Strategic Hotels & Resorts plans to recapitalize the Fairmont Scottsdale Princess via the extension of an  existing CMBS through December 31, 2013, with the option for a second extension through April 9, 2015.

Under the terms of the transaction, a new joint venture has been established between the Strategic and   Walton Street Capital, L.L.C., a private equity real estate investment firm.  Walton Street Capital and Strategic Hotels are equal partners in the new joint venture, with Strategic serving as the managing member and continuing as the property's asset manager.

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