EXHIBIT 99.2

FOR IMMEDIATE RELEASE

WEDNESDAY, APRIL 18, 2012

STRATEGIC HOTELS & RESORTS, INC. ANNOUNCES PRICING OF PUBLIC OFFERING

OF 16 MILLION SHARES OF COMMON STOCK

CHICAGO – April 18, 2012 – Strategic Hotels & Resorts, Inc. (the “Company”) (NYSE: BEE) announced today that it priced its previously announced underwritten public offering of 16.0 million shares of its common stock (the “Offering”) at $6.50 per share. The Company has granted the underwriters a 30-day option to purchase up to 2.4 million additional shares of common stock to cover over-allotments, if any. The Company estimates that the net proceeds from the Offering after underwriting discounts and commissions and estimated offering expenses, will be approximately $99.4 million or approximately $114.4 million if the underwriters’ over-allotment option is exercised in full. Deutsche Bank Securities and Raymond James & Associates, Inc. are acting as joint book-running managers for the Offering.

The Company intends to use the net proceeds from the Offering for general corporate purposes, including, without limitation, reducing its borrowings under its secured bank credit facility, funding the payment of accrued and unpaid preferred dividends through the first quarter of 2012, repaying other debt and funding capital expenditures and working capital.

The Offering is expected to close on April 23, 2012, subject to customary closing conditions. The Company will issue all of the shares of common stock under its effective shelf registration statement filed with the Securities and Exchange Commission (the “SEC”).

This press release does not constitute an offer to sell or the solicitation of an offer to buy any shares of the Company’s common stock, nor shall there be any sale of these securities in any jurisdiction in which such an offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. The offering may be made only by means of a prospectus and a related prospectus supplement, which have been filed or will be filed with the SEC. When available, the final prospectus supplement and accompanying base prospectus may be obtained;

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About the Company

Strategic Hotels & Resorts, Inc. is a real estate investment trust (REIT) which owns and provides value-enhancing asset management of high-end hotels and resorts in the United States, Mexico and Europe. The company currently has ownership interests in 17 properties with an aggregate of 7,762 rooms.

This press release contains forward-looking statements about the Company. Except for historical information, the matters discussed in this press release, including the Company’s intended use of proceeds, are forward-looking statements subject to certain risks and uncertainties. Actual results could differ materially from the Company’s projections. Factors that may contribute to these differences include, but are not limited to the following: the Company’s ability to consummate the Offering of shares of its common stock; the effects of the recent global economic recession upon business and leisure travel and the hotel markets in which the Company invests; the Company’s liquidity and refinancing demands; the Company’s ability to obtain or refinance maturing debt; the Company’s ability to maintain compliance with covenants contained in the Company’s debt facilities; the Company’s ability to meet the requirements of the Maryland General Corporation Law with respect to the payment of preferred dividends on the June 29, 2012 payment date; stagnation or further deterioration in economic and market conditions, particularly impacting business and leisure travel spending in the markets where the Company’s hotels operate and in which the Company invests, including luxury and upper upscale product; general volatility of the capital markets and the market price of the Company’s shares of common stock; availability of capital; the Company’s ability to dispose of properties in a manner consistent with the Company’s investment strategy and liquidity needs; hostilities and security concerns, including future terrorist attacks, or the apprehension of hostilities, in each case that affect travel within or to the United States, Mexico, Germany, England or other countries where the Company invests; difficulties in identifying properties to acquire and completing acquisitions; the Company’s failure to maintain effective internal control over financial reporting and disclosure controls and procedures; risks related to natural disasters; increases in interest rates and operating costs, including insurance premiums and real property taxes; contagious disease outbreaks, such as the H1N1 virus outbreak; delays and cost-overruns in construction and development; marketing challenges associated with entering new lines of business or pursuing new business strategies; the Company’s failure to maintain the Company’s status as a REIT; changes in the competitive environment in the Company’s industry and the markets where the Company invests; changes in real estate and zoning laws or regulations; legislative or regulatory changes, including changes to laws governing the taxation of REITS; changes in generally accepted accounting principles, policies and guidelines; and litigation, judgments or settlements.

Additional risks are discussed in the Company’s filings with the SEC, including those appearing under the heading “Item 1A. Risk Factors” in the Company’s most recent Form 10-K and subsequent Form 10-Qs. Although the Company believes the expectations reflected in such forward-looking statements are based on reasonable assumptions, it can give no assurance that its expectations will be attained. The forward-looking statements are made as of the date of this press release, and the Company undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.

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