Blackstone Group acquired Strategic Hotels & Resorts, a real estate investment trust which owns and provides value enhancing asset management of high-end hotels and resorts in the United States, for $6bn. "Our board and management team have consistently stated that we would consider any opportunity that maximizes stockholder value," said Raymond L. "Rip" Gellein, Chairman and Chief Executive Officer of Strategic Hotels & Resorts, Inc. "We believe this transaction capitalizes on our unique portfolio, strong asset management platform and continued operating outperformance over the past several years. The board thoroughly considered various alternatives over the course of the past few years, and this all cash offer from Blackstone creates significant stockholder value with a high degree of execution certainty," concluded Gellein.