Interstate Hotels & Resorts Acquires Equity Interest in Boise Courtyard by Marriott
2006年12月12日 - 11:00PM
PRニュース・ワイアー (英語)
ARLINGTON, Va., Dec. 12 /PRNewswire-FirstCall/ -- Interstate Hotels
& Resorts (NYSE:IHR), one of the nation's largest independent
hotel management companies, today announced that it has acquired a
15.7 percent joint venture interest in the Courtyard by Marriott in
Boise, Idaho, for $1.1 million. Cameron S-Sixteen Hospitality LLC
is the majority owner of the hotel. Interstate will continue to
manage the 162-room property, which it has operated since 1996.
"This acquisition expands our relationship with a proven local
owner, with whom we collaborated successfully in June on the
purchase, renovation and upgrade to the luxury segment of the Boise
Statehouse Inn, which will be renamed Hotel 43," said Thomas F.
Hewitt, chief executive officer. "We were able to acquire this high
quality, select-service property at a very attractive price below
replacement cost, and we believe it has considerable long-term
potential, given the current outlook for growth in the greater
Boise area. The Courtyard Boise is an award-winning hotel, well
established in the community, and is very active in local
charities. We believe in building strong community relationships
because it creates a win-win situation for our hotels and the
communities in which they operate." Hewitt noted that the
partnership had refinanced the existing mortgage to take advantage
of lower available interest rates. "In addition to achieving
significant savings in our interest expense, the greater borrowing
capacity of the new mortgage allowed for a reduction in the equity
required to close and allowed the partnership to collect additional
loan proceeds that we intend to use to renovate the hotel over the
next few years." Located at 222 S. Broadway Ave., the AAA
three-diamond rated Courtyard by Marriott is centrally located five
miles from the Boise Airport, a half-mile from Boise State
University and one mile from the Idaho State Capitol Building.
Hotel amenities include the Courtyard Cafe, swimming pool,
whirlpool, exercise room and laundry room. All rooms feature
high-speed Internet access, cable TV, work desks, two-line phones,
voicemail and dataports. The hotel has two meeting rooms, with a
total of 1,300 square feet of meeting space. "We have been
impressed with Interstate's management skills at our properties and
look forward to expanding our JV relationship," said Rick Clark,
principal of Cameron Investments. "Their size and in-depth
management support have helped our properties to become market
leaders." "This is the 12th hotel real estate asset we have
invested in during 2006 and represents a continuation of our
long-term strategy to further diversify our earnings base," said
Leslie Ng, chief investment officer. "Our pipeline remains quite
active, and we continue to aggressively seek JV partnerships and
wholly owned properties, as well as development opportunities."
Cameron S-Sixteen Hospitality LLC, is a joint venture between
Boise-based Cameron Investments, a real estate holding, development
and private equity placement company, and S-Sixteen Limited
Partnership. As of November 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
approximately 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. 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: Carrie
McIntyre SVP, Treasurer (703) 387-3320 DATASOURCE: Interstate
Hotels & Resorts CONTACT: Carrie McIntyre, SVP, Treasurer for
Interstate Hotels & Resorts, +1-703-387-3320 Web site:
http://www.ihrco.com/
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