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Just three years after negotiating a deal with a mega investment firm to save the Hotel del Coronado from a loan default, Strategic Hotels & Resorts announced Tuesday that it will buy out that company’s entire interest in the iconic property.
The Chicago-based real estate investment firm, which currently has a 36.4 percent ownership stake in the hotel, said it has signed an agreement to acquire for $210 million the remaining 63.6 percent ownership interest from the Blackstone Group, a transaction that would make Strategic the sole owner.
The agreement, which includes Strategic assuming $475 million in mortgage debt, values the 757-room oceanfront resort at roughly $787 million, the equivalent of a little more than $1 million per room.
