Strategic in joint venture with Singapore's GIC Real Estate

06/1/2007 | Forbes

Strategic Hotels & Resorts is in a joint venture deal with Singapore's GIC Real Estate Pte Ltd, under which GIC RE's affiliate will buy a 49% interest in Strategic's InterContinental Chicago and Hyatt Regency La Jolla hotels. Also, the joint venture is slated to enter into long-term asset management and other services agreements with Strategic. The deal reportedly is worth around $450 million.

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