Strategic Hotels & Resorts (BEE.N) has formed a joint venture with Blackstone Real Estate Advisors and KSL Resorts to reduce the debt on the Hotel del Coronado to $425 million. Blackstone (BX.N) will take a 60 percent ownership interest in the property. Strategic, which will continue as the hotel's asset manager, will have a 34.3 percent stake, and KSL Resorts will hold 5.7 percent. (Reporting by Helen Chernikoff; Editing by Lisa Von Ahn)
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