Fairness Opinion and Valuation Advisory

Duff & Phelps Advised Strategic Hotels & Resorts, Inc. on its Sale Transaction

Strategic Hotels & Resorts, Inc. has been acquired by affiliates of Blackstone Real Estate Partners VIII L.P. As a result of the completion of the acquisition, the Company's common stock ceased trading on the New York Stock Exchange.

Duff & Phelps' Role

Duff & Phelps served as an independent financial advisor to the board of directors of Strategic Hotels & Resorts, Inc. and rendered a fairness opinion in connection with the transaction.  After closing of the transaction, Duff & Phelps also completed a valuation and purchase price allocation of the REIT for financial reporting and transfer tax purposes.

About Strategic Hotels & Resorts, Inc.

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. At the time of the transaction, the Company had ownership interests in 17 properties with an aggregate of 7,921 rooms and 847,000 square feet of multi-purpose meeting and banqueting space.