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SHG Completes Intercontinental Investment

Strategic Hotel Capital announced today that it has successfully completed its investment in an
85% controlling interest in the InterContinental hotels in Chicago and
Miami with an agreed-upon aggregate value totaling $303.5 million. The
remaining 15% interest is held by InterContinental Hotels. The
partnerships were financed with a $202 million mortgage loan, and SLH’s
equity investment was funded through proceeds from a previously closed
preferred equity offering.