Strategic Hotels & Resorts Inc was incorporated in Maryland in January 2004 to acquire and asset-manage upper upscale and luxury hotels that are subject to long-term management contracts. The Company operates as a self-administered and self-managed real estate investment trust (REIT) managed by its board of directors and executive officers and conduct its operations through the Company's direct and indirect subsidiaries including SH Funding. It does not operate any of its hotels directly; instead it employs internationally known hotel management companies to operate them for the Company under management contracts or operating leases. As of February 26, 2014, the Company wholly owns or leases 14 hotels. The Company's existing hotels are operated under the widely-recognized upper upscale and luxury brands of Fairmont, Four Seasons, Hyatt, InterContinental, JW Marriott, Loews, Marriott, Ritz-Carlton and Westin, The Hotel del Coronado is operated by a specialty management company, KSL Resorts. The customers include individual or group business and leisure travelers.