Interstate Hotels & Resorts Acquires Hilton Hotel in Arlington, Texas
2006年10月19日 - 10:58PM
PRニュース・ワイアー (英語)
Accelerates Existing Blackstone Termination Fees ARLINGTON, Va.,
Oct. 19 /PRNewswire-FirstCall/ -- Interstate Hotels & Resorts
(NYSE:IHR), the nation's largest independent hotel management
company, today announced that it has acquired the 308-room Hilton
hotel in Arlington, Texas from Alcor Holdings, LLC, an affiliate of
The Blackstone Group (Blackstone) for $36.3 million, or $118,000
per key. It is the company's fourth wholly owned hotel acquisition
since early 2005. Following completion of the acquisition,
Interstate plans to invest $2.3 million of renovation capital over
the next one to two years at the property, which will include the
refurbishment of two-and-a-half guestroom floors not completed
during a recent renovation program by prior ownership. In
conjunction with the acquisition, Interstate closed on a $24.7
million, non-recourse mortgage loan with UBS Real Estate
Securities, Inc. The variable rate loan has an interest rate of
LIBOR plus 135 basis points and has an initial term of three years,
with two, one-year extensions. In connection with Interstate's
acquisition of this hotel, Blackstone agreed to accelerate, on a
present value basis, the remaining $14.5 million payment of
termination fees for hotels where Blackstone terminated its
management agreement with Interstate on or before October 1, 2006.
These termination fees will be recorded in the third quarter of
2006. Of the total $14.5 million, $1.8 million had been included in
the company's previously issued guidance for full-year 2006 and was
projected to be recorded in the fourth quarter. The remaining $12.7
million was projected to be recorded in 2007 and beyond. Interstate
continues to manage 39 hotels for Blackstone. "This is a very
unique transaction that allows us to acquire a great property that
we currently manage at a very competitive price, using management
termination fees as currency," said Thomas Hewitt, chief executive
officer of Interstate Hotels & Resorts. "The property is a
high-quality, full-service hotel in very good physical condition in
a high-growth area of Dallas with minimal new supply anticipated
for at least the next three years. The hotel has experienced
double-digit RevPAR growth over the last two years. Although it
will be difficult to continue that trend, we do expect solid RevPAR
growth to continue, especially considering the new local demand
generators being developed, including the new Dallas Cowboys
stadium and Arlington convention center, and the growing number of
corporate offices in the area." According to Leslie Ng,
Interstate's chief investment officer, the previous owners had
invested $5 million in upgrades, including the renovation of the
lobby area and majority of the guest rooms. "With the additional
investment of $2.3 million, which will complete the refurbishment
of the remaining guest rooms, and our continued focus on
controlling operating costs, we fully expect the Hilton Arlington
to reach its full potential and assume the leadership position in
this fast-growing market." Located at 2401 East Lamar Boulevard,
the Hilton Arlington is centrally located between Dallas and Ft.
Worth, convenient to DFW International Airport, as well as such
popular area attractions as Texas Rangers stadium, Six Flags Over
Texas, Hurricane Harbor waterpark and Lone Star Park thoroughbred
racetrack. Guest rooms feature Hilton's signature Suite Dreams
luxury bedding package. Among the hotel amenities are a
full-service restaurant, an outdoor pool, sauna and Jacuzzi, health
club, and business center, as well as 11,000 square feet of meeting
space that can accommodate groups of up to 600. "Acquisitions
remain an integral part of our strategy to diversify our revenue
base and maximize our shareholder returns," Hewitt said. "We
continue to seek sliver equity opportunities and joint venture
partnerships, in addition to wholly owned assets." As of September
30, Interstate Hotels & Resorts operated 232 hospitality
properties with more than 52,000 rooms in 40 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 10,000 corporate apartments
located in more than 100 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, although not all forward- looking
statements will contain such words. 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,
changes in business and leisure travel patterns or levels, fuel
cost, economic conditions generally and the hotel and real estate
markets specifically, international and geopolitical instability,
health concerns, threatened or actual terrorist attacks,
governmental actions, legislative and regulatory changes,
availability of debt and equity capital, interest rates,
competition, weather conditions or natural disasters, changes in
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, 2005.
Contact: Carrie McIntyre SVP, Treasurer (703) 387-3320 DATASOURCE:
Interstate Hotels & Resorts CONTACT: Carrie McIntyre, SVP,
Treasurer of Interstate Hotels & Resorts, +1-703-387-3320 Web
site: http://www.ihrco.com/
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