Four Seasons Jackson Hole Sold

Four Seasons Jackson Hole is one of two Four Seasons Properties that is now under contract to be sold.  In a news release issued last week, Strategic Hotels & Resorts, Inc. announced that it has signed a letter agreement to acquire the Four Seasons Jackson Hole and Four Seasons Silicon Valley from The Woodbridge Company Limited in exchange stock valued at approximately of $95-million.  As part of the transaction, the Chicago-based real estate investment trust said it also intends to directly privately place and issue an additional 8-million shares of its common stock to Woodbridge resulting in total gross proceeds of $50-million, which will be used to pay down the Company’s revolving credit facility. According to the the news release, the transactions are expected to close in the first quarter of this year. 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 is designed with a western, mountain style and boasts ski-in/ski-out accommodations, an award-winning luxury spa, and has received the 2011 Forbes Five-Star Award for its fourth consecutive year.