Strategic Hotels & Resorts is acquiring the remaining 49% stake in the InterContinental Chicago. Strategic will buy the Government of Singapore Investment’s stake in the hotel (GIC).
The transaction values the hotel at $288.3 million. As a part of the deal, the buyer will pay $6.50 per share for a total of 10.8 million shares of common stock and $11.8 million in cash plus closing adjustments for working capital.
Click here for the release from PR Newswire.