Including debt, the deal is worth about USD 6 billion, the companies said today.
Blackstone Real Estate Partners VIII LP will pay USD 14.25 for each outstanding share of Strategic, which specialises in high-end hotels and resorts.
That represents a 13 per cent premium to the stock's trading price on July 23, before a media report detailed a potential transaction.
The companies expect to complete the deal by the first quarter.
Chicago-based Strategic Hotels has an ownership interest in 17 properties with 7,921 rooms as well as meeting and banquet space. The company said last month that its board was exploring options that included a potential sale.
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