Interstate Hotels & Resorts Acquires JV Interest in Radisson Hotel Cross Keys in Baltimore
2007年3月29日 - 10:58PM
PRニュース・ワイアー (英語)
ARLINGTON, Va., March 29 /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 an affiliate of Maryland-based Meisel
Capital Partners to purchase the 147-room Radisson Hotel Cross Keys
in Baltimore, Md. for $17.0 million from affiliates of The
Blackstone Group. Interstate, which has operated the property since
1998, acquired a 15 percent minority equity interest for
approximately $0.75 million, which includes its share of a planned
$1.5 million upgrade and renovation to the hotel. Concurrent with
the closing, Interstate executed a long-term agreement to manage
the property. "This is a high-quality, well-established property
with an excellent location in a close-in, upscale Baltimore
suburb," said Thomas F. Hewitt, chief executive officer. "With this
transaction, we continue to execute our strategy of diversifying
our earnings base beyond management fees to include real estate
ownership, through joint ventures and wholly owned acquisitions.
"This transaction also presented us with an opportunity to
re-establish a management and investment relationship with Meisel
Capital Partners, a long-time client/partner of Interstate for whom
we have managed a number of assets, including the Reach and Casa
Marina Resorts in Key West, Fla." "We're delighted to partner with
Interstate in this venture," said Joel Meisel, principal of Meisel
Capital Partners. "We have worked with them in the past and have
the utmost confidence in their ability to maximize this hotel's
returns and help it further its leadership position in this market.
They bring to the table a proven management track record, the many
advantages of their size, and significant project management and
repositioning experience." "This project has substantial upside
potential, and we see a number of opportunities to enhance asset
value," said Leslie Ng, Interstate's chief investment officer. "We
believe the hotel will benefit from reconcepting and upgrading the
food & beverage operation, to take advantage of its location
amid substantial retail and office space. Furthermore, our research
anticipates minimal new supply in the market for the next three
years, and this is the only full-service hotel within a five-mile
radius. We will continue to selectively seek other acquisition
opportunities that make economic sense and are consistent with our
portfolio profile." Located at 5100 Falls Road approximately six
miles from downtown Baltimore, just off Interstate 83, between
Baltimore's Inner Harbor and I-695 (the Baltimore Beltway), the
hotel is part of the Village of Cross Keys, a mixed-used
development featuring an upscale collection of boutique retail
shops and specialty stores, as well as office space, in a
well-landscaped outdoor setting. It is convenient to shopping,
entertainment and all the major attractions of downtown Baltimore
and Baltimore County, as well as to such major area medical
facilities as the Johns Hopkins Medical Complex and Sinai Hospital,
which are significant demand generators for the hotel. Also nearby
are Johns Hopkins University, Morgan State University and Loyola
College. Hotel amenities include 7,000 square feet of flexible
meeting space suitable for groups of up to 200, a fitness facility
and outdoor pool/spa, and a full-service restaurant and lounge. As
of February 28, 2007 Interstate Hotels & Resorts operated 204
hospitality properties with more than 46,000 rooms in 36 states,
the District of Columbia, Canada, and Russia. In addition,
Interstate Hotels & Resorts has contracts to manage 16
hospitality properties with more than 4,400 rooms currently under
development. 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, 2006. Contact: Jerry Daly,
Carol McCune Carrie McIntyre Daly Gray Public Relations SVP,
Treasurer (703) 435-6293 (703) 387-3320 DATASOURCE: Interstate
Hotels & Resorts CONTACT: Jerry Daly or Carol McCune,
+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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