Interstate Hotels & Resorts Completes Sale of Residence Inn Pittsburgh
2005年9月7日 - 9:46PM
ビジネスワイヤ(英語)
Interstate Hotels & Resorts (NYSE: IHR), the nation's largest
independent hotel management company, today announced that it had
completed the previously announced sale of the Residence Inn
Pittsburgh to Apple Six Hospitality Ownership, Inc. for $11
million. O'Connell Hospitality Group LLC acted as broker on the
transaction. The company used approximately $2.9 million of the net
sale proceeds to pay down its senior term loan. The remainder of
the proceeds will be used for working capital, as well as to fund
the company's future growth strategies, including third-party
management contracts and hotel acquisitions. "One of our key growth
strategies is to expand our ownership of hotels to further
diversify our core management earnings stream," said Thomas F.
Hewitt, chief executive officer. "We currently own one hotel and
have ownership interests in 16 others. We will continue to seek
acquisition opportunities, either in joint ventures or for our own
account." Interstate Hotels & Resorts operates more than 300
hospitality properties with nearly 69,000 rooms in 41 states, the
District of Columbia, Canada, and Russia. BridgeStreet Worldwide,
an Interstate Hotels & Resorts' subsidiary, is one of the
world's largest corporate housing providers. BridgeStreet and its
network of Global Partners offer more than 8,700 corporate
apartments located in 91 MSAs throughout the United States and
internationally. For more information about Interstate Hotels &
Resorts, visit the company's Web site: www.ihrco.com. This press
release contains "forward-looking statements," within the meaning
of the Private Securities Litigation Reform Act of 1995, about
Interstate Hotels & Resorts, including those statements
regarding future operating results and the timing and composition
of revenues, among others, and statements containing words such as
"expects," "believes" or "will," which indicate that those
statements are forward-looking. Except for historical information,
the matters discussed in this press release are forward-looking
statements that are subject to certain risks and uncertainties that
could cause the actual results to differ materially, including the
volatility of the national economy, economic conditions generally
and the hotel and real estate markets specifically, the aftermath
of the war with Iraq, international and geopolitical difficulties
or health concerns, governmental actions, legislative and
regulatory changes, availability of debt and equity capital,
interest rates, competition, weather conditions or natural
disasters, supply and demand for lodging facilities in our current
and proposed market areas, and the company's ability to manage
integration and growth. Additional risks are discussed in
Interstate Hotels & Resorts' filings with the Securities and
Exchange Commission, including Interstate Hotels & Resorts'
annual report on Form 10-K as amended for the year ended December
31, 2004.
Interstate Hotels (NYSE:IHR)
過去 株価チャート
から 6 2024 まで 7 2024
Interstate Hotels (NYSE:IHR)
過去 株価チャート
から 7 2023 まで 7 2024
Real-Time news about Interstate Hotels & Resorts, (ニューヨーク証券取引所): 0 recent articles
その他のInterstate Hotels & Resortsニュース記事