Sports

Cascade Investment LLC buys stake in hotelier

Gates buys 5% of hotel stock

Local investment firm Cascade Investment LLC, owned by Microsoft’s billionaire founder Bill Gates III, has purchased almost 3.9 million shares of stock in Chicago-based Strategic Hotels and Resorts Inc., according to an Aug. 22 SEC filing.

With the purchase, Gates owns about 5.23 percent of the high-end real estate investment trust (REIT). Strategic owns and manages 19 properties representing a total of 8,346 hotel rooms across North America an Europe.

The purchase comes after the REIT downgraded estimates of earnings for 2009, with officers citing the struggling economy, higher construction costs and the drop in group bookings nationwide.

We encourage an open exchange of ideas on this story's topic, but we ask you to follow our guidelines for respecting community standards. Personal attacks, inappropriate language, and off-topic comments may be removed, and comment privileges revoked, per our Terms of Use. Please see our FAQ if you have questions or concerns about using Facebook to comment.
blog comments powered by Disqus

Read the latest Green Edition

Browse the print edition page by page, including stories and ads.

Sep 26 edition online now. Browse the archives.