Activist Says REIT Gave Bill Gates Sweetheart Resort Deal

Law360, New York (December 17, 2013, 11:07 AM ET) -- The activist fund that has recently targeted Strategic Hotels & Resorts Inc. on Tuesday accused the real estate investment trust of passing off a trophy property in a sweetheart sale to another substantial shareholder in an attempt to curry favor ahead of a proxy contest.

Earlier in the week, the luxury hotel REIT unveiled plans to sell the Four Seasons Resort Punta Mita plus an adjacent 48-acre property in Mexico to Bill Gates' Cascade Investment LLC, the holder of a 6.4 percent Strategic stake. But New...
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