Summary of STRATEGIC HOTELS & RESORTS, INC

Item 1.01 Entry into a Material Definitive Agreement.

On February 4, 2011, Strategic Hotels & Resorts, Inc. (the "Company") through its indirect wholly owned subsidiaries formed a partnership, BSK Del Partner L.P. (the "Hotel del Coronado Venture"), with an unaffiliated third party, an affiliate of Blackstone Real Estate Advisors VI L.P. ("Blackstone"), to own the Hotel del Coronado. Blackstone is the general partner of the Hotel del Coronado Venture with an approximate 63.6% ownership interest, and the Company through its indirect wholly owned subsidiaries is a limited partner with an approximate 36.4% ownership interest.

Certain affiliates of the Hotel del Coronado Venture entered into a financing arrangement for the Hotel del Coronado with an effective interest rate of LIBOR plus 365 basis points (the "Loan") consisting of three limited recourse loan agreements as follows:

Х Mezzanine B Loan Agreement, dated as of March 8, 2013, between BSK Mezz 2, LLC, an indirect wholly owned subsidiary of the Hotel del Coronado Venture, as borrower ("Mezz B Borrower"), and lenders JPMorgan Chase Bank, National Association ("JPM") and German American Capital Corporation ("GACC" and, collectively with JPM, the "Lender"), relating to a mezzanine loan in the principal amount of $75 million bearing interest at LIBOR plus 7.25% (the "Mezz B Loan");

Х Mezzanine A Loan Agreement, dated as of March 8, 2013, between BSK Mezz 1, LLC, a wholly owned subsidiary of Mezz B Borrower, as borrower ("Mezz A Borrower"), and Lender, relating to a mezzanine loan in the principal amount of $115 million bearing interest at LIBOR plus 4.75% (the "Mezz A Loan");

Х Loan Agreement, dated as of March 8, 2012, between BSK del Partners, LLC, a wholly owned subsidiary of Mezz A Borrower, as borrower ("Property Owner"), and Lender, relating to a mortgage loan in the principal amount of $285 million bearing interest at LIBOR plus 2.25878% (the "Mortgage Loan");

The Mortgage Loan is secured by the Hotel del Coronado. The Mezz A Loan is secured by a pledge of the equity of the Property Owner. The Mezz B Loan is secured by a pledge of the equity of Mezz A Borrower.

The Loan has an initial two-year term with three, one-year extension options available to the Hotel del Coronado Venture upon satisfying certain financial and other conditions. The Loan is interest only and is not subject to amortization. The Loan replaced $425.0 million of mortgage and mezzanine loans previously encumbering the property.

The description of the Loan is qualified in its entirety by reference to the Mezz B Loan, the Mezz A Loan Agreement and the Mortgage Loan, which are filed as Exhibits 10.1, 10.2 and 10.3, respectively to this Current Report on Form 8-K (this "Current Report").

JPM and GACC are lenders on certain other properties owned by the Company.