Interstate Hotels & Resorts to Acquire Hilton Houston Westchase in Texas
2007年1月10日 - 10:58PM
PRニュース・ワイアー (英語)
ARLINGTON, Va., Jan. 10 /PRNewswire-FirstCall/ -- Interstate Hotels
& Resorts (NYSE:IHR), one of the nation's largest independent
hotel management companies, today announced that it has signed a
definitive agreement to acquire the 297-room Hilton Houston
Westchase hotel in Texas for $50.5 million, or $170,000 per key,
from affiliates of The Blackstone Group. Interstate intends to
finance the acquisition with approximately $33 million of
non-recourse mortgage debt and the remainder with a combination of
cash on hand and borrowings on its senior credit facility. The
transaction is expected to close in the first quarter, becoming the
company's fifth wholly owned property. Subsequent to closing, the
company will invest approximately $2 million to $3 million in
capital improvements, which will complete a comprehensive $11
million renovation program, already in progress. "This hotel is in
fine physical condition and will be even more competitive following
completion of the renovation program," said Thomas F. Hewitt, chief
executive officer. "The hotel is in a premium location in the
center of West Houston's booming commercial corridor, has great
visibility and access, and is proximate to such major corporations
as Chevron, Texaco, Shell Oil, Dow Chemical and BMC Software."
Located at 9999 Westheimer Road off the Beltway between Interstate
10 and Westpark Tollway, the property is convenient to Houston's
Minute Maid Park, Reliant Stadium, Westside Tennis Club, The Toyota
Center, The Galleria and Sam Houston Racepark. The property is
easily accessible from both major airports and all major Texas
interstates in the Houston area. Hotel amenities include 13,000
square feet of flexible meeting space suitable for groups of up to
800, a state-of-the-art fitness room and outdoor pool/spa, an
executive level, and a full-service restaurant and lounge. Guest
rooms feature Hilton's Suite Dreams(R) luxury bedding package,
voice mail, two line telephones, and web-TV. "The Hilton Westchase
is a market leader in its competitive set, and as one of the only
full-service hotels in the area, enjoys substantial penetration
premiums in occupancy and average rate," said Leslie Ng, chief
investment officer. "This will be our fifth wholly owned property
and continues our long-term strategy to further diversify our
earnings base. Our pipeline remains quite active, and we continue
to aggressively seek JV- investment partnerships and other wholly
owned properties." As of December 31, Interstate Hotels &
Resorts operated 223 hospitality properties with more than 50,000
rooms in 39 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 war in 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 Daly Gray Public Relations 703-435-6293 Carrie
McIntyre SVP, Treasurer 703-387-3320 DATASOURCE: Interstate Hotels
& Resorts CONTACT: Jerry Daly or Carol McCune of Daly Gray
Public Relations, +1-703-435-6293, both for Interstate Hotels &
Resorts; or Carrie McIntyre, SVP, Treasurer of Interstate Hotels
& Resorts, +1-703-387-3320 Web site: http://www.ihrco.com/
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