Interstate Hotels & Resorts to Acquire Westin Atlanta Airport Hotel
2007年5月7日 - 10:58PM
PRニュース・ワイアー (英語)
Property is Company's Sixth Wholly-Owned Property ARLINGTON, Va.,
May 7 /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 495-room Westin Atlanta Airport
in Georgia for $74 million, or $149,500 per key, from affiliates of
The Blackstone Group. It is the company's largest single asset
acquisition and its sixth wholly-owned property. Interstate plans
to spend an additional $18 million for major renovations of the
guest rooms and common areas. The company will finance the
transaction with cash on hand and with funds drawn on its line of
credit. Closing is expected to occur later in the second quarter.
"This is a well-maintained, high-profile, airport property in one
of the largest and most economically important cities in the
southeastern U.S.," said Thomas F. Hewitt, Interstate chief
executive officer. "We have operated this hotel for nine years and
are confident that the transition will be seamless. At less than
$150,000 per key, it is priced well below replacement cost and
represents a very attractive opportunity with compelling economics
and the potential to generate significant long-term shareholder
returns. With the planned infusion of $18 million to upgrade the
guest rooms and all common areas, we expect this upscale hotel to
reach its full potential and assume a larger leadership role in
this market." "This is our first Westin acquisition and further
solidifies our already strong relationship with Starwood," said
Leslie Ng, chief investment officer. "The purchase represents a
continuation of our successful strategy to diversify our revenue
base beyond management fee income with wholly-owned and joint
venture real estate investments. We continue to seek other well-
located, quality assets in high-barrier-to-entry markets with
significant upside potential at attractive, competitive pricing."
Located at 4736 Best Road, in the southern Atlanta suburb of
College Park, the Westin Atlanta Airport is adjacent to I-85 and
I-285, a short drive to the Georgia International Convention
Center, and eight miles from downtown Atlanta and other area
attractions. The 495 luxury guest rooms feature Westin's signature
Heavenly Bed(R), the Heavenly Shower(R)/bath and high-speed
Internet access. Among the hotel's amenities are a full-service
restaurant, Palio's Mediterranean Bistro, serving three meals a
day; Martini's Lounge, offering a full-service lunch and dinner
menu; a business center; fitness center; indoor/outdoor pool and
whirlpool; and 23,000 square feet of flexible meeting and banquet
space. "In addition to its superb location and high visibility,
there are a number of factors which will positively impact demand
at this property, including approximately 3.2 million square feet
of office construction across the metro Atlanta area and a
significant expansion of Atlanta Hartsfield Airport, including the
addition of a fifth runway, " Ng added. "These are in addition to
existing nearby demand generators, including three professional
sports venues, Centennial Olympic Park, home of the 1996 Summer
Olympic Games, the Georgia World Congress Center and the four-year
old Georgia International Convention Center. This hotel is the one
of the closest full service hotels to the convention center, and we
expect to benefit from the increased activity the convention center
will experience as it continues to mature." As of April 30, 2007,
Interstate Hotels & Resorts operated 202 hospitality properties
with more than 46,000 rooms in 36 states, the District of Columbia,
Belgium, Canada, Ireland and Russia. In addition, Interstate Hotels
& Resorts has contracts to manage 13 hospitality properties
with 4,000 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 of Daly
Gray Public Relations, +1-703-435-6293; or Carrie McIntyre, SVP,
Treasurer of Interstate Hotels & Resorts, +1-703-387-3320 Web
site: http://www.ihrco.com/
Copyright
Interstate Hotels (NYSE:IHR)
過去 株価チャート
から 6 2024 まで 7 2024
Interstate Hotels (NYSE:IHR)
過去 株価チャート
から 7 2023 まで 7 2024