Interstate Hotels & Resorts and the John Buck Company Form Joint Venture to Build Five to 10 aloft Hotels
2007年1月16日 - 10:58PM
PRニュース・ワイアー (英語)
First Two Sites Under Contract in Rancho Cucamonga, Calif., and
Nashville Suburb ARLINGTON, Va. and CHICAGO, Jan. 16
/PRNewswire-FirstCall/ -- Interstate Hotels & Resorts
(NYSE:IHR), one of the nation's largest independent hotel
management companies, today announced that it has formed a joint
venture with The John Buck Company (TJBC) to build as many as five
to 10 aloft hotels over the next several years. Carrying the DNA of
W Hotels, aloft is the new, premium, select-service hotel brand
introduced by Starwood Hotels & Resorts Worldwide, Inc. TJBC
will be responsible for site selection, construction and
development management, and Interstate will operate the hotels.
Both companies also will be equity participants in the hotels. The
joint venture has signed long-term franchise agreements for the
first two properties. It has acquired a site in California and
expects to close on the acquisition of a site in suburban Nashville
this spring. The joint venture expects to commence construction on
both properties in 2007: * Rancho Cucamonga, Calif. -- The 136-room
aloft Rancho Cucamonga, near Ontario, Calif., will be part of a $60
million master-planned, mixed-use development currently under
construction near Ontario Airport, called HavenPark. When
completed, HavenPark will feature 150,000 square feet of Class A
office space, 22,000 square feet of retail space, a free- standing,
full-service restaurant and the aloft hotel. Construction of the
hotel is expected to begin in the 2007 first quarter, with an
opening scheduled for early 2008. * Cool Springs, Tenn. -- A suburb
in the southern section of Nashville, the area is a fast-growing
market that includes office, retail, high- and upper-income
residential, hotels and restaurants. Cool Springs was selected as
the site of the new North American headquarters for Nissan, which
will add 450,000 square feet to the existing 2.7 million square
feet of office space there. The area also offers 4.3 million square
feet of retail space, including the 1.1 million square-foot Cool
Springs Galleria Mall, located approximately three blocks from the
site of the new 143-room aloft Cool Springs. The hotel will be
adjacent to D-1 sports training, an amateur and professional sport
training facility. Construction is expected to begin in late spring
2007, with an opening scheduled for late spring 2008. "We have
identified, and are in negotiations on, a number of other
attractive sites," said Paul Novak, TJBC's managing director,
hospitality division, who will oversee development of the two
hotels and all subsequent hotels, including sourcing appropriate
levels of equity and debt financing. "With the development of aloft
hotels, our team will be able to better meet the growing demands of
travelers with a much anticipated, moderately-priced offering. The
aloft brand is carefully targeted to a new generation of guests who
are technologically savvy, economically minded and seek a lodging
experience, rather than just a room. aloft has taken the success of
the W Hotels experience and adapted it to a new segment and new
generation of travelers." "This is an excellent growth vehicle for
us," said Interstate's chief executive officer, Thomas F. Hewitt.
"While managing hotels will remain our core business, we intend to
expand our ownership of hotels as a growth strategy, primarily
through joint ventures like these. TJBC is a well- regarded
developer with some 25 years experience in office, residential and
hotel development. We have extensive experience operating more than
30 hotel brands and believe aloft will be well received in the
marketplace." According to preliminary plans, the joint venture
will build the standard 136-room aloft hotel prototype, but may
increase the size to as many as 300 rooms in major urban locations.
"We have a rich hotel development history and seek to join with
operators who have a proven track record, like Interstate," said
John A. Buck, TJBC chairman and chief executive officer. "We
believe this joint venture creates a strong team to develop an
outstanding new product." "Our increased focus on joint venture
development enables us to expand our strategy of further
diversifying our earnings base," said Leslie Ng, Interstate's chief
investment officer. "We expect to benefit from the management fees
and from the ownership and appreciation of the real estate." As a
vision of W Hotels, a hallmark of the aloft concept is the urban-
inspired, loft-style guest lofts. The bright, airy environments
feature generous nine-foot ceilings and oversized windows, as well
as a signature, ultra-comfortable bed. A combination high-tech
office and entertainment center, each guest loft features plug
& play, aloft's signature one-stop connectivity solution for
multiple electronic gadgets such as Blackberries, cellphones, MP3
players and laptops -- all linked to a large flat panel television
for optimal sound and viewing. Large stylish bathrooms offer
oversized walk-in showers and amenities created by bliss spa(R).
With closets located in the bed furniture system, the overall room
design gives a feeling of spaciousness in a highly efficient
design. About The John Buck Company Founded in 1981, The John Buck
Company offers comprehensive real estate services in the areas of
development, finance, investment brokerage, project leasing, tenant
representation, marketing and management, as well as construction
for commercial, mixed-use and residential properties. The
employee-owned firm is headquartered in Chicago. For additional
information on The John Buck Company, please visit the company's
website at http://www.tjbc.com/. About Interstate Hotels &
Resorts 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 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/ http://www.tjbc.com/
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