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In a 13D filing on Strategic Hotels & Resorts, Inc. (NYSE: BEE), Bill Gates' Cascade Investment disclosed a 5.63% stake (4,190,000 shares) in the company and changed their filing status from 13G (passive) to 13D (active). The firm changed their status due to recent market declines and will may now engance in discussions with the board of directors and management concerning the business and strategic direction.

Gates' Cascade Investment showed a 5.23% stake (3,890,000 shares) in the August 13G filing.

From the Filing:"As a result of recent declines in the market value of the Issuer’s Common Stock, the Reporting Persons expect to consider and evaluate on an ongoing basis all of their alternatives with respect to their investment in, and intentions with respect to, the Issuer. The Reporting Persons may engage in discussions with the Issuer’s board of directors and management concerning the business and strategic direction of the Issuer. The Reporting Persons also may engage in discussions with other shareholders of the Issuer to discuss matters of mutual interest, which may include discussions regarding the strategic direction of the Issuer and opportunities to enhance shareholder value."