Strategic Hotel Capital Closes Investment in Two Intercontinental Hotel Group Properties

CHICAGO, Strategic Hotel Capital, Inc. (NYSE:SLH) 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.