Property EBITDA $3,828 $5,152 Depreciation and amortization (1,903) (1,900) Interest expense (2,061) (4,411) Other expense, net (183) (28) Income taxes 213 340 --- --- Equity in losses of joint venture $(106) $(847) ===== ===== EBITDA Contribution from investment in Hotel del Coronado Equity in losses of joint venture $(106) $(847) Depreciation and amortization 1,903 1,900 Interest expense 2,061 4,411 Income taxes (213) (340) ---- ---- EBITDA Contribution for investment in Hotel del Coronado $3,645 $5,124 ====== ====== FFO Contribution from investment in Hotel del Coronado Equity in losses of joint venture $(106) $(847) Depreciation and amortization 1,903 1,900 ----- ----- FFO Contribution for investment in Hotel del Coronado $1,797 $1,053 ====== ====== Interest Spread over Loan Debt Rate LIBOR Amount Maturity ---- --------- ----- ------ --------- CMBS Mortgage and Mezzanine 2.58% 208 bp $610,000 January 2011 (a) Revolving Credit Facility 3.00% 250 bp 18,500 January 2011 (a) ------ 628,500 Cash and cash equivalents 47,543 ------ Net Debt $580,957 ======== (a) Includes extension options. LIBOR Effective Cap Notional Cap Date Rate Amount Maturity --- ----------- ------ -------- -------- CMBS Mortgage and Mezzanine Loan and Revolving Credit Facility Cap January 2009 5.0% $630,000 January 2011 CMBS Mortgage and Mezzanine Loan and Revolving Credit Facility Cap June 2009 3.0%-5.0% $630,000 January 2010 Strategic Hotels & Resorts, Inc. and Subsidiaries (SHR) Leasehold Information (in thousands) Three Months Ended March 31, ----------- 2009 2008 ---- ---- Paris Marriott Champs Elysees: Property EBITDA $2,607 $4,005 Revenue (a) $2,607 $4,005 Lease Expense (2,862) (3,059) Less: Deferred Gain on Sale Leaseback (1,100) (1,263) ------ ------ Adjusted Lease Expense (3,962) (4,322) ------- ----- EBITDA Contribution from Leasehold $(1,355) $(317) ======= ===== Marriott Hamburg: Property EBITDA $1,353 $1,562 Revenue (a) $1,120 $1,287 Lease Expense (1,104) (1,268) Less: Deferred Gain on Sale Leaseback (51) (59) --- --- Adjusted Lease Expense (1,155) (1,327) ---- ---- EBITDA Contribution from Leasehold $(35) $(40) ==== ==== Total Leaseholds: Property EBITDA $3,960 $5,567 Revenue (a) $3,727 $5,292 Lease Expense (3,966) (4,327) Less: Deferred Gain on Sale Leaseback (1,151) (1,322) ------ ------ Adjusted Lease Expense (5,117) (5,649) ------- ----- EBITDA Contribution from Leasehold $(1,390) $(357) ======= ===== March 31, December 31, Security Deposits (b): 2009 2008 ---- ---- Paris Marriott Champs Elysees $11,822 $15,507 Marriott Hamburg 6,643 6,984 ----- ----- Total $18,465 $22,491 ======= ======= (a) For the three months ended March 31, 2009 and 2008, Reveue for the Paris Marriott Champs Elysees represents Property EBITDA. For the three months ended March 31, 2009 and 2008, Revenue for the Marriott Hamburg represents lease revenue. (b) The security deposits are recorded in other assets on the consolidated balance sheets. StrategicHotels & Resorts, Inc. and Subsidiaries (SHR) Non-GAAP Financial Measures In addition to REIT hotel income, six other non-GAAP financial measures are presented for the Company that we believe are useful to management and investors as key measures of our operating performance: Funds from Operations (FFO); FFO - Fully Diluted; Comparable FFO; Earnings Before Interest Expense, Taxes, Depreciation and Amortization (EBITDA); Adjusted EBITDA; and Comparable EBITDA. A reconciliation of these measures to net loss attributable to SHR common shareholders, the most directly comparable GAAP measure, is set forth in the following tables. We compute FFO in accordance with standards established by the National Association of Real Estate Investment Trusts, or NAREIT, which adopted a definition of FFO in order to promote an industry-wide standard measure of REIT operating performance. NAREIT defines FFO as net income (or loss) (computed in accordance with GAAP) excluding losses or gains from sales of depreciable property plus real estate-related depreciation and amortization, and after adjustments for our portion of these items related to unconsolidated partnerships and joint ventures. We also present FFO - Fully Diluted, which is FFO plus income or loss attributable to convertible noncontrolling interests. We also present Comparable FFO, which is FFO - Fully Diluted excluding the impact of any gains or losses on early extinguishment of debt, impairment losses, foreign currency exchange gains or losses and other non-recurring charges. We believe that the presentation of FFO, FFO - Fully Diluted and Comparable FFO provides useful information to management and investors regarding our results of operations because they are measures of our ability to fund capital expenditures and expand our business. In addition, FFO is widely used in the real estate industry to measure operating performance without regard to items such as depreciation and amortization. We also present Comparable FFO per diluted share as a non- GAAP measure of our performance. We calculate Comparable FFO per diluted share for a given operating period as our Comparable FFO (as defined above) divided by the weighted average of fully diluted shares outstanding. Comparable FFO per diluted share, in accordance with NAREIT, is adjusted for the effects of dilutive securities. Dilutive securities may include shares granted under share-based compensation plans, operating partnership units and exchangeable debt securities. No effect is shown for securities that are anti-dilutive. EBITDA represents net loss attributable to SHR common shareholders excluding: (i) interest expense, (ii) income tax expense, including deferred income tax benefits and expenses applicable to our foreign subsidiaries and income taxes applicable to sale of assets; and (iii) depreciation and amortization. EBITDA also excludes interest expense, income tax expense and depreciation and amortization of our equity method investments. EBITDA is presented on a full participation basis, which means we have assumed conversion of all convertible noncontrolling interests of our operating partnership into our common stock and includes preferred dividends. We believe this treatment of noncontrolling interests provides more useful information for management and our investors and appropriately considers our current capital structure. We also present Adjusted EBITDA, which eliminates the effect of realizing deferred gains on our sale leasebacks. We also present Comparable EBITDA, which eliminates the effect of gains or losses on sales of assets, early extinguishment of debt, impairment losses, foreign currency exchange gains or losses and other non-recurring charges. We believe EBITDA, Adjusted EBITDA and Comparable EBITDA are useful to management and investors in evaluating our operating performance because they provide management and investors with an indication of our ability to incur and service debt, to satisfy general operating expenses, to make capital expenditures and to fund other cash needs or reinvest cash into our business. We also believe they help management and investors meaningfully evaluate and compare the results of our operations from period to period by removing the impact of our asset base (primarily depreciation and amortization) from our operating results. Our management also uses EBITDA, Adjusted EBITDA and Comparable EBITDA as measures in determining the value of acquisitions and dispositions. We caution investors that amounts presented in accordance with our definitions of FFO, FFO - Fully Diluted, Comparable FFO, EBITDA, Adjusted EBITDA and Comparable EBITDA may not be comparable to similar measures disclosed by other companies, since not all companies calculate these non-GAAP measures in the same manner. FFO, FFO - Fully Diluted, Comparable FFO, EBITDA, Adjusted EBITDA and Comparable EBITDA should not be considered as an alternative measure of our net loss or operating performance. FFO, FFO - Fully Diluted, Comparable FFO, EBITDA, Adjusted EBITDA and Comparable EBITDA may include funds that may not be available for our discretionary use due to functional requirements to conserve funds for capital expenditures and property acquisitions and other commitments and uncertainties. Although we believe that FFO, FFO - Fully Diluted, Comparable FFO, EBITDA, Adjusted EBITDA and Comparable EBITDA can enhance your understanding of our financial condition and results of operations, these non-GAAP financial measures, when viewed individually, are not necessarily a better indicator of any trend as compared to comparable GAAP measures such as net loss attributable to SHR common shareholders. In addition, you should be aware that adverse economic and market conditions might negatively impact our cash flow. Below, we have provided a quantitative reconciliation of FFO, FFO - Fully Diluted, Comparable FFO, EBITDA, Adjusted EBITDA and Comparable EBITDA to the most directly comparable GAAP financial performance measure, which is net loss attributable to SHR common shareholders, and provide an explanatory description by footnote of the items excluded from FFO, FFO - Fully Diluted, EBITDA and Adjusted EBITDA. Strategic Hotels & Resorts, Inc. and Subsidiaries (SHR) Reconciliation of Net Loss Attributable to SHR Common Shareholders to EBITDA, Adjusted EBITDA and Comparable EBITDA (in thousands) Three Months Ended March 31, --------- 2009 2008 ---- ---- Net loss attributable to SHR common shareholders $(43,190) $(7,932) Depreciation and amortization - continuing operations 34,103 27,603 Depreciation and amortization - discontinued operations - 690 Interest expense - continuing operations 23,966 22,842 Income taxes - continuing operations 100 212 Income taxes - discontinued operations - 90 Noncontrolling interests (446) (2) Adjustments from consolidated affiliates (a) (1,564) (1,671) Adjustments from unconsolidated affiliates 3,899 5,989 Preferred shareholder dividends 7,721 7,721 ----- ----- EBITDA 24,589 55,542 Realized portion of deferred gain on sale leasebacks (1,151) (1,322) ------ ------ Adjusted EBITDA 23,438 54,220 ------ ------ Gain on sale of assets - continuing operations (2) (117) Gain on sale of assets - discontinued operations - (416) Loss on sale of noncontrolling interests in hotel properties - 5 Impairment losses and other charges - continuing operations 459 - Foreign currency exchange (gain) loss (b) (2,015) 3,209 Hyatt Regency La Jolla noncontrolling interest (a) - (1,180) Loss on early extinguishment of debt - continuing operations 883 - --- --- Comparable EBITDA $22,763 $55,721 ======= ======= (a) The noncontrolling interest partner's share of the Hyatt Regency La Jolla's property EBITDA is not deducted from net loss attributable to SHR common shareholders under GAAP accounting rules for the three months ended March 31, 2008. Under new accounting rules effective January 1, 2009, the noncontrolling interest partner's share of the Hyatt Regency La Jolla's property EBITDA is included in adjustments from consolidated affiliates for the three months ended March 31, 2009. (b) Foreign currency exchange loss applicable to third-party and inter- company debt and certain balance sheet items held by foreign subsidiaries. Strategic Hotels & Resorts, Inc. and Subsidiaries (SHR) Reconciliation of Net Loss Attributable to SHR Common Shareholders to Funds From Operations (FFO), FFO - Fully Diluted and Comparable FFO (in thousands, except per share data) Three Months Ended March 31, --------- 2009 2008 ---- ---- Net loss attributable to SHR common shareholders $(43,190) $(7,932) Depreciation and amortization - continuing operations 34,103 27,603 Depreciation and amortization - discontinued operations - 690 Corporate depreciation (304) (292) Gain on sale of assets - continuing operations (2) (117) Gain on sale of assets - discontinued operations - (416) Loss on sale of noncontrolling interests in hotel properties - 5 Realized portion of deferred gain on sale leasebacks (1,151) (1,322) Deferred tax expense on realized portion of deferred gain on sale leasebacks 343 394 Noncontrolling interests adjustments (457) (387) Adjustments from consolidated affiliates (a) (1,832) (1,275) Adjustments from unconsolidated affiliates 1,935 1,900 ----- ----- FFO (10,555) 18,851 Convertible noncontrolling interests 11 385 --- --- FFO - Fully Diluted (10,544) 19,236 Impairment losses and other charges - continuing operations 459 - Foreign currency exchange (gain) loss, net of tax (b) (2,177) 3,916 Hyatt Regency La Jolla noncontrolling interest (a) - (589) Loss on early extinguishment of debt - continuing operations 883 - --- --- Comparable FFO $(11,379) $22,563 ======== ======= Comparable FFO per diluted share $(0.15) $0.30 ====== ===== Weighted average diluted shares 75,166 76,086 ====== ====== (a) The noncontrolling interest partner's share of the Hyatt Regency La Jolla's property FFO is not deducted from net loss attributable to SHR common shareholders under GAAP accounting rules for the three months ended March 31, 2008. Under new accounting rules effective January 1, 2009, the noncontrolling interest partner's share of the Hyatt Regency LaJolla's property EBITDA is included in adjustments from consolidated affiliates for the three months ended March 31, 2009. (b) Foreign currency exchange loss applicable to third-party and inter- company debt and certain balance sheet items held by foreign subsidiaries. Strategic Hotels & Resorts, Inc. and Subsidiaries (SHR) Debt Summary (dollars in thousands) Interest Loan Debt Rate Spread (a) Amount Maturity (b) ---- --------- ---------- ------ ------------- Punta Mita land parcel promissory note N/A N/A $16,891 August 2009 Bank credit facility 4.25% 375 bp 296,000 March 2011 Westin St. Francis 1.20% 70 bp 220,000 August 2011 Fairmont Scottsdale Princess 1.06% 56 bp 180,000 September 2011 InterContinental Chicago 1.56% 106 bp 121,000 October 2011 InterContinental Miami 1.23% 73 bp 90,000 October 2011 InterContinental Prague (c) 2.71% 120 bp (c) 138,174 March 2012 Loews Santa Monica Beach Hotel 1.13% 63 bp 118,250 March 2012 Ritz-Carlton Half Moon Bay 1.17% 67 bp 76,500 March 2012 Exchangeable senior notes, net of discount 3.50% (d) Fixed 166,198 April 2012 Fairmont Chicago 1.20% 70 bp 123,750 April 2012 Hyatt Regency La Jolla 1.50% 100 bp 97,500 September 2012 Marriott London Grosvenor Square (e) 2.75% 110 bp (e) 110,831 October 2013 ------- $1,755,094 ========== (a) Spread over LIBOR (0.50% at March 31, 2009). (b) Includes extension options, excluding the conditional one-year extension option on the bank credit facility. (c) Principal balance of euro 104,000,000 at March 31, 2009. Spread over three-month EURIBOR (1.51% at March 31, 2009). (d) Reflects the cash coupon. (e) Principal balance of 77,250,000 pounds Sterling at March 31, 2009. Spread over three-month GBP LIBOR (1.65% at March 31, 2009). U.S. Interest Rate Swaps Fixed Pay Rate Notional Swap Effective Date Against LIBOR Amount Maturity ------------------- ------------- ------ -------- April 2005 4.59% $75,000 April 2012 June 2005 4.12% 50,000 June 2012 June 2006 5.50% 75,000 June 2013 August 2006 5.42% 100,000 August 2013 March 2007 4.84% 100,000 July 2012 March 2009 0.70% 50,000 September 2009 March 2009 0.78% 50,000 December 2009 March 2009 0.90% 75,000 April 2010 March 2009 1.12% 50,000 December 2010 March 2009 1.38% 50,000 August 2011 March 2009 0.64% 50,000 September 2009 March 2009 1.02% 50,000 December 2010 March 2009 0.64% 50,000 December 2009 March 2009 1.04% 100,000 February 2011 March 2009 1.22% 50,000 August 2011 ---- ------ 2.60% $975,000 ==== ======== European Interest Rate Swap Fixed Pay Rate Against Notional Swap Effective Date GBP LIBOR Amount Maturity ------------------- --------- -------- -------- October 2007 5.72% 77,250 pounds Sterling October 2013 Fixed Pay Rate Notional Swap Effective Date Against EURIBOR Amount Maturity ------------------- --------------- ------ -------- September 2008 4.53% euro 104,000 March 2012 Forward-Starting Interest Rate Swaps Fixed Pay Rate Notional Swap Effective Date Against LIBOR Amount Maturity ------------------- ------------- -------- -------- September 2009 4.90% $100,000 September 2014 December 2009 4.96% 100,000 December 2014 April 2010 5.42% 75,000 April 2015 December 2010 5.23% 100,000 December 2015 February 2011 5.27% 100,000 February 2016 ------- $475,000 ======== At March 31, 2009, future scheduled debt principal payments (including non-conditional extension options) are as follows: Years ended Amount December 31, (in thousands) ------------ -------------- 2009 $16,891 2010 7,101 2011 914,101 2012 728,839 2013 101,964 Thereafter - --- 1,768,896 Less discount on exchangeable senior notes (13,802) ------- Total $1,755,094 ========== Percent of fixed rate debt including U.S. and European swaps 80.2% Weighted average interest rate including U.S. and European swaps (f) 3.82% Weighted average maturity of fixed rate debt (debt with maturity of greater than one year) 3.88 (f) Excludes the amortization of deferred financing costs, amortization of the discount on the exchangeable senior notes and the amortization of the interest rate swap costs. DATASOURCE: Strategic Hotels & Resorts CONTACT: Ryan Bowie, Vice President and Treasurer of Strategic Hotels & Resorts, +1-312-658-5766 Web Site: http://www.strategichotels.com/

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BEE Bee Vectoring Technologies International Inc