“Some hotels checking out online reviewers” plus 3 more |
- Some hotels checking out online reviewers
- China Lodging Group, Limited Reports First Quarter of 2010 Financial Results
- Connecting the dots on reviews
- Strategic Hotels & Resorts, Inc. Announces Cash Tender Offer to Purchase Any and All of Its Subsidiary's Outstanding ...
| Some hotels checking out online reviewers Posted: 10 May 2010 02:21 PM PDT Hotels want to know who you are, especially if you're reviewing them anonymously. An increasing number of image-conscious properties have begun connecting the dots between unbylined write-ups that appear on such popular travel sites as TripAdvisor or Yelp, and your personal information, such as your loyalty program preferences. If you write a positive review, you might expect a reward from the hotel — a gift basket or a discount on your next stay. Pan a property, and you could get a concerned e-mail from the general manager asking you to reconsider your review. Or even a black mark against you in the chain's guest database. John Baird, a lodging consultant in Jacksonville, Fla., says that hotels now use locations, dates and usernames that appear online to triangulate a guest's identity. Once they find a likely match, the review is added to a hotel's guest preference records, next to information such as frequent-guest number, newspaper choice and preferred room type. "If the post is positive, I can give them a gift basket when they return," he said. Negative? That can generate an e-mail inviting the guest back for a free stay or offering frequent-stayer points as an apology. "I think matching reviews with guest names is a great idea," he added. But travelers aren't sure. After hearing about one international hotel that retaliated against travelers who slammed the property, Helen O'Boyle, a Seattle-based computing consultant, is troubled by hotels that name-match. Once identified, she said, the travelers were tagged as "problem guests" in the hotel chain's reward program. O'Boyle is careful not to reveal any information that might help a hotel identify her online. "Let's just say that I'm glad my ratings site nicknames don't look like my real name," she told me. "And now, if I'm writing a bad review, I fudge the dates a bit and don't mention any particular calamities that might be identifiable with what the hotel knows I experienced — just in case." Online review sites such as TripAdvisor don't forbid the posting of personally identifiable information. Unregistered visitors can access details about any user, including an age range, gender, location, "travel style," whether they travel for business or pleasure and even who they travel with. Registered users can send another reviewer a private message through the site. Although TripAdvisor has an extensive privacy policy, the site readily admits, "No Web site can guarantee security." April Robb, a spokeswoman for TripAdvisor, said the site considers any effort by a hotel to pressure a guest to remove a negative review to be "fraudulent." Whenever a hotel owner attempts to contact a guest who has posted an unflattering review, a warning appears: "TripAdvisor may penalize owners who attempt to remove reviews through inappropriate threats or coercion," said Robb. But privacy policies aren't the biggest obstacles for hotels trying to connect the dots. Rather, it's a hotel's inability to match a name with absolute certainty that makes this exercise more art than science, according to Barry Hurd, the chief executive of Seattle-based 123 Social Media, a reputation management company that works with more than 500 hotels. "It's hard, because the review services try to anonymize the reviews and the data. They want people to just tell the truth and to assure them there won't be any repercussions," he said. "Hotels, on the other hand, want them to put a name on the review — so that they know who you are." Both Hurd and Baird, the Jacksonville analyst, say that an overwhelming number of hotels want the information for the right reasons: either to reward a nice review or to reach out to a negative guest to patch things up. And that may be true, for now. But Hurd says that technology is evolving so fast that in the future, every hotel representative could have a toolbar on his or her computer that reveals everything about a guest at the click of a mouse — every review, guest preference and even the likelihood that you'll be positively or negatively inclined toward your stay. There's no telling what hotels could do with that information. O'Boyle's advice works for me, but I'd offer a few additional recommendations. Don't use your real name when you review a hotel, and make sure that your Internet handle doesn't give away anything about your identity. Don't give your geographic location, and wherever possible, don't answer profile questions such as "I travel with" or "My travel style." And never, ever, include any information that could identify you in the review itself. That's one dot you probably don't want a hotel to connect with another. Christopher Elliott is the ombudsman for National Geographic Traveler magazine. His column runs weekly at seattletimes.com/travel and occasionally in print. Contact him at celliott@ngs.org. Five Filters featured article: The Art of Looking Prime Ministerial - The 2010 UK General Election. Available tools: PDF Newspaper, Full Text RSS, Term Extraction. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| China Lodging Group, Limited Reports First Quarter of 2010 Financial Results Posted: 10 May 2010 01:00 PM PDT
SHANGHAI, China, May 10, 2010 (GLOBE NEWSWIRE) -- China Lodging Group, Limited ( First Quarter of 2010 Operational Highlights
"The prime location of our hotels and the high quality of our products and service have enabled us to establish a premium brand, which attracted an increasing number of frequent travelers to experience our hotels and join HanTing Club, our customer loyalty program. As of March 31, 2010, our HanTing Club had approximately 1.75 million individual members," said Mr. Matthew Zhang, Chief Executive Officer of HanTing Inns and Hotels. "We are also delighted to see the healthy growth across all the three hotel products introduced by HanTing. In the first quarter of 2010, we added 42 HanTing Express Hotels, two HanTing Seasons Hotels, and two HanTing Hi Inns. Our multi-product strategy allows us to target a wide spectrum of customers." First Quarter of 2010 Financial Results Total revenues for the quarter increased 34.3% year-over-year to RMB360.7 million (US$52.8 million) primarily as a result of our enlarged network and higher RevPAR. Comparing to the fourth quarter of 2009, the revenue decreased 2.6% due to seasonality. Total revenues from leased-and-operated hotels for the first quarter of 2010 were RMB339.2 million (US$49.7 million), representing a 29.2% increase year-over-year as both the number of leased-and-operated hotels and the revenue per leased-and-operated hotel increased. As of March 31, 2010, we had 178 leased-and-operated hotels in operation, compared with 151 a year ago. Total revenues from franchised-and-managed hotels for the first quarter of 2010 were RMB21.6 million (US$3.2 million), representing a 258.1% increase year-over-year mainly due to the enlarged base of franchised-and-managed hotels. As of March 31, 2010, we had 104 franchised-and-managed hotels in operation, compared with 30 a year ago. Net revenues for the first quarter of 2010 were RMB340.9 million (US$49.9 million), representing an increase of 34.5% year-over-year and a decrease of 2.7% sequentially. Total operating costs and expenses for the first quarter of 2010 were RMB323.7 million (US$47.4 million), compared with RMB285.3 million (US$41.8 million) in the same quarter of 2009 and RMB317.1 million (US$46.5 million) in the previous quarter. Total operating costs and expenses excluding share-based compensation expenses (non-GAAP) for the quarter were RMB320.3 million (US$46.9 million), representing a 12.8% increase year-over-year mainly due to expansion of network, and a 2.1% increase sequentially mainly due to seasonal increase of utility costs. Major components of operating costs and expenses are described and discussed in more detail below. Hotel operating costs for the first quarter of 2010 were RMB272.2 million (US$39.9 million), compared with RMB241.7 million (US$35.4 million) in the same quarter of 2009 and RMB267.5 million (US$39.2 million) in the previous quarter. Total hotel operating costs excluding share-based compensation expenses (non-GAAP) were RMB271.9 million (US$39.8 million), representing 79.7% of net revenues, compared with 95.3% for the same quarter in 2009 and 76.3% in the previous quarter. The decrease in hotel operating costs as a percentage of net revenues year-over-year was primarily due to higher revenue per hotel during the quarter as a majority of our costs are relatively fixed. The sequential increase was due to seasonality, which impacted both revenue and utility cost. Selling and marketing expenses for the first quarter of 2010 were RMB14.5 million (US$2.1 million), compared with RMB8.8 million (US$1.3 million) in the same quarter of 2009 and RMB14.1 million (US$2.1 million) in the previous quarter. Selling and marketing expenses excluding share-based compensation expenses (non-GAAP) were RMB14.3 million (US$2.1 million), representing 4.2% of net revenues, compared with 3.5% for the same quarter in 2009 and 4.0% in the previous quarter. The selling and marketing expenses fluctuated from quarter to quarter mainly due to timing of marketing programs and changes relating to customer loyalty program. General and administrative expenses for the first quarter of 2010 were RMB25.8 million (US$3.8 million), compared with RMB19.8 million (US$2.9 million) in the same quarter of 2009 and RMB27.9 million (US$4.1 million) in the previous quarter. General and administrative expenses excluding share-based compensation expenses (non-GAAP) were RMB23.0 million (US$3.4 million), or 6.7% of the net revenues, compared with 7.4% of the net revenues in the same period of 2009 and 7.2% in the previous quarter. Pre-opening expenses for the first quarter of 2010 were RMB11.2 million (US$1.6 million), representing a decrease of 25.0% year-over-year and an increase of 47.1% sequentially. The fluctuation of pre-opening expenses was mainly driven by the number of leased-and-operated hotels under construction. Income from operations for the quarter was RMB17.2 million (US$2.5 million), compared with loss from operations of RMB31.7 million (US$4.6 million) in the same quarter of 2009 and income from operations of RMB33.1 million (US$4.9 million) in the previous quarter. Excluding share-based compensation expenses, adjusted income from operations (non-GAAP) for the quarter was RMB20.6 million (US$3.0 million). This compares to adjusted loss from operations (non-GAAP) of RMB30.5 million (US$4.5 million) in the same quarter of 2009, and adjusted income from operations (non-GAAP) of RMB36.4 million (US$5.3 million) in the previous quarter. Net income attributable to China Lodging Group, Limited for the quarter was RMB12.4 million (US$1.8 million), compared with net loss attributable to China Lodging Group, Limited of RMB27.5 million (US$4.0 million) in the same quarter of 2009, and net income attributable to China Lodging Group, Limited of RMB19.8 million (US$2.9 million) in the previous quarter. Excluding share-based compensation expenses, adjusted net income attributable to the China Lodging Group, Limited (non-GAAP) for the quarter was RMB15.9 million (US$2.3 million). This compares to adjusted net loss attributable to China Lodging Group, Limited (non-GAAP) of RMB26.3 million (US$3.8 million) in the same quarter of 2009, and adjusted net income attributable to China Lodging Group, Limited (non-GAAP) of RMB23.1 million (US$3.4 million) in the previous quarter. The year-over-year improvement on profit was mainly attributable to the improved RevPAR as a result of strengthening of the economy and our brand and the increased number of franchised-and-managed hotels. The sequential decrease in profit was mainly driven by seasonality. Basic and diluted net earnings per share/ADS. For the first quarter of 2010, basic net earnings per share was RMB0.07 (US$0.01) and diluted net earnings per share was RMB0.06 (US$0.01), while basic net earnings per ADS was RMB0.26 (US$0.04), and diluted net earnings per ADS was RMB0.25 (US$0.04). Excluding share-based compensation expenses, adjusted basic and diluted net earnings per share (non-GAAP) was RMB0.08 (US$0.01), and adjusted basic net earnings per ADS (non-GAAP) was RMB0.33 (US$0.05), while adjusted diluted net earnings per ADS (non-GAAP) was RMB0.32 (US$0.05). EBITDA (non-GAAP) for the first quarter of 2010 was RMB54.9 million (US$8.0 million), compared with RMB2.3 million (US$0.3 million) in the same quarter of 2009 and RMB69.3 million (US$10.2 million) in the previous quarter. EBITDA from operating hotels (non-GAAP) was RMB66.1 million (US$9.7 million), an increase of 282.3% from the same period of 2009 but a decrease of 14.1% sequentially. The year-over-year increase in EBITDA and EBITDA from operating hotels was primarily due to the substantial expansion of hotels and improvement in profitability during the period. The sequential decrease was mainly due to seasonality. Cash flow. Net operating cash flow for the first quarter of 2010 was RMB87.2 million (US$12.8 million). Cash spent on the purchase of property and equipment, which is part of investing cash flow, was RMB65.0 million (US$9.5 million). Cash and cash equivalents. As of March 31, 2010, the Company had cash and cash equivalents of RMB258.4 million (US$37.9 million). In March 2010, the Company completed its initial public offering and a private placement to Ctrip, raising approximately US$140 million, in total, after underwriting fees and expenses. The proceeds from the IPO and the private placement were received in April, and thus not included in the cash balance as of March 31, 2010. Business Outlook "Thanks to China's strengthening economy, the demand for affordable accommodation with quality continues to grow. We are on track in executing our hotel network expansion plan. We plan to add 180 to 200 hotels in 2010, with 60-70 leased-and-operated hotels and 120-130 franchised-and-managed hotels," added Mr. Zhang. Second Quarter and Full Year 2010 Guidance We expect to achieve net revenues in the range of RMB 395 to 415 million in the second quarter of 2010. We expect our full year net revenues to grow 33% to 35% from 2009. The above forecast reflects the Company's current and preliminary view, which is subject to change. Conference Call HanTing Inns and Hotels' management will host a conference call at 9 p.m. EDT, Monday, May 10, 2010 (or 9 a.m. on Tuesday, May 11, 2010 in the Shanghai/Hong Kong time zone) following the announcement. To participate in the event by telephone, please dial +1 (888) 830 9551 (for callers in the US), +86 10 800 152 1039 (for callers in China Mainland), +852 3002 1675 (for callers in A recording of the conference call will be available after the conclusion of the conference call through May 18, 2010. Please dial +1 877 482 6144 (for callers in the US) or +1 617 213 4164 (for callers outside the US) and entering pass code 16805913. The conference call will also be webcast live over the Internet and can be accessed by all interested parties at the Company's Web site, http://ir.htinns.com . Use of Non-GAAP Financial Measures To supplement the Company's unaudited consolidated financial results presented in accordance with U.S. GAAP, the Company uses the following non-GAAP measures defined as non-GAAP financial measures by the SEC: hotel operating costs excluding share-based compensation expenses, general and administrative expenses excluding share-based compensation expenses, selling expenses excluding share-based compensation expenses, adjusted income/(loss) from operations excluding share-based compensation expenses, adjusted net income/(loss) attributable to China Lodging Group, Limited excluding share-based compensation expenses, adjusted basic and diluted net earnings per share and per ADS excluding share-based compensation expenses, EBITDA and EBITDA from operating hotels. The presentation of these non-GAAP financial measures is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with U.S. GAAP. For more information on these non-GAAP financial measures, please see the table captioned "Reconciliations of GAAP and non-GAAP results" set forth at the end of this release. The Company believes that these non-GAAP financial measures provide meaningful supplemental information regarding its performance by excluding share-based expenses that may not be indicative of its operating performance. The Company believes that both management and investors benefit from referring to these non-GAAP financial measures in assessing its performance and when planning and forecasting future periods. These non-GAAP financial measures also facilitate management's internal comparisons to the Company's historical performance. The Company believes these non-GAAP financial measures are useful to investors in allowing for greater transparency with respect to supplemental information used by management in its financial and operational decision making. A limitation of using non-GAAP financial measures excluding share-based compensation expenses is that share-based compensation expenses have been and will continue to be a significant recurring expense in our business. Management compensates for these limitations by providing specific information regarding the GAAP amounts excluded from each non-GAAP measure. The accompanying tables have more details on the reconciliations between GAAP financial measures that are most directly comparable to non-GAAP financial measures. The Company believes that EBITDA is a useful financial metric to assess the operating and financial performance before the impact of investing and financing transactions and income taxes. Given the significant investments that the Company has made in leasehold improvements, depreciation and amortization expense comprises a significant portion of the cost structure. In addition, the Company believes that EBITDA is widely used by other companies in the lodging industry and may be used by investors as a measure of financial performance. The Company believes that EBITDA will provide investors with a useful tool for comparability between periods because it eliminates depreciation and amortization expense attributable to capital expenditures. The Company also uses EBITDA from operating hotels, which is defined as EBITDA before pre-opening expenses, to assess operating results of the hotels in operation. The Company believe that the exclusion of pre-opening expenses, a portion of which is non-cash rental expenses, helps facilitate year-on-year comparison of the results of operations as the number of hotels in the development stage may vary significantly from year to year. Therefore, the Company believes EBITDA from operating hotels more closely reflects the performance capability of hotels currently in operation. The calculation of EBITDA and EBITDA from operating hotels does not deduct interest income. The presentation of EBITDA and EBITDA from operating hotels should not be construed as an indication that our future results will be unaffected by other charges and gains considered to be outside the ordinary course of the business. The use of EBITDA and EBITDA from operating hotels has certain limitations. Depreciation and amortization expense for various long-term assets, income tax and interest expense have been and will be incurred and are not reflected in the presentation of EBITDA. Pre-opening expenses have been and will be incurred and are not reflected in the presentation of EBITDA from operating hotels. Each of these items should also be considered in the overall evaluation of the results. The Company compensates for these limitations by providing the relevant disclosure of the depreciation and amortization, interest expense, income tax expense, pre-opening expenses and other relevant items both in the reconciliations to the U.S. GAAP financial measures and in the consolidated financial statements, all of which should be considered when evaluating the performance. The terms EBITDA and EBITDA from operating hotels are not defined under U.S. GAAP, and neither EBITDA nor EBITDA from operating hotels is a measure of net income, operating income, operating performance or liquidity presented in accordance with U.S. GAAP. When assessing the operating and financial performance, you should not consider this data in isolation or as a substitute for our net income, operating income or any other operating performance measure that is calculated in accordance with U.S. GAAP. In addition, the Company's EBITDA or EBITDA from operating hotels may not be comparable to EBITDA or EBITDA from operating hotels or similarly titled measures utilized by other companies since such other companies may not calculate EBITDA or EBITDA from operating hotels in the same manner as the Company does. Reconciliations of the Company's non-GAAP financial measures, including EBITDA and EBITDA from operating hotels, to consolidated statement of operations information are included at the end of this press release. About China Lodging Group, Limited China Lodging Group, Limited ("HanTing Inns and Hotels" or the "Company") is a leading economy hotel chain operator in China. The Company provides business and leisure travelers with high-quality, and conveniently-located hotel products under three brands, namely, HanTing Seasons Hotel, HanTing Express Hotel, and HanTing Hi Inn. As of March 31, 2010, the Company had 282 hotels and 33,650 rooms in 47 cities across China. Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995: The information in this release contains forward-looking statements which involve risks and uncertainties, including statements regarding the Company's capital needs, business strategy and expectations. Any statements contained herein that are not statements of historical fact may be deemed to be forward-looking statements, which may be identified by terminology such as "may," "should," "will," "expect," "plan," "intend," "anticipate," "believe," "estimate," "predict," "potential," "forecast," "project," or "continue," the negative of such terms or other comparable terminology. Readers should not rely on forward-looking statements as predictions of future events or results. Any or all of the Company's forward-looking statements may turn out to be wrong. They can be affected by inaccurate assumptions, risks and uncertainties and other factors which could cause actual events or results to be materially different from those expressed or implied in the forward-looking statements. In evaluating these statements, readers should consider various factors, including the risks described in "Risk Factors" beginning on page 13 and elsewhere in the Company's registration statement on Form F-1. These factors may cause the Company's actual results to differ materially from any forward-looking statement. In addition, new factors emerge from time to time and it is not possible for the Company to predict all factors that may cause actual results to differ materially from those contained in any forward-looking statements. Any projections in this release are based on limited information currently available to the Company, which is subject to change. The Company disclaims any obligation to publicly update any forward-looking statements to reflect events or circumstances after the date of this document, except as required by applicable law.
Five Filters featured article: The Art of Looking Prime Ministerial - The 2010 UK General Election. Available tools: PDF Newspaper, Full Text RSS, Term Extraction. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Connecting the dots on reviews Posted: 10 May 2010 09:32 PM PDT Hotels want to know who you are, especially if you're reviewing them anonymously. An increasing number of image-conscious properties have begun connecting the dots between unbylined write-ups that appear on such popular travel sites as TripAdvisor or Yelp, and your personal information, such as your loyalty program preferences. If you write a positive review, you might expect a reward from the hotel — a gift basket or a discount on your next stay. Pan a property, and you could get a concerned e-mail from the general manager asking you to reconsider your review. Or even a black mark against you in the chain's guest database. John Baird, a lodging consultant in Jacksonville, Fla., says that hotels now use locations, dates and usernames that appear online to triangulate a guest's identity. Once they find a likely match, the review is added to a hotel's guest preference records, next to information such as frequent-guest number, newspaper choice and preferred room type.
"If the post is positive, I can give them a gift basket when they return," he said. Negative? That can generate an e-mail inviting the guest back for a free stay or offering frequent-stayer points as an apology. "I think matching reviews with guest names is a great idea," he added. But travelers aren't sure. After hearing about one international hotel that retaliated against travelers who slammed the property, Helen O'Boyle, a Seattle-based computing consultant, is troubled by hotels that name-match. Once identified, she said, the travelers were tagged as "problem guests" in the hotel chain's reward program. O'Boyle is careful not to reveal any information that might help a hotel identify her online. "Let's just say that I'm glad my ratings site nicknames don't look like my real name," she told me. "And now, if I'm writing a bad review, I fudge the dates a bit and don't mention any particular calamities that might be identifiable with what the hotel knows I experienced — just in case." Online review sites such as TripAdvisor don't forbid the posting of personally identifiable information. Unregistered visitors can access details about any user, including an age range, gender, location, "travel style," whether they travel for business or pleasure and even who they travel with. Registered users can send another reviewer a private message through the site. Although TripAdvisor has an extensive privacy policy, the site readily admits, "No Web site can guarantee security." April Robb, a spokeswoman for TripAdvisor, said the site considers any effort by a hotel to pressure a guest to remove a negative review to be "fraudulent." Whenever a hotel owner attempts to contact a guest who has posted an unflattering review, a warning appears: "TripAdvisor may penalize owners who attempt to remove reviews through inappropriate threats or coercion," said Robb. But privacy policies aren't the biggest obstacles for hotels trying to connect the dots. Rather, it's a hotel's inability to match a name with absolute certainty that makes this exercise more art than science, according to Barry Hurd, the chief executive of Seattle-based 123 Social Media, a reputation management company that works with more than 500 hotels. "It's hard, because the review services try to anonymize the reviews and the data. They want people to just tell the truth and to assure them there won't be any repercussions," he said. "Hotels, on the other hand, want them to put a name on the review — so that they know who you are." Both Hurd and Baird, the Jacksonville analyst, say that an overwhelming number of hotels want the information for the right reasons: either to reward a nice review or to reach out to a negative guest to patch things up. And that may be true, for now. But Hurd says that technology is evolving so fast that in the future, every hotel representative could have a toolbar on his or her computer that reveals everything about a guest at the click of a mouse — every review, guest preference and even the likelihood that you'll be positively or negatively inclined toward your stay. There's no telling what hotels could do with that information. Since the first column I wrote about hotel guest profiles more than a decade ago, I've been deeply concerned about my own privacy as a traveler. Any time a hotel delivers my favorite newspaper (this one, of course) or leaves a fruit basket with apples (Pink Ladies) I get a little suspicious. How did they know? If they found a way to connect that information with what I write about the hotel industry, I'd probably be reading the Pennysaver and eyeing a fruit basket filled with brown bananas. That hasn't happened yet. But it could be only a matter of time. O'Boyle's advice works for me, but I'd offer a few additional recommendations. Don't use your real name when you review a hotel, and make sure that your Internet handle doesn't give away anything about your identity. Zero out your geographic location, and wherever possible, don't answer profile questions such as "I travel with" or "My travel style." And never, ever, include any information that could identify you in the review itself. That's one dot you probably don't want a hotel to connect with another. (Christopher Elliott is the ombudsman for National Geographic Traveler magazine. You can read more travel tips on his blog, elliott.org or e-mail him at celliott@ngs.org). Five Filters featured article: The Art of Looking Prime Ministerial - The 2010 UK General Election. Available tools: PDF Newspaper, Full Text RSS, Term Extraction. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Posted: 10 May 2010 01:51 PM PDT CHICAGO, May 10 /PRNewswire-FirstCall/ -- Strategic Hotels & Resorts, Inc. (the "Company") ( In order to receive the Tender Offer Consideration set forth in the table above, holders of the Exchangeable Notes must validly tender and not validly withdraw their Exchangeable Notes at or prior to the Expiration Date. As described in the Offer to Purchase, holders of the Exchangeable Notes may withdraw the tender of their Exchangeable Notes at any time on or prior to the Expiration Date. Validly withdrawn Exchangeable Notes may be re-tendered at any time on or prior to the Expiration Date. The Tender Offer is conditioned on the completion of the public offering of shares of the common stock of the Company announced on May 10, 2010 and receipt of at least $200.0 million of gross proceeds therefrom, and is subject to the satisfaction or waiver of certain other conditions set forth in the Offer to Purchase. The Tender Offer is not conditioned on the tender of a minimum amount of Exchangeable Notes. Subject to applicable law, the Company may amend, extend or, subject to certain conditions, terminate the Tender Offer at any time. The Company will pay the Tender Offer Consideration plus accrued and unpaid interest in respect of any Exchangeable Notes accepted for purchase in the Tender Offer to, but not including, the date of payment of the Tender Offer Consideration, which is expected to occur promptly following the Expiration Date. This press release is for informational purposes only and is not an offer to sell or purchase or the solicitation of an offer to sell or purchase any securities discussed herein. The Tender Offer is only being made pursuant to the terms of the Offer to Purchase and the related Letter of Transmittal. The Tender Offer is not being made in any jurisdiction in which the making or acceptance thereof would not be in compliance with the securities, "blue sky" or other laws of such jurisdiction. None of the Company, SH Funding, the dealer managers, the depositary, the information agent, the trustee for the Exchangeable Notes or their respective affiliates is making any recommendation as to whether or not holders should tender all or any portion of their Exchangeable Notes in the Tender Offer. The Company has engaged J.P. Morgan Securities Inc. and About the Company Strategic Hotels & Resorts, Inc. is a real estate investment trust (REIT) which owns and provides value-enhancing asset management of high-end hotels and resorts in the United States, Mexico and Europe. The company currently has ownership interests in 17 properties with an aggregate of 8,002 rooms. This press release contains forward-looking statements about the Company. Except for historical information, the matters discussed in this press release are forward-looking statements subject to certain risks and uncertainties. Actual results could differ materially from the Company's projections. Factors that may contribute to these differences include, but are not limited to the following: the Company's ability to consummate the tender offer for the Exchangeable Notes; the Company's ability to consummate the public offering of shares of the common stock of the Company; demand for hotel rooms in our current and proposed market areas; availability of capital; ability to obtain or refinance debt or comply with covenants contained in our debt facilities; rising interest rates and operating costs; rising insurance premiums; cash available for capital expenditures; competition; economic conditions generally and in the real estate market specifically, including further deterioration of the current global economic downturn and the extent of its effect on business and leisure travel and the lodging industry; ability to dispose of existing properties in a manner consistent with our disposition strategy; delays and cost overruns in construction and development; demand for hotel condominiums; marketing challenges associated with entering new lines of business; risks related to natural disasters; the effect of threats of terrorism and increased security precautions on travel patterns and hotel bookings; the outbreak of hostilities and international political instability; legislative or regulatory changes, including changes to laws governing the taxation of REITs; and changes in generally accepted accounting principles, policies and guidelines applicable to REITs. Additional risks are discussed in the Company's filings with the Securities and Exchange Commission, including those appearing under the heading "Item 1A. Risk Factors" in the Company's most recent Form 10-K and subsequent Form 10-Qs. Although the Company believes the expectations reflected in such forward-looking statements are based on reasonable assumptions, it can give no assurance that its expectations will be attained. The forward-looking statements are made as of the date of this press release, and we undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. Five Filters featured article: The Art of Looking Prime Ministerial - The 2010 UK General Election. 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