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Strategic Hotels & Resorts Inc., an owner of luxury lodging properties across the U.S., agreed to be bought by affiliates of Blackstone Group LP in a deal valued at $6 billion including debt.
Blackstone offered $14.25 a share in cash, about 13% more than the unaffected intraday trading price on July 23, when Bloomberg reported on a potential transaction for the Chicago-based company.
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This article was written by Christine Maurus from Bloomberg and was legally licensed through the NewsCred publisher network.