Ritz-Carlton in O.C. Among 5 Hotels Sold

Prudential Insurance Co. of America sold five luxury hotel properties, including the Ritz-Carlton Laguna Niguel, to Strategic Hotel Capital Inc. for $549 million, the closely held real estate operating company said. Strategic Hotel said Prudential also agreed to pay it up to $225 million for an equity stake in the company. Chicago-based Strategic Hotel said Prudential’s stake may include an investment for its institutional clients in addition to its general account. Strategic Hotel said it also bought the Hyatt Regency New Orleans; the Hyatt Regency in Coral Gables, Fla.; the Miami Airport Hilton & Towers; and the Marriott Lincolnshire in suburban Chicago. Newark, N.J.-based Prudential, the largest U.S. life insurer, is in the midst of reorganizing its own $5-billion real estate portfolio by swapping properties for shares in public and private real estate companies and partnerships, seeking to boost returns.