BridgeStreet Worldwide Acquires Twelve Oaks Corporate Housing in Chicago
2006年2月23日 - 10:58PM
PRニュース・ワイアー (英語)
BridgeStreet Becomes One of the Windy City's Largest Furnished
Apartment Providers ARLINGTON, Va., Feb. 23 /PRNewswire-FirstCall/
-- BridgeStreet Worldwide, a leading international provider of
corporate housing to business and leisure travelers and a
subsidiary of Interstate Hotels & Resorts (NYSE:IHR), today
announced that the company has acquired Chicago-based Twelve Oaks
Corporate Housing for an undisclosed amount. The acquisition
includes the assumption of all leases related to Twelve Oaks' 14
furnished apartment complexes in and around the Chicagoland area,
as well as the purchase of all of Twelve Oaks' furniture and
equipment. The transaction adds approximately 300 furnished
apartment units to BridgeStreet's local inventory, nearly doubling
the company's presence in the Chicago market. "Twelve Oaks is a
pioneer in corporate housing in Chicago, providing outstanding
product and service quality, and we plan to build on its well-
deserved reputation," said Lee Curtis, president of BridgeStreet
Worldwide. "Combined with our global marketing and proprietary
operating systems, we foresee a number of synergies through this
acquisition. "First of all, this transaction allows us to expand
and diversify our portfolio in this key market, which is an
important business and leisure destination for us. Ensuring that
our clients have options throughout downtown and the surrounding
suburbs is important. The addition of the 14 Twelve Oaks locations
makes it easier for our global accounts/clients to find exactly the
area they are seeking for long-term accommodations. Additional
floor plans and features mean greater choice in accommodations. We
believe that adding Twelve Oaks to our inventory significantly
enhances our product. "Acquisitions represent an additional growth
avenue for BridgeStreet, one which we intend to pursue selectively
and opportunistically to ensure the consistent delivery of high
product and service quality levels for which BridgeStreet is
known," he added. "Our ultimate objective is to continue expanding
our location options for our clients through our own product and
through our Global Partners program." "BridgeStreet and Twelve Oaks
are an outstanding match," remarked Kevin Killoren, regional
manager for BridgeStreet. "We look forward to combining the
talented staff of Twelve Oaks and our four-time CAMME award-winning
team into a single corporate housing powerhouse." Twelve Oaks staff
will transfer over to BridgeStreet; Michael Sparks, Twelve Oaks'
president, will leave the organization to pursue other interests.
BridgeStreet Worldwide is one of the world's largest corporate
housing and serviced apartment providers. BridgeStreet and its
network of Global Partners offer corporate apartments located in
over 90 MSAs throughout the United States and internationally.
BridgeStreet properties meet uncompromising standards of quality,
comfort and service. For more information about the company and to
learn more about how BridgeStreet Is Making Corporate Housing Easy,
visit http://www.bridgestreet.com/ or call 1-800-BSTREET. This
press release contains "forward-looking statements," within the
meaning of the Private Securities Litigation Reform Act of 1995,
about BridgeStreet, a wholly owned subsidiary of 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 changes in the
national economy, economic conditions generally and the real estate
market specifically, the threat of future terrorist attacks,
governmental actions, legislative and regulatory changes,
availability of debt and equity capital, interest rates,
competition, 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 for the year ended December 31, 2004.
CONTACT: Melissa Thompson, Vice President, Corporate Communications
of Interstate Hotels & Resorts, +1-703-387-3377; or Jerry Daly
or Carol McCune, both of Daly Gray Public Relations,
+1-703-435-6293, both for Interstate Hotels & Resorts. First
Call Analyst: FCMN Contact: julie@dalygray.com DATASOURCE:
Interstate Hotels & Resorts CONTACT: Melissa Thompson, Vice
President, Corporate Communications of Interstate Hotels &
Resorts, +1-703-387-3377; or Jerry Daly or Carol McCune, both of
Daly Gray Public Relations, +1-703-435-6293, both for Interstate
Hotels & Resorts Web site: http://www.bridgestreet.com/
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