Bill Gates never ceases in making headlines. According to a previous report by skift.com, "Bill Gates' Cascade Investment has increased its stake in Strategic Hotels & Resorts Inc. and indicated that it may potentially be involved in a takeover as the luxury-hotel owner explores a sale." Cascade bought about 1.74 million shares of Chicago-based Strategic Hotels in March and increased its stake to 9.8 percent. Statistics obtained by bloomberg.com have shown that "Strategic Hotels rose 5.1 percent to $13.90 in New York trading, the biggest gain in two years."
The company also happens to own properties such as the Ritz-Carlton Half Moon Bay in California and Manhattan's Essex House. Bloomberg reported last month that "Strategic Hotels has been exploring a sale and hired a bank to help it find a buyer. The company's adviser has communicated to the potential buyers to measure their interest and determine their objectives. According to data compiled by skift.com, "The firm held about 9.2 percent of Strategic Hotels in March, regulatory filings show and it is the real estate investment trust's second-largest shareholder, after Vanguard Group."
Regardless of the data gathered, it seems Bill Gates is eyeing this precious real estate property. While some are wondering why a sale has occurred despite the rising of profits for the luxurious hotel, no one can really tell. The Strategic Hotels value has climbed to 4.6 percent to $13.83 at 12:53 p.m. New York time and currently the company has an estimated market value of about $3.8 billion as stated in a report by skift.com.
Strategic Hotels & Resorts, Inc. is the preeminent owner and asset manager of the highest quality portfolio of upper-upscale and luxury hotels and resorts as stated in a report from its own website, strategichotels.com. Despite much anticipation, it still remains unclear if Bill Gates will indeed pursue in the acquistion or not.