Interstate Hotels & Resorts Acquires Equity Interest in The Statehouse Inn in Boise
2006年6月22日 - 11:28PM
PRニュース・ワイアー (英語)
ARLINGTON, Va., June 22 /PRNewswire-FirstCall/ -- Interstate Hotels
& Resorts (NYSE:IHR), the nation's largest independent hotel
management company, today announced that it has acquired for
$500,000, a 10.9 percent equity interest in The Statehouse Inn in
downtown Boise, Idaho. Interstate purchased its ownership interest
from Cameron S-Sixteen Hospitality LLC, a joint venture between
Boise-based Cameron Investments, a real estate holding, development
and private equity placement company, and S-Sixteen Limited
Partnership. Interstate has managed the 112-room property since
March 1. "We have a long-term relationship with S-Sixteen, for whom
we manage one other hotel in Boise," said Thomas F. Hewitt, chief
executive officer. "Our acquisition of an equity interest is part
of our previously announced strategy to diversify our earnings base
through hotel ownership, either wholly owned, in joint ventures or
as a sliver investment. It also reflects our confidence in our
joint venture partners and the long-term potential of this
property. "This is a well-located hotel with a great reputation, in
a strong, secondary market, with easy access to the convention
center, the state capital, and the city's key demand generators,"
he added. "An extensive, $3 million renovation is planned that will
reposition the hotel and restaurant as an urban boutique
hospitality property. Downtown Boise has been undergoing a
renaissance, and this renovation will allow us to take full
advantage of the increased activity." Rick Clark, principal of
Cameron Investments, noted that The Statehouse Inn is an attractive
addition to Cameron's real estate holdings, now valued in excess of
$100 million. "This is Cameron's first entry in the hospitality
market and the joint venture's third acquisition in the Treasure
Valley. With Interstate as manager, we gain a number of advantages,
including their size and attendant economies of scale and operating
synergies, as well their previous management experience in the
Boise market." Located at 981 Grove St., in downtown Boise and
featuring panoramic views of the city and the Boise Valley, the
hotel is conveniently located near Boise's major attractions,
including the convention center, the capitol building and BoDo,
downtown Boise's new entertainment district. The former Eighth
Street Marketplace includes a nine-screen movie theater,
restaurants, a hotel, offices and retail stores. Located in the
heart of the cultural district south of Front Street, this private
development also includes warehouses converted into shops, offices,
performance spaces and restaurants. 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,
Carol McCune (media) Daly Gray Public Relations (703) 435-6293
DATASOURCE: Interstate Hotels & Resorts CONTACT: Jerry Daly or
Carol McCune of Daly Gray Public Relations, +1-703-435-6293, , both
for Interstate Hotels & Resorts Web site: http://www.ihrco.com/
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