Thursday, July 27, 2006

Scottsdale Princess Sells for $345 Million

Scottsdale Princess Sells for $345 Million
By The Business Journal


Strategic Hotels & Resorts Inc. Wednesday announced plans to acquire The Fairmont Scottsdale Princess for $345 million.

The purchase, from an affiliate of Fairmont Raffles Holdings International, also includes an adjacent 10-acre parcel with a $15 million price tag. The deal is expected to close during the third quarter.

The 651-room destination resort is located on a 65-acre site in North Scottsdale . The hotel features 72 villas, 119 casitas, five restaurants, preferred access to the adjacent 36-hole Tournament Players Club Scottsdale golf course, 54,000 square feet of executive meeting space, and the 44,000-square-foot Willow Stream spa.

Strategic Hotels forecasts that the property will contribute about $8 million in pre-tax earnings in the last four months of 2006 and $28 million in the first 12 months of ownership.

"In addition to the significant value-added opportunities at the resort, our acquisition of the adjacent 10-acre development parcel provides an exciting consumer research-driven opportunity to add a substantial number of additional keys, indoor and outdoor meeting and conference space and other high-end amenities," said Strategic Hotels Chief Executive Laurence Geller.

Chicago-based Strategic Hotels & Resorts (NYSE:BEE) is a real estate investment trust that owns and manages high-end hotels and resorts. For more: www.strategichotels.com.

To search for luxury Scottsdale and Paradise Valley homes call Laura Boyajian, aka Laura B., directly at 602.400.0008, or, visit her website today at:

http://lauraboyajian.az-re.com/filterarmlsresi_95220.cfm

Historic Phoenix Homes Information: Scottsdale Princess Sells for $345 Million

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