A massive Mexico City real estate deal was announced yesterday by Strategic Hotels & Resorts, Inc.

The New York Stock Exchange listed real estate investment trust (REIT), said it had signed an agreement to sell its Four Seasons Mexico City hotel to Meridia Capital for a gross price of $54.0 million, equivalent to $225,000 per room.

Laurence Geller, the fund's Chief Executive Officer, said, "We are very pleased to announce this sale at an attractive price in an extremely difficult environment."

He said the current state of the Mexico City real estate market meant they had competition for the deal from new or under-construction properties.

The sale is expected to close in the fourth quarter of 2009 and the REIT expects to make a book gain of $4.5 million on the property.

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