Teton Village, WY – Strategic Hotels & Resorts, Inc. announced today that it has signed a letter of agreement to acquire the Four Seasons Jackson Hole from The Woodbridge Company Limited. Strategic is paying $95 million in common stock for the property along with the Four Seasons Silicon Valley in California. Strategic will also concurrently privately place and issue an additional $50 million in common stock to Woodbridge which will be used to pay down the Strategic’s revolving credit facility.nStrategic Hotels has asset managed these two hotels on behalf of Woodbridge for the past two years.
“This is a highly compelling and unique opportunity for Strategic Hotels, with a cost per room of under $300,000. It adds two high-quality, unencumbered assets to our portfolio, deepens our ownership within the Four Seasons brand, and will welcome a sophisticated and successful investor into our stock,” said Laurence Geller, Chief Executive Officer of Strategic Hotels & Resorts. “Upon closing, the transaction will be immediately accretive and will be consistent with our long-stated strategy of deleveraging our balance sheet.”
The Four Seasons Resort Jackson Hole, which opened in 2004, includes 124 guestrooms, 45 private residences, of which 33 are included in the hotel’s guest room supply, and 12 fractional units. In addition, the resort’s 8,000 square feet of indoor conference and banquet space is enhanced by almost 4,000 square feet of outdoor terrace and lawn space. The resort boasts ski-in/ski-out accommodations and a luxury spa that received the 2011 Forbes Four-Star Award, earning it a status shared by only 108 spas globally. The resort itself received the 2011 Forbes Five-Star Award for its fourth consecutive year, making it one of only 54 hotels worldwide to earn the organization’s highest rating.
“Strategic Hotels is the ideal acquirer for both of these properties given their deep knowledge of these assets, their proven investment expertise and longstanding relationship with the Four Seasons brand,” said W. Geoffrey Beattie, President of Woodbridge. “We see an excellent growth opportunity in Strategic Hotels’ long-term vision and near-term strategic plan.”
Strategic Hotels & Resorts, Inc. is a real estate investment trust (REIT) which owns and provides management of high-end hotels and resorts in the United States, Mexico and Europe. The company currently has ownership interests in 16 properties with an aggregate of 7,630 rooms. Woodbridge is the primary investment vehicle for the Thomson family of Canada. It has a number of investments, including a 55% stake in Thomson Reuters and a controlling interest in The Globe and Mail newspaper in Toronto.