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Prepared and filed by St Ives Burrups
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<td align="right"><font size="2" face="serif"><b>Registration No. 333-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</b></font></td>
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<p align="center"><font size="2" face="serif"><b>SECURITIES AND EXCHANGE COMMISSION</b></font><br>
<font size="2" face="serif"><b>Washington, D.C.  20549</b></font></p>
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<p align="center"><font size="4" face="serif"><b>FORM S-8</b></font></p>
<p align="center"><font size="2" face="serif"><b>REGISTRATION STATEMENT</b></font><br>
<font size="2" face="serif"><b>UNDER</b></font><br>
<font size="2" face="serif"><b>THE SECURITIES ACT OF 1933</b></font></p>
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<p align="center"><font size="4" face="serif"><b>STRATEGIC HOTEL CAPITAL, INC.</b></font><br>
<font face="serif" size="1">(Exact Name of Registrant as Specified in Its Charter)</font></p>
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<td width="46%"><font size="2" face="serif"><b>Maryland</b></font><br>
<font size="1" face="serif">(State or Other Jurisdiction of Incorporation or Organization)</font></td>
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<td><font size="2" face="serif"><b>33-1082757</b></font><br>
  <font size="1" face="serif">(I.R.S. Employer Identification No.)</font></td>
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<p align="center"><font size="2" face="serif"><b>77 West Wacker Drive, Suite 4600<br>
Chicago, Illinois  60601</b></font><br>
<font face="serif" size="1">(Address of Principal Executive Offices, Including Zip Code)</font></p>
<p align="center"><font size="2" face="serif"><b>STRATEGIC HOTEL CAPITAL, INC. 2004 INCENTIVE PLAN<br>STRATEGIC HOTEL CAPITAL, INC. EMPLOYEE STOCK PURCHASE PLAN</b></font><br>
<font face="serif" size="1">(Full Title of the Plans)</font></p>
<p align="center"><font size="2" face="serif"><b>Laurence S. Geller<br>Strategic Hotel Capital, Inc.<br>President and Chief Executive Officer<br>77 West Wacker Drive, Suite 4600<br>Chicago, Illinois  60601<br>(312) 658-5000</b></font><br>
<font face="serif" size="1">(Name, Address and Telephone Number, including area code, of Agent for Service)</font></p>
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<p align="center"><font size="2" face="serif"><b>Copy to:</b></font></p>
<p align="center"><font size="2" face="serif"><b>Phillip Gordon<br>Perkins Coie LLP<br>131 South Dearborn Street, Suite 1700<br>Chicago, Illinois  60603-5559<br>(312) 324-8600</b></font></p>
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<p align="center"><font size="2" face="serif"><b>CALCULATION OF REGISTRATION FEE</b></font></p>
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    <td><font size="2" face="serif"><b><font face="serif" size="1">Title
            of Securities To Be Registered</font></b></font></td>
    <td><font size="2" face="serif"><b><font face="serif" size="1">Amount
            To Be<br>
    Registered (1)</font></b></font></td>
    <td><font size="2" face="serif"><b><font face="serif" size="1">Proposed
            Maximum Offering Price Per Share(2)</font></b></font></td>
    <td><font size="2" face="serif"><b><font face="serif" size="1">Proposed
            Maximum Aggregate Offering Price(2)</font></b></font></td>
    <td><font size="2" face="serif"><b><font face="serif" size="1">Amount
            of<br>
    Registration Fee</font></b></font></td>
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    <td align="left"><div style="margin-left: 3%; text-indent: -3%"><font size="2" face="serif">Common
          Stock, par value $0.01 per share, under the 2004 Incentive Plan</font></div></td>
    <td width="15%" align="center"><font size="2" face="serif">3,000,000</font></td>
    <td width="15%" align="center"><font size="2" face="serif">$&nbsp;&nbsp;14.00</font></td>
    <td width="15%" align="center"><font size="2" face="serif">$&nbsp;&nbsp;42,000,000</font></td>
    <td width="15%" align="center"><font size="2" face="serif">$&nbsp;&nbsp;5,321</font></td>
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    <td align="left"><div style="margin-left: 3%; text-indent: -3%"><font size="2" face="serif">Common
          Stock, par value $0.01 per share, under the Employee Stock Purchase
          Plan</font></div></td>
    <td align="center"><font size="2" face="serif">&nbsp;&nbsp;300,000</font></td>
    <td align="center"><font size="2" face="serif">$&nbsp;&nbsp;14.00</font></td>
    <td align="center"><font size="2" face="serif">$&nbsp;&nbsp;&nbsp;&nbsp;4,200,000</font></td>
    <td align="center"><font size="2" face="serif">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;532</font></td>
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(1)</font></td>
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<font size="2" face="serif"> Together with an indeterminate number of additional shares which may be necessary to adjust the number of shares reserved for issuance pursuant to such plans as the result of any future stock split, stock dividend or similar adjustment of the Registrant&#146;s outstanding common stock.
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(2)</font></td>
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<font size="2" face="serif"> Estimated solely for the purpose of calculating the registration fee under the Securities Act of 1933, as amended.
The calculation of the registration fee is based upon the per share initial public offering price of $14.00.
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<p><a href="#contents"><font size="2">Back to Contents</font></a></p>
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<td width="3%"><font size="2" face="serif">&nbsp;</font></td>
<td align="center"><font size="2" face="serif"><b>PART II</b></font></td>
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<td align="center"><font size="2" face="serif"><b>INFORMATION REQUIRED IN REGISTRATION STATEMENT</b></font></td>
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<p align="left"><font size="2" face="serif"><b>Item 3.  INCORPORATION OF CERTAIN DOCUMENTS BY REFERENCE</b></font></p>
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<p align="left"><font size="2" face="serif">The following document filed by the Registrant with the Securities and Exchange Commission (the &#147;Commission&#148;) is hereby incorporated by reference in this Registration Statement:</font></p>
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<p align="left"><font size="2" face="serif">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The
    prospectus filed pursuant to Rule 424(b) under the Securities Act of 1933,
    as amended (the &#147;Securities Act&#148;) on June 24, 2004;</font></p>
<p align="left"><font size="2" face="serif">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; All other reports filed pursuant to Section 13(c) or 15(d) of the Securities Exchange Act of 1934, as amended (the &#147;Exchange Act&#148;); and</font></p>
<p align="left"><font size="2" face="serif">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The description of the Registrant&#146;s common stock contained in the Registration Statement on Form&nbsp;8-A, filed on June 21, 2004, under Section&nbsp;12(b) of the Exchange Act, including any amendments or reports filed for the purpose of updating such description.</font></p>
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<p align="left"><font size="2" face="serif">All documents filed by the Registrant pursuant to Sections&nbsp;13(a), 13(c), 14 and 15(d) of the Exchange Act after the date hereof, and prior to the filing of a post-effective amendment which indicates that the securities offered hereby have been sold or which deregisters the securities covered hereby then remaining unsold, shall also be deemed to be incorporated by reference into this Registration Statement and to be a part hereof commencing on the respective dates on which such documents are filed.</font></p>
</div><p align="left"><font size="2" face="serif"><b>Item 4.  DESCRIPTION OF SECURITIES</b></font></p>
<div style="text-indent: 3%">
<p align="left"><font size="2" face="serif">Not applicable.</font></p>
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<p align="left"><font size="2" face="serif"><b>Item 5.  INTERESTS OF NAMED EXPERTS AND COUNSEL</b></font></p>
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<p align="left"><font size="2" face="serif">Not applicable.</font></p>
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<p align="left"><font size="2" face="serif"><b>Item 6.  INDEMNIFICATION OF DIRECTORS AND OFFICERS</b></font></p>
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<p align="left"><font size="2" face="serif">Maryland law permits a Maryland corporation to include in its charter a provision limiting the liability of its directors and officers to the corporation and its stockholders for money damages except for liability resulting from (a) actual receipt of an improper benefit or profit in money, property or services or (b) active and deliberate dishonesty which is established by a final judgment and which is material to the cause of action. The Registrant&#146;s charter contains such a provision which eliminates directors&#146; and officers&#146; liability to the maximum extent permitted by Maryland law.</font></p>
<p align="left"><font size="2" face="serif">The Registrant&#146;s charter authorizes the Registrant, to the maximum extent permitted by Maryland law, to obligate the Registrant to indemnify any present or former director or officer or any individual who, while a director or officer of the Registrant and at the request of the Registrant, serves or has served another corporation, real estate investment trust, partnership, joint venture, trust, employee benefit plan or other enterprise as a director, officer, partner or trustee, from and against any claim or liability to which that individual may become subject or which that individual may incur by reason of his or her service as a present or former director or officer of the Registrant and to pay or reimburse
his or her reasonable expenses in advance of final disposition of a proceeding. The Registrant&#146;s bylaws obligate the Registrant, to the maximum extent permitted by Maryland law, to indemnify any present or former director or officer or any individual who, while a director or officer of the Registrant and at the request of the Registrant, serves or has served another corporation, real estate investment trust, partnership, joint venture, trust, employee benefit plan or other enterprise as a director, officer, partner or trustee and who is made a party to the proceeding by reason of his service in that capacity from and against any claim or liability to which that individual may become subject or which that individual may incur by reason of his or her service as a present or former
director or officer of the Registrant and to pay or reimburse his or her reasonable expenses in advance of final disposition of a proceeding. The charter and bylaws also permit the Registrant to indemnify and advance expenses to any individual who served a predecessor of the Registrant in any of the capacities described above and any employee or agent of the Registrant or a predecessor of the Registrant.</font></p>
<p align="left"><font face="serif" size="2">Maryland law requires a corporation (unless its charter provides otherwise,
which the Registrant&#146;s charter does not) to indemnify a director or officer who has been successful in the defense of
any proceeding to which he is made a party by reason of his service in that capacity.  Maryland law permits a corporation
to indemnify its present and former directors and officers, among others, against judgments, penalties, fines, settlements
and reasonable expenses actually incurred by them in connection with any proceeding to which they may be made a party by
reason of their service in those or other capacities unless it is established that (a) the act or omission of the director or officer
was material to the matter giving rise to the proceeding and (i) was committed in bad faith or (ii) was the result of
active and deliberate dishonesty, (b) the director or officer actually received an improper personal benefit in money,
property or services or (c) in the case of any criminal proceeding, the director or officer had reasonable cause to
believe that the act or omission was unlawful.  However, under Maryland law, a Maryland corporation may not indemnify
for an adverse judgment in a suit by or in the right of the corporation or for a judgment of liability on the basis
that personal benefit was improperly received, unless in either case a court orders indemnification and then only for
expenses.  In addition, Maryland law permits a corporation to advance reasonable expenses to a
director or officer upon the corporation&#146;s receipt of (a) a written affirmation by the director or officer of his
or her good faith belief that he or she has met the standard of conduct necessary for indemnification by the corporation
and (b) a written undertaking by him or her or on his or her behalf to repay the amount paid or reimbursed by the
corporation if it is ultimately determined that the standard of conduct was not met.</font></p>
<p align="left"><font face="serif" size="2">The Registrant also intends to purchase and maintain insurance on behalf
of all of its directors and executive officers against liability asserted against or incurred by them in their official
capacities with the Registrant, whether or not Registrant is required or have the power to indemnify them against the
same liability.</font></p>
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<p>&nbsp;</p>
<p align="center"><font face="serif" size="2">II-1</font></p>
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<p align="left"><font size="2" face="serif"><b>Item 7.  EXEMPTION FROM REGISTRATION CLAIMED</b></font></p>
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<p align="left"><font size="2" face="serif">Not applicable.</font></p>
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<p align="left"><font size="2" face="serif"><b>Item 8.  EXHIBITS</b></font></p>
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<td align="center"><font size="1" face="serif"><b>Exhibit No.</b></font></td>
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<td align="center"><font size="1" face="serif"><b>Description</b></font></td>
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<td align="center" width="9%"><font size="2" face="serif">&nbsp;&nbsp;5&nbsp;&nbsp;&nbsp;</font></td>
<td align="right" width="2%">&nbsp;</td>
<td align="left"><font size="2" face="serif">Opinion of Venable LLP regarding legality of the common stock being registered</font></td>
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<td align="center"><font size="2" face="serif">23.1</font></td>
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<td align="left"><font size="2" face="serif">Consent of Deloitte &amp; Touche LLP</font></td>
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<td align="center"><font size="2" face="serif">23.2</font></td>
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<td align="left"><font size="2" face="serif">Consent of Venable LLP (included in opinion filed as Exhibit&nbsp;5)</font></td>
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<td align="center"><font size="2" face="serif">24&nbsp;&nbsp;&nbsp;</font></td>
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<td align="left"><font size="2" face="serif">Power of Attorney (see signature page)</font></td>
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<td align="center"><font size="2" face="serif">99.1</font></td>
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<td align="left"><font size="2" face="serif">Strategic Hotel Capital, Inc. 2004 Incentive Plan</font></td>
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<td align="center"><font size="2" face="serif">99.2</font></td>
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<td align="left"><font size="2" face="serif">Strategic Hotel Capital, Inc. Employee Stock Purchase Plan</font></td>
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<p align="left"><font size="2" face="serif"><b>Item 9.  UNDERTAKINGS</b></font></p>
<p align="left"><font size="2" face="serif" align="left">A.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The undersigned Registrant hereby undertakes:</font></p>
<div style="text-indent: 3%">
<p align="left"><font size="2" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; To file, during any period in which offers or sales are being made, a post-effective amendment to this Registration Statement:</font></p>
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<p align="left"><font size="2" face="serif">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; To include any prospectus required by Section&nbsp;10(a)(3) of the Securities Act;</font></p>
<p align="left"><font size="2" face="serif">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; To reflect in the prospectus any facts or events arising after the effective date of this Registration Statement (or the most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in this Registration Statement; and</font></p>
<p align="left"><font size="2" face="serif">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; To include any material information with respect to the plan of distribution not previously disclosed in this Registration Statement or any material change to such information in this Registration Statement; </font></p>
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<p align="left"><font size="2" face="serif"><i>provided, however,</i> that paragraphs&nbsp;(1)(i) and (1)(ii) above do not apply if the information required to be included in a post-effective amendment by those paragraphs is contained in periodic reports filed with or furnished to the Commission by the Registrant pursuant to Section&nbsp;13 or Section&nbsp;15(d) of the Exchange Act that are incorporated by reference in this Registration Statement.</font></p>
<p>&nbsp;</p>
<p align="center"><font size="2" face="serif">II-2</font></p>
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<p align="left"><font size="2" face="serif">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; That, for the purpose of determining any liability under the Securities Act, each such post-effective amendment shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.</font></p>
<p align="left"><font size="2" face="serif">(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; To remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering.</font></p>
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<p align="left"><font size="2" face="serif" align="left">B.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The undersigned Registrant hereby undertakes that, for purposes of determining any liability under the Securities Act, each filing of the Registrant&#146;s annual report pursuant to Section&nbsp;13(a) or 15(d) of the Exchange Act (and, where applicable, each filing of an employee benefits plan&#146;s annual report pursuant to Section&nbsp;15(d) of the Exchange Act) that is incorporated by reference in this Registration Statement shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.</font></p>
<p align="left"><font size="2" face="serif" align="left">C.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers and controlling persons of the Registrant pursuant to the foregoing provisions, or otherwise, the Registrant has been advised that in the opinion of the Commission such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable.  In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a director, officer or controlling person of the Registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or
controlling person in connection with the securities being registered, the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities Act, and will be governed by the final adjudication of such issue.</font></p>
<p>&nbsp;</p>
<p align="center"><font face="serif" size="2">II-3</font></p>
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<p><a href="#contents"><font size="2">Back to Contents</font></a></p>
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<td width="3%"><font size="2" face="serif">&nbsp;</font></td>
<td align="center"><font size="2" face="serif"><b>SIGNATURES</b></font></td>
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<p align="left"><font size="2" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant
    to the requirements of the Securities Act of 1933, the Registrant certifies
    that it has reasonable grounds to believe that it meets all of the requirements
    for filing on Form&nbsp;S-8 and has duly caused this Registration Statement
    to be signed on its behalf by the undersigned, thereunto duly authorized,
    in the City of Chicago, State of Illinois, on the 24<sup>th</sup> day of June, 2004.</font></p>
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<td width="50%" height="16"><font size="2" face="serif">&nbsp;</font></td>
<td colspan="2"><font size="2" face="serif">STRATEGIC HOTEL CAPITAL, INC.</font></td>
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  <td>&nbsp;</td>
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<td><font size="2" face="serif">&nbsp;</font></td>
<td width="3%" align="left"><font size="2" face="serif"><font size="2" face="serif">By:</font></font></td>
<td align="left"><font size="2" face="serif">/s/ Laurence S. Geller</font></td>
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<td><font size="2" face="serif">&nbsp;</font></td>
<td><font size="2" face="serif"><font size="2" face="serif">&nbsp;</font></font></td>
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<td><font size="2" face="serif">&nbsp;</font></td>
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<td align="left"><font size="2" face="serif">Laurence S. Geller</font></td>
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<td><font size="2" face="serif">&nbsp;</font></td>
<td><font size="2" face="serif">&nbsp;</font></td>
<td align="left"><font size="2" face="serif">President and Chief Executive Officer</font></td>
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<td align="center"><font size="2" face="serif"><b>POWER OF ATTORNEY</b></font></td>
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<div style="text-indent: 3%">
<p align="left"><font size="2" face="serif">Each individual whose signature appears
    below constitutes and appoints Laurence S. Geller his true and lawful attorney-in-fact
    and agent, with the full power of substitution for him and in his name, place
    and stead, in any and all capacities, to sign any and all amendments (including
    post-effective amendments) to this Registration Statement, and to file the
    same, with all exhibits thereto, and all documents in connection therewith
    with the Securities and Exchange Commission, hereby ratifying and confirming
    all that each of said attorneys-in-fact and agents or any of them, or their
  or his substitute or substitutes, may do or cause to be done by virtue thereof.</font></p>
<p align="left"><font size="2" face="serif">Pursuant to the requirements of the Securities Act of 1933, this Registration Statement has been signed by the following persons in the capacities indicated as on the dates indicated.</font></p>
</div>
<table width="100%" border="0" cellpadding="0" cellspacing="0">
<tr valign="bottom">
<td align="center"><b><font size="1" face="serif"><u>Signature</u></font></b></td>
<td align="center">&nbsp;</td>
<td align="center"><b><font size="1" face="serif"><u>Title</u></font></b></td>
<td align="center">&nbsp;</td>
<td align="center"><b><font size="1" face="serif"><u>Date</u></font></b></td>
</tr>
<tr valign="top">
  <td>&nbsp;</td>
  <td align="center">&nbsp;</td>
  <td align="center">&nbsp;</td>
  <td align="center">&nbsp;</td>
  <td align="center">&nbsp;</td>
</tr>
<tr valign="top">
<td align="center"><font size="2" face="serif">/s/ Laurence S. Geller</font><br>
<hr noshade size="1">  <font size="2" face="serif">Laurence S. Geller</font></td>
<td align="center" width="12%">&nbsp;</td>
<td align="center" width="25%"><font size="2" face="serif">President and Chief Executive<br>
Officer</font></td>
<td align="center" width="12%">&nbsp;</td>
<td align="center" width="25%"><font size="2" face="serif">June 24, 2004</font></td>
</tr>
<tr valign="top">
  <td align="center">&nbsp;</td>
  <td align="center">&nbsp;</td>
  <td align="center">&nbsp;</td>
  <td align="center">&nbsp;</td>
  <td align="center">&nbsp;</td>
</tr>
<tr valign="top">
<td align="center"><font size="2" face="serif">/s/ James H. Lyman</font><br>
<hr noshade size="1"><font size="2" face="serif">James H. Lyman</font></td>
<td align="center">&nbsp;</td>
<td align="center"><font size="2" face="serif">Executive Vice President and<br>Chief Financial Officer</font></td>
<td align="center">&nbsp;</td>
<td align="center"><font size="2" face="serif">June 24, 2004</font></td>
</tr>
<tr valign="top">
  <td align="center">&nbsp;</td>
  <td align="center">&nbsp;</td>
  <td align="center">&nbsp;</td>
  <td align="center">&nbsp;</td>
  <td align="center">&nbsp;</td>
</tr>
<tr valign="top">
<td align="center"><font size="2" face="serif">/s/ Monte J. Huber</font><br>
<hr noshade size="1"><font size="2" face="serif">Monte J. Huber</font></td>
<td align="center">&nbsp;</td>
<td align="center"><font size="2" face="serif">Vice President, Controller and<br>
Principal Accounting Officer</font></td>
<td align="center">&nbsp;</td>
<td align="center"><font size="2" face="serif">June 24, 2004</font></td>
</tr>
</table>
<p>&nbsp;</p>
<p align="center"><font face="serif" size="2">II-4</font></p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
<page>
<a name="p5"></a>
<p><a href="#contents"><font size="2">Back to Contents</font></a></p>
<table width="100%" cellspacing="0" cellpadding="0" border="0">
<tr valign="top">
<td width="3%"><font size="2" face="serif">&nbsp;</font></td>
<td align="center"><font size="2" face="serif"><b>INDEX TO EXHIBITS</b></font></td>
</tr>
</table>
<table width="100%" border="0" align="center" cellpadding="0" cellspacing="0">
<tr valign="top">
  <td align="center">&nbsp;</td>
  <td align="right">&nbsp;</td>
  <td align="center">&nbsp;</td>
  <td align="left">&nbsp;</td>
</tr>
<tr valign="top">
<td align="center"><font size="1" face="serif"><b>Exhibit No.</b></font></td>
<td align="right">&nbsp;</td>
<td align="center"><font size="1" face="serif"><b>Description</b></font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="top" bgcolor="#FFFFFF">
  <td align="center"><hr noshade size="1"></td>
  <td align="right">&nbsp;</td>
  <td align="left"><hr noshade size="1"></td>
  <td align="left">&nbsp;</td>
</tr>
<tr valign="top" bgcolor="#FFFFFF">
  <td align="center">&nbsp;</td>
  <td align="right">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="left">&nbsp;</td>
</tr>
<tr valign="top" bgcolor="#ffffff">
<td align="center" width="9%"><font size="2" face="serif">&nbsp;&nbsp;5&nbsp;&nbsp;&nbsp;</font></td>
<td align="right" width="2%">&nbsp;</td>
<td align="left"><font size="2" face="serif">Opinion of Venable LLP regarding legality of the common stock being registered</font></td>
<td align="left" width="30%">&nbsp;</td> </tr>
<tr valign="top" bgcolor="#FFFFFF">
  <td align="center">&nbsp;</td>
  <td align="right">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="left">&nbsp;</td>
</tr>

<tr valign="top" bgcolor="#FFFFFF">
<td align="center"><font size="2" face="serif">23.1</font></td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">Consent of Deloitte &amp; Touche LLP</font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="top" bgcolor="#FFFFFF">
  <td align="center">&nbsp;</td>
  <td align="right">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="left">&nbsp;</td>
</tr>
<tr valign="top" bgcolor="#ffffff">
<td align="center"><font size="2" face="serif">23.2</font></td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">Consent of Venable LLP (included in opinion filed as Exhibit&nbsp;5)</font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="top" bgcolor="#FFFFFF">
  <td align="center">&nbsp;</td>
  <td align="right">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="left">&nbsp;</td>
</tr>
<tr valign="top" bgcolor="#FFFFFF">
<td align="center"><font size="2" face="serif">24&nbsp;&nbsp;&nbsp;</font></td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">Power of Attorney (see signature page)</font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="top" bgcolor="#FFFFFF">
  <td align="center">&nbsp;</td>
  <td align="right">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="left">&nbsp;</td>
</tr>
<tr valign="top" bgcolor="#ffffff">
<td align="center"><font size="2" face="serif">99.1</font></td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">Strategic Hotel Capital, Inc. 2004 Incentive Plan</font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="top" bgcolor="#FFFFFF">
  <td align="center">&nbsp;</td>
  <td align="right">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="left">&nbsp;</td>
</tr>
<tr valign="top" bgcolor="#FFFFFF">
<td align="center"><font size="2" face="serif">99.2</font></td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">Strategic Hotel Capital, Inc. Employee Stock Purchase Plan</font></td>
<td align="left">&nbsp;</td>
</tr>
</table>
<p align="center">&nbsp;</p>
<hr noshade align="center" width="100%" size="2">
</body>
</html>
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Prepared and filed by St Ives Burrups
Registration No. 333-
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.  20549
FORM S-8
REGISTRATION STATEMENT
UNDER
THE SECURITIES ACT OF 1933
STRATEGIC HOTEL CAPITAL, INC.
(Exact Name of Registrant as Specified in Its Charter)
Maryland
(State or Other Jurisdiction of Incorporation or Organization)
33-1082757
(I.R.S. Employer Identification No.)
77 West Wacker Drive, Suite 4600
Chicago, Illinois  60601
(Address of Principal Executive Offices, Including Zip Code)
STRATEGIC HOTEL CAPITAL, INC. 2004 INCENTIVE PLAN
STRATEGIC HOTEL CAPITAL, INC. EMPLOYEE STOCK PURCHASE PLAN
(Full Title of the Plans)
Laurence S. Geller
Strategic Hotel Capital, Inc.
President and Chief Executive Officer
77 West Wacker Drive, Suite 4600
Chicago, Illinois  60601
(312) 658-5000
(Name, Address and Telephone Number, including area code, of Agent for Service)
Copy to:
Phillip Gordon
Perkins Coie LLP
131 South Dearborn Street, Suite 1700
Chicago, Illinois  60603-5559
(312) 324-8600
CALCULATION OF REGISTRATION FEE
Title
            of Securities To Be Registered
Amount
            To Be
Registered (1)
Proposed
            Maximum Offering Price Per Share(2)
Proposed
            Maximum Aggregate Offering Price(2)
Amount
            of
Registration Fee
Common
          Stock, par value $0.01 per share, under the 2004 Incentive Plan
3,000,000
$  14.00
$  42,000,000
$  5,321
Common
          Stock, par value $0.01 per share, under the Employee Stock Purchase
          Plan
300,000
$  14.00
$    4,200,000
$      532
(1)
Together with an indeterminate number of additional shares which may be necessary to adjust the number of shares reserved for issuance pursuant to such plans as the result of any future stock split, stock dividend or similar adjustment of the Registrant's outstanding common stock.
(2)
Estimated solely for the purpose of calculating the registration fee under the Securities Act of 1933, as amended.
The calculation of the registration fee is based upon the per share initial public offering price of $14.00.
Back to Contents
PART II
INFORMATION REQUIRED IN REGISTRATION STATEMENT
Item 3.  INCORPORATION OF CERTAIN DOCUMENTS BY REFERENCE
The following document filed by the Registrant with the Securities and Exchange Commission (the "Commission") is hereby incorporated by reference in this Registration Statement:
(a)      The
    prospectus filed pursuant to Rule 424(b) under the Securities Act of 1933,
    as amended (the "Securities Act") on June 24, 2004;
(b)      All other reports filed pursuant to Section 13(c) or 15(d) of the Securities Exchange Act of 1934, as amended (the "Exchange Act"); and
(c)      The description of the Registrant's common stock contained in the Registration Statement on Form 8-A, filed on June 21, 2004, under Section 12(b) of the Exchange Act, including any amendments or reports filed for the purpose of updating such description.
All documents filed by the Registrant pursuant to Sections 13(a), 13(c), 14 and 15(d) of the Exchange Act after the date hereof, and prior to the filing of a post-effective amendment which indicates that the securities offered hereby have been sold or which deregisters the securities covered hereby then remaining unsold, shall also be deemed to be incorporated by reference into this Registration Statement and to be a part hereof commencing on the respective dates on which such documents are filed.
Item 4.  DESCRIPTION OF SECURITIES
Not applicable.
Item 5.  INTERESTS OF NAMED EXPERTS AND COUNSEL
Not applicable.
Item 6.  INDEMNIFICATION OF DIRECTORS AND OFFICERS
Maryland law permits a Maryland corporation to include in its charter a provision limiting the liability of its directors and officers to the corporation and its stockholders for money damages except for liability resulting from (a) actual receipt of an improper benefit or profit in money, property or services or (b) active and deliberate dishonesty which is established by a final judgment and which is material to the cause of action. The Registrant's charter contains such a provision which eliminates directors' and officers' liability to the maximum extent permitted by Maryland law.
The Registrant's charter authorizes the Registrant, to the maximum extent permitted by Maryland law, to obligate the Registrant to indemnify any present or former director or officer or any individual who, while a director or officer of the Registrant and at the request of the Registrant, serves or has served another corporation, real estate investment trust, partnership, joint venture, trust, employee benefit plan or other enterprise as a director, officer, partner or trustee, from and against any claim or liability to which that individual may become subject or which that individual may incur by reason of his or her service as a present or former director or officer of the Registrant and to pay or reimburse
his or her reasonable expenses in advance of final disposition of a proceeding. The Registrant's bylaws obligate the Registrant, to the maximum extent permitted by Maryland law, to indemnify any present or former director or officer or any individual who, while a director or officer of the Registrant and at the request of the Registrant, serves or has served another corporation, real estate investment trust, partnership, joint venture, trust, employee benefit plan or other enterprise as a director, officer, partner or trustee and who is made a party to the proceeding by reason of his service in that capacity from and against any claim or liability to which that individual may become subject or which that individual may incur by reason of his or her service as a present or former
director or officer of the Registrant and to pay or reimburse his or her reasonable expenses in advance of final disposition of a proceeding. The charter and bylaws also permit the Registrant to indemnify and advance expenses to any individual who served a predecessor of the Registrant in any of the capacities described above and any employee or agent of the Registrant or a predecessor of the Registrant.
Maryland law requires a corporation (unless its charter provides otherwise,
which the Registrant's charter does not) to indemnify a director or officer who has been successful in the defense of
any proceeding to which he is made a party by reason of his service in that capacity.  Maryland law permits a corporation
to indemnify its present and former directors and officers, among others, against judgments, penalties, fines, settlements
and reasonable expenses actually incurred by them in connection with any proceeding to which they may be made a party by
reason of their service in those or other capacities unless it is established that (a) the act or omission of the director or officer
was material to the matter giving rise to the proceeding and (i) was committed in bad faith or (ii) was the result of
active and deliberate dishonesty, (b) the director or officer actually received an improper personal benefit in money,
property or services or (c) in the case of any criminal proceeding, the director or officer had reasonable cause to
believe that the act or omission was unlawful.  However, under Maryland law, a Maryland corporation may not indemnify
for an adverse judgment in a suit by or in the right of the corporation or for a judgment of liability on the basis
that personal benefit was improperly received, unless in either case a court orders indemnification and then only for
expenses.  In addition, Maryland law permits a corporation to advance reasonable expenses to a
director or officer upon the corporation's receipt of (a) a written affirmation by the director or officer of his
or her good faith belief that he or she has met the standard of conduct necessary for indemnification by the corporation
and (b) a written undertaking by him or her or on his or her behalf to repay the amount paid or reimbursed by the
corporation if it is ultimately determined that the standard of conduct was not met.
The Registrant also intends to purchase and maintain insurance on behalf
of all of its directors and executive officers against liability asserted against or incurred by them in their official
capacities with the Registrant, whether or not Registrant is required or have the power to indemnify them against the
same liability.
II-1
Item 7.  EXEMPTION FROM REGISTRATION CLAIMED
Not applicable.
Item 8.  EXHIBITS
Exhibit No.
Description
5
Opinion of Venable LLP regarding legality of the common stock being registered
23.1
Consent of Deloitte & Touche LLP
23.2
Consent of Venable LLP (included in opinion filed as Exhibit 5)
24
Power of Attorney (see signature page)
99.1
Strategic Hotel Capital, Inc. 2004 Incentive Plan
99.2
Strategic Hotel Capital, Inc. Employee Stock Purchase Plan
Item 9.  UNDERTAKINGS
A.      The undersigned Registrant hereby undertakes:
(1)      To file, during any period in which offers or sales are being made, a post-effective amendment to this Registration Statement:
(i)      To include any prospectus required by Section 10(a)(3) of the Securities Act;
(ii)      To reflect in the prospectus any facts or events arising after the effective date of this Registration Statement (or the most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in this Registration Statement; and
(iii)      To include any material information with respect to the plan of distribution not previously disclosed in this Registration Statement or any material change to such information in this Registration Statement;
provided, however,
that paragraphs (1)(i) and (1)(ii) above do not apply if the information required to be included in a post-effective amendment by those paragraphs is contained in periodic reports filed with or furnished to the Commission by the Registrant pursuant to Section 13 or Section 15(d) of the Exchange Act that are incorporated by reference in this Registration Statement.
II-2
(2)      That, for the purpose of determining any liability under the Securities Act, each such post-effective amendment shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.
(3)      To remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering.
B.      The undersigned Registrant hereby undertakes that, for purposes of determining any liability under the Securities Act, each filing of the Registrant's annual report pursuant to Section 13(a) or 15(d) of the Exchange Act (and, where applicable, each filing of an employee benefits plan's annual report pursuant to Section 15(d) of the Exchange Act) that is incorporated by reference in this Registration Statement shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.
C.      Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers and controlling persons of the Registrant pursuant to the foregoing provisions, or otherwise, the Registrant has been advised that in the opinion of the Commission such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable.  In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a director, officer or controlling person of the Registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or
controlling person in connection with the securities being registered, the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities Act, and will be governed by the final adjudication of such issue.
II-3
Back to Contents
SIGNATURES
Pursuant
    to the requirements of the Securities Act of 1933, the Registrant certifies
    that it has reasonable grounds to believe that it meets all of the requirements
    for filing on Form S-8 and has duly caused this Registration Statement
    to be signed on its behalf by the undersigned, thereunto duly authorized,
    in the City of Chicago, State of Illinois, on the 24
th
day of June, 2004.
STRATEGIC HOTEL CAPITAL, INC.
By:
/s/ Laurence S. Geller
Laurence S. Geller
President and Chief Executive Officer
POWER OF ATTORNEY
Each individual whose signature appears
    below constitutes and appoints Laurence S. Geller his true and lawful attorney-in-fact
    and agent, with the full power of substitution for him and in his name, place
    and stead, in any and all capacities, to sign any and all amendments (including
    post-effective amendments) to this Registration Statement, and to file the
    same, with all exhibits thereto, and all documents in connection therewith
    with the Securities and Exchange Commission, hereby ratifying and confirming
    all that each of said attorneys-in-fact and agents or any of them, or their
  or his substitute or substitutes, may do or cause to be done by virtue thereof.
Pursuant to the requirements of the Securities Act of 1933, this Registration Statement has been signed by the following persons in the capacities indicated as on the dates indicated.
Signature
Title
Date
/s/ Laurence S. Geller
Laurence S. Geller
President and Chief Executive
Officer
June 24, 2004
/s/ James H. Lyman
James H. Lyman
Executive Vice President and
Chief Financial Officer
June 24, 2004
/s/ Monte J. Huber
Monte J. Huber
Vice President, Controller and
Principal Accounting Officer
June 24, 2004
II-4
Back to Contents
INDEX TO EXHIBITS
Exhibit No.
Description
5
Opinion of Venable LLP regarding legality of the common stock being registered
23.1
Consent of Deloitte & Touche LLP
23.2
Consent of Venable LLP (included in opinion filed as Exhibit 5)
24
Power of Attorney (see signature page)
99.1
Strategic Hotel Capital, Inc. 2004 Incentive Plan
99.2
Strategic Hotel Capital, Inc. Employee Stock Purchase Plan