Strategic Hotels & Resorts Raises FY14 Comparable EBITDA, FFO Outlook

(RTTNews) - Strategic Hotels & Resorts, Inc. (BEE) said Monday that it was raising its guidance ranges for full year 2014 Comparable EBITDA and Comparable FFO per share to reflect the closing of the common equity offering, the acquisition of the remaining 63.6 percent interest in the Hotel del Coronado, which is expected to close in early June, and the redemption of the 8.25% Series C Cumulative Redeemable Preferred Stock, which is expected to be completed in early July.

For the full year 2014, the company now expects Comparable EBITDA to be in the range of $230.0 million to $250.0 million and Comparable FFO in the range of $0.59 and $0.68 per share. Previously, the company expected Comparable EBITDA in the range of $210.0 million to $230.0 million and Comparable FFO in the range of $0.57 and $0.67 per share.

Analysts polled by Thomson Reuters currently expect the company to report FFO of $0.64 per share for the full year 2014. Analysts' estimates typically exclude special items.

The company also reaffirmed its guidance for Total United States RevPAR and Total RevPAR growth in the range between 5.0% to 7.0%, and EBITDA margin expansion of 120-200 basis points.