Interstate Hotels & Resorts Acquires JV Interest in Doral Tesoro Hotel & Golf Club
2006年6月16日 - 10:55PM
PRニュース・ワイアー (英語)
ARLINGTON, Va., June 16 /PRNewswire-FirstCall/ -- Interstate Hotels
& Resorts (NYSE:IHR), the nation's largest independent hotel
management company, today announced that it has acquired for $2
million, a 21 percent equity interest in the 286-room Doral Tesoro
Hotel & Golf Club near Dallas/Ft. Worth. Interstate has managed
the property since late 2002. "This is a high quality, full-service
hotel with significant meeting space, food & beverage
operations and a highly rated championship golf course," said
Thomas F. Hewitt, Interstate's chief executive officer. "It fits
well with our strategy of co-investing with select owners. When the
new owners acquired the property in August last year, we began
negotiating a plan under which Interstate would become a joint
venture partner. "We already have first-hand knowledge of the
property and the market, and believe both have substantial upside
potential," he noted. "Lodging demand is beginning to gain traction
in Dallas-Ft. Worth, and minimal new supply is expected for the
next few years. The property and golf course were renovated within
the past two years, and the resort is in excellent physical
condition. The joint venture plans to invest just in excess of $1
million to further upgrade the property." Located at 3300
Championship Parkway in Ft. Worth, the resort is situated in
Beechwood Business Park, a 902-acre master-planned, mixed-use
community with convenient access to Interstate 35 and Highway 114,
20 miles north of Ft. Worth and 20 minutes from Dallas-Ft. Worth
International Airport. The property also is adjacent to the Texas
Motor Speedway, the second largest sporting venue in the United
States and home to major sporting events, including several annual
NASCAR races and a host of special concert events. In addition to
the Jay Morrish re-designed golf course, the property features a
full range of luxury amenities, a fitness facility, two
restaurants, a lounge, 24-hour room service, an exterior pool area
and sun deck and the latest in audio-visual technology, Internet
access and technical support. The property also houses
approximately 20,000 square feet of sophisticated meeting and event
space, including 14 rooms with a full range of conference
facilities that can accommodate groups ranging in size up to 750
people. "With this transaction, we continue to execute on our
strategy of diversifying our earnings stream from third-party
management contracts to include more real estate ownership, both in
joint ventures and wholly owned," Hewitt added. "We also create a
stable, long-term management contract. We will continue to look
selectively for opportunities to increase our hotel real estate
holdings, through partnerships and sliver investments as well as
outright ownership." As of May 31, Interstate Hotels & Resorts
operated 264 hospitality properties with nearly 60,000 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 9,800 corporate
apartments located in more than 95 MSAs throughout the United
States and internationally. For more information about Interstate
Hotels & Resorts, visit the company's Web site:
http://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, 2005. CONTACT: Jerry Daly,
, or Carol McCune, both of Daly Gray Public Relations,
+1-703-435-6293, for Interstate Hotels & Resorts. DATASOURCE:
Interstate Hotels & Resorts CONTACT: Jerry Daly, , or Carol
McCune, both of Daly Gray Public Relations, +1-703-435-6293, for
Interstate Hotels & Resorts Web site: http://www.ihrco.com/
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