Strategic Hotels & Resorts Closes Acquisition of the Westin St. Francis San Francisco Hotel

June 02, 2006

June 02, 2006

Chicago, IL – Strategic Hotels & Resorts, Inc. (NYSE: BEE) today announced that the company closed on its acquisition of the Westin St. Francis San Francisco hotel from an affiliate of Blackstone Real Estate Partners for a purchase price of $440.0 million.

About the Company

Strategic Hotels & Resorts, Inc. is a real estate investment trust (REIT), which owns and asset manages high-end hotels and resorts. The company has ownership interests in 19 properties with an aggregate of 9,658 rooms. For further information, please visit the company’s website at http://www.strategichotels.com.