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Sovereign Wealth Funds Briefing - Categorized | Financials, Investment

Strategic Hotels to buy 49pct stake in InterContinental Chicago

Posted on 24 May 2011

Strategic Hotels & Resorts Inc. agreed to acquire the 49% interest it doesn’t already own in the InterContinental Chicago from Singapore’s sovereign-wealth fund in a deal that values the hotel at $288.3 million.
Government of Singapore Investment Corp., known as GIC, will receive about 10.8 million Strategic Hotels shares at an issuance price of $6.50 each and $11.8 million of cash. The deal, expected to close in the current quarter, will leave GIC with about 5.8% of the real-estate investment trust’s expected 185.6 million Strategic Hotels shares outstanding……………………………………….Full Article: Source


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