CapStar Hotel Company Acquires First Two Hotels
2007年1月19日 - 4:52AM
PRニュース・ワイアー (英語)
Properties Located in Downtown, Suburban Boston WASHINGTON, Jan. 18
/PRNewswire/ -- CapStar Hotel Company LLC, a recently formed hotel
investment company, today announced that through affiliates it has
acquired its first two hotels, both located in the Boston market.
The 143-room Copley Square Hotel in Boston's fashionable Back Bay
district was acquired from the Saunders Hotel Group for an
undisclosed amount. The 148- room Hilton Garden Inn, Waltham, was
purchased for an undisclosed amount from an affiliate of Bay North
Capital. Both hotels will be managed by Interstate Hotels &
Resorts (NYSE:IHR), one of the nation's largest independent hotel
management companies. "Both of these assets have excellent upside
potential in a market with high barriers to new competition and
where demand continues to comfortably outpace new supply," said
Paul Whetsell, president of CapStar. "We will make a substantial
investment in the Copley Square hotel to bring it up to a four-
star competitive level. Our plan is to keep the hotel as an
independent and begin the renovation within the next several
months. Construction will be done in phases to be minimally
disruptive to guests. The hotel is surrounded by multiple business
and leisure travel demand generators and when repositioned will be
highly competitive." The Hilton Garden Inn Waltham completed a
major renovation approximately a year ago and converted to the
Hilton Garden Inn flag. "Waltham is arguably the top suburban
commercial lodging market in the Boston area. The property, located
just off of Route 128, is still in the ramp-up stage following its
recent repositioning. "Finding quality deals like these with
substantial growth potential has been a challenge in today's hotel
real estate market," Whetsell noted. "We continue to stay focused,
however, on our stated acquisition strategy of targeting
independent and select-service branded hotels in major urban
markets." CapStar Hotel Company is a hotel investment firm
headquartered in Arlington, Va. The company was founded in 2006 by
Paul Whetsell, president and principal, who has more than 30 years
of hospitality acquisition and operations expertise. Prior to
forming CapStar, he was chairman and CEO of MeriStar Hospitality
Corporation, one of the nation's largest hotel real estate
investment trusts. Contact: Jerry Daly or Chris Daly (703) 435-6293
DATASOURCE: CapStar Hotel Company LLC CONTACT: Jerry Daly or Chris
Daly, +1-703-435-6293, both for CapStar Hotel Company LLC
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