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<P align="center" style="font-size: 14pt"><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION<BR>
<FONT style="font-size: 12pt">Washington, D.C. 20549
</FONT></B>

<P align="center" style="font-size: 18pt"><B>FORM 8-K</B>

<P align="center" style="font-size: 12pt"><B>CURRENT REPORT<BR>
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934</B>

<P align="center" style="font-size: 10pt"><B>Date of Report (Date of earliest event reported): January 21, 2009</B>

<P align="center">

<P align="center" style="font-size: 24pt"><B>Strategic Hotels &amp; Resorts, Inc.<BR></B>
<FONT style="font-size: 10pt">(Exact name of registrant as specified in its charter)
</FONT>

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    <TD width="32%">&nbsp;</TD>
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    <TD width="32%">&nbsp;</TD>
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    <TD style="border-bottom: 1px solid #000000"><B>Maryland</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000"><B>001-32223</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000"><B>33-1082757</B></TD>
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<TR valign="top">
    <TD>(State or other Jurisdiction of Incorporation)</TD>
    <TD>&nbsp;</TD>
    <TD>(Commission File Number)</TD>
    <TD>&nbsp;</TD>
    <TD>(IRS Employer Identification No.)</TD>
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    <TD style="border-bottom: 1px solid #000000"><B>200 West Madison Street, Suite 1700, Chicago, Illinois<BR></B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000"><B>60606</B></TD>
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<TR valign="top">
    <TD>(Address of Principal Executive Offices)</TD>
    <TD>&nbsp;</TD>
    <TD>(Zip Code)</TD>
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<P align="center" style="font-size: 10pt">Registrant&#146;s telephone number, including area code: <B>(312) 658-5000</B>


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    <TD nowrap style="border-bottom: 1px solid #000000"><B>Not Applicable<BR></B></TD>
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<TR>
    <TD nowrap>(Former name or former address if changed since last report.)</TD>
</TR>
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<P align="left" style="font-size: 10pt">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant
under any of the following provisions:

<P align="left" style="font-size: 10pt">
<FONT face="Wingdings">&#111;</FONT> Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)<BR><BR>
<FONT face="Wingdings">&#111;</FONT> Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)<BR><BR>
<FONT face="Wingdings">&#111;</FONT> Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))<BR><BR>
<FONT face="Wingdings">&#111;</FONT> Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))<BR>


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<P align="justify" style="font-size: 10pt"><B>Item&nbsp;1.01 Entry into a Material Definitive Agreement.</B>


<P align="justify" style="font-size: 10pt; text-indent: 4%">On January&nbsp;21, 2009, SHR St. Francis, L.L.C. (the &#147;St Francis Borrower&#148;), an indirect wholly owned subsidiary of
Strategic Hotel Funding, L.L.C. (&#147;SH Funding&#148;), the operating company of Strategic Hotels &#038; Resorts, Inc. (the
&#147;Company&#148;), entered into an amendment (the &#147;St. Francis Loan Amendment&#148;) to its mortgage loan (the &#147;St. Francis Loan&#148;)
with Metropolitan Life Insurance Company (the &#147;Lender&#148;), in the original principal amount of $220,000,000.00, as
evidenced by a Promissory Note, dated as of July&nbsp;6, 2006, by SHR St. Francis, LLC in favor of Lender (the &#147;St. Francis
Promissory Note&#148;). The St. Francis Loan is secured by, among other things, the Westin St. Francis San Francisco hotel.


<P align="justify" style="font-size: 10pt; text-indent: 4%">Also on January&nbsp;21, 2009, SHC Columbus Drive, LLC (the &#147;Fairmont Borrower&#148;), a wholly owned subsidiary of SH
Funding, entered into an amendment (the &#147;Fairmont Loan Amendment,&#148; and together with the St. Francis Loan Amendment,
the &#147;Amendments&#148;) to its mortgage loan (the &#147;Fairmont Loan&#148;) with the Lender, in the original principal amount of
$123,750,000.00, as evidenced by a Promissory Note, dated as of March&nbsp;9, 2007, made by SHC Columbus Drive, LLC in favor
of Lender (the &#147;Fairmont Promissory Note&#148; and together with the St. Francis Promissory Note, the &#147;Notes&#148;). The
Fairmont Loan is secured by, among other things, the Fairmont Chicago hotel.


<P align="justify" style="font-size: 10pt; text-indent: 4%">Each Amendment, among other things, replaced an existing covenant in the Deed of Trust, Security Agreement and
Fixture Filing, dated as of July&nbsp;6, 2006, by the St. Francis Borrower to the Lender, in the case of the St. Francis
Loan, and the Mortgage, Security Agreement and Fixture Filing, dated as of March&nbsp;9, 2007, by the Fairmont Borrower to
the Lender, in the case of the Fairmont Loan, in each case, requiring the Company to maintain a $1&nbsp;billion market
capitalization with a covenant requiring the Company to maintain a Consolidated Tangible Net Worth (as defined in the
Modification of Promissory Note, Deed of Trust, Security Agreement and Fixture Filing, Assignment of Leases and Other
Loan Documents for the St. Francis Loan Amendment and the Modification of Promissory Note, Mortgage, Security Agreement
and Fixture Filing, Assignment of Leases and Other Loan Documents for the Fairmont Loan Amendment (collectively, the
&#147;Modification Documents&#148;)) of not less than $946,830,750.00 plus seventy-five percent (75%) of the proceeds to the
Company of any new issuances of common Capital Stock, as defined in the Modification Documents.


<P align="justify" style="font-size: 10pt; text-indent: 4%">The foregoing description of the Amendments is qualified in its entirety by reference to the Modification
Documents, which will be attached as exhibits to the Form 10-K which the Company intends to file in March&nbsp;2009.



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<P align="center" style="font-size: 10pt"><B>SIGNATURES</B>



<P align="justify" style="font-size: 10pt; text-indent: 4%">Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to
be signed on its behalf by the undersigned hereunto duly authorized.

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    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">January&nbsp;26, 2009
</DIV></TD>

    <TD align="left" valign="top" colspan="4"><BR>
STRATEGIC HOTELS &#038; RESORTS, INC.<br><br>
</TD>

</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>By:&nbsp;</TD>
    <TD colspan="3" valign="top" align="left"> <B>/</B>s/ Paula C. Maggio</TD>
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    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
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    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Name:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Paula C. Maggio</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Title:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Senior Vice President, Secretary and General Counsel</TD>
</TR>

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{"company-data": {"conformed-name": "STRATEGIC HOTELS & RESORTS, INC", "cik": "0001057436", "assigned-sic": "6798", "irs-number": "331082757", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "001-32223", "film-number": "09545679"}, "business-address": {"street1": "200 WEST MADISON STREET", "street2": "SUITE 1700", "city": "CHICAGO", "state": "IL", "zip": "60606-3415", "phone": "3126585000"}, "mail-address": {"street1": "200 WEST MADISON STREET", "street2": "SUITE 1700", "city": "CHICAGO", "state": "IL", "zip": "60606-3415"}, "former-company": {"former-conformed-name": "STRATEGIC HOTEL CAPITAL INC", "date-changed": "19980310"}}
Filed by Bowne Pure Compliance
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): January 21, 2009
Strategic Hotels & Resorts, Inc.
(Exact name of registrant as specified in its charter)
Maryland
001-32223
33-1082757
(State or other Jurisdiction of Incorporation)
(Commission File Number)
(IRS Employer Identification No.)
200 West Madison Street, Suite 1700, Chicago, Illinois
60606
(Address of Principal Executive Offices)
(Zip Code)
Registrant's telephone number, including area code:
(312) 658-5000
Not Applicable
(Former name or former address if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant
under any of the following provisions:
o
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 1.01 Entry into a Material Definitive Agreement.
On January 21, 2009, SHR St. Francis, L.L.C. (the "St Francis Borrower"), an indirect wholly owned subsidiary of
Strategic Hotel Funding, L.L.C. ("SH Funding"), the operating company of Strategic Hotels & Resorts, Inc. (the
"Company"), entered into an amendment (the "St. Francis Loan Amendment") to its mortgage loan (the "St. Francis Loan")
with Metropolitan Life Insurance Company (the "Lender"), in the original principal amount of $220,000,000.00, as
evidenced by a Promissory Note, dated as of July 6, 2006, by SHR St. Francis, LLC in favor of Lender (the "St. Francis
Promissory Note"). The St. Francis Loan is secured by, among other things, the Westin St. Francis San Francisco hotel.
Also on January 21, 2009, SHC Columbus Drive, LLC (the "Fairmont Borrower"), a wholly owned subsidiary of SH
Funding, entered into an amendment (the "Fairmont Loan Amendment," and together with the St. Francis Loan Amendment,
the "Amendments") to its mortgage loan (the "Fairmont Loan") with the Lender, in the original principal amount of
$123,750,000.00, as evidenced by a Promissory Note, dated as of March 9, 2007, made by SHC Columbus Drive, LLC in favor
of Lender (the "Fairmont Promissory Note" and together with the St. Francis Promissory Note, the "Notes"). The
Fairmont Loan is secured by, among other things, the Fairmont Chicago hotel.
Each Amendment, among other things, replaced an existing covenant in the Deed of Trust, Security Agreement and
Fixture Filing, dated as of July 6, 2006, by the St. Francis Borrower to the Lender, in the case of the St. Francis
Loan, and the Mortgage, Security Agreement and Fixture Filing, dated as of March 9, 2007, by the Fairmont Borrower to
the Lender, in the case of the Fairmont Loan, in each case, requiring the Company to maintain a $1 billion market
capitalization with a covenant requiring the Company to maintain a Consolidated Tangible Net Worth (as defined in the
Modification of Promissory Note, Deed of Trust, Security Agreement and Fixture Filing, Assignment of Leases and Other
Loan Documents for the St. Francis Loan Amendment and the Modification of Promissory Note, Mortgage, Security Agreement
and Fixture Filing, Assignment of Leases and Other Loan Documents for the Fairmont Loan Amendment (collectively, the
"Modification Documents")) of not less than $946,830,750.00 plus seventy-five percent (75%) of the proceeds to the
Company of any new issuances of common Capital Stock, as defined in the Modification Documents.
The foregoing description of the Amendments is qualified in its entirety by reference to the Modification
Documents, which will be attached as exhibits to the Form 10-K which the Company intends to file in March 2009.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to
be signed on its behalf by the undersigned hereunto duly authorized.
January 26, 2009
STRATEGIC HOTELS & RESORTS, INC.
By:
/
s/ Paula C. Maggio
Name:
Paula C. Maggio
Title:
Senior Vice President, Secretary and General Counsel