Interstate Hotels & Resorts Completes Purchase of Westin Atlanta Airport Hotel
2007年5月30日 - 10:30PM
PRニュース・ワイアー (英語)
Company Concurrently Amends its Senior Secured Credit Facility
ARLINGTON, Va., May 30 /PRNewswire-FirstCall/ -- Interstate Hotels
& Resorts (NYSE:IHR), one of the nation's largest independent
hotel management companies, today reported that it closed on the
previously announced acquisition of the 495-room Westin Atlanta
Airport Hotel in Georgia for $74 million, or $149,500 per key, from
an affiliate of The Blackstone Group. It is the company's largest
asset acquisition and its sixth wholly-owned property under its
strategic plan to diversify its revenue base through increased real
estate ownership. The company will immediately begin its planned
$18 million renovation, to include all rooms and public areas.
Concurrently, the company announced that it has amended its senior
secured credit facility to significantly expand the facility's
capacity and provide greater flexibility in certain of its
financial covenants. The total facility increased by $75 million to
$200 million, the increase consisting of a $50 million term loan
and a $25 million revolver. The interest rate of the expanded
facility remained at LIBOR plus 275 basis points. The company used
the additional $50 million term loan and cash on hand to finance
the acquisition of the Westin Atlanta Airport Hotel. "This
amendment not only provides us with the sufficient capacity to
acquire the Westin Atlanta Airport Hotel, but more importantly, the
flexibility to continue to execute our strategic business plans,
including the selective acquisition of wholly-owned and joint
venture real estate investments," said Bruce Riggins, chief
financial officer. "With this amendment we have the entire $85
million available on our revolving credit facility to fund our
growth strategy and our operating needs." "This is our third
acquisition from Blackstone and represents a very attractive
opportunity to add a major airport property in a key market to our
owned portfolio at a competitive price," said Thomas F. Hewitt,
chief executive officer. "The planned $18 million in upgrades to
all guest rooms and common areas will further enhance its guest
appeal and enable this hotel to reach its full potential." As of
April 30, 2007, Interstate Hotels & Resorts operated 203
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 nearly 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 for the
year ended December 31, 2006. 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/
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