Interstate Hotels & Resorts Enters Mexican Market
2007年8月2日 - 9:30PM
PRニュース・ワイアー (英語)
Invests in Three Mexican Resorts and Forms a Platform Management
Company ARLINGTON, Va., Aug. 2 /PRNewswire-FirstCall/ -- Interstate
Hotels & Resorts (NYSE:IHR), one of the nation's largest
independent hotel management companies, today announced that it has
formed a strategic partnership with Steadfast Companies (Steadfast)
to own and operate hotels in Mexico. Interstate invested $5.7
million in a three-property portfolio of Tesoro Resorts in Mexico,
currently owned by affiliates of Steadfast. Interstate's investment
is expected to convert to a 15 percent equity interest in a joint
venture with Steadfast in the near future. Interstate also formed a
separate 50-50 joint-venture partnership between Steadfast and
Interstate, named Interstate de Mexico, to manage hotels. The joint
venture, which is a platform for further growth in Mexico, took
over management of the properties immediately upon its formation.
Steadfast is a privately owned real estate investment consortium
based in Newport Beach, Calif. A $10 million capital plan will be
initiated to make improvements at all three resorts, with primary
concentration on redeveloping the Cabo San Lucas property. The
three properties included in this joint venture are: Hotel Rooms
Location Tesoro Los Cabos 286 Cabo San Lucas, Mexico Tesoro
Manzanillo 331 Manzanillo, Mexico Tesoro Ixtapa 203 Ixtapa, Mexico
Total rooms: 820 "This investment establishes a solid platform for
our entry into Mexico and Latin America, areas where we see
significant opportunities for growth over the next decade," said
Thomas F. Hewitt, Interstate's chief executive officer. "Steadfast
is a well-regarded developer with more than a decade of experience
in residential, commercial, resort and hotel development, and
strong ties to the Mexican business community. The joint venture
has plans for aggressive growth and intends to seek strategic
capital partners to expand its hospitality investments in Mexico
and Latin America." Steadfast launched the Tesoro Resorts brand in
2006 with the purchase and rebranding of the three former Grupo
Situr properties, in Los Cabos, Manzanillo and Ixtapa. To
accomplish its growth objectives, the partnership will seek out
investment and management opportunities, initially throughout
Mexico. "The partnership also is interested in developing high-end,
select-service hotels in major Mexican metropolitan centers," said
Leslie Ng, chief investment officer. "That market is extremely
underserved in Mexico, which represents another important dynamic
of this venture. Our relationships with all major brands, including
those affiliated with Hilton, Marriott and Starwood, will enable us
to add significant value to this aspect of the partnership." Ng
added that the transaction is consistent with Interstate's
investment strategy of acquiring real estate assets through whole
ownership or minority equity positions, and gaining long-term
management contracts on those assets. IHR de Mexico will be based
in Tijuana, out of existing offices which also can serve as a
platform from which to grow third-party hotel management in Mexico
and Central America. "We intend to actively seek additional
management contract and investment opportunities in the region and
have already been approached by other Mexican hotel owners," he
said. "In addition to its strong franchise relationships,
Interstate brings to the table a proven track record as a highly
successful manager with a strong infrastructure and support system
that will greatly enhance operating fundamentals at these
properties," said Rod Emery, Steadfast chief executive officer.
"Our goal as owners is to take advantage of the relatively
favorable real estate pricing in Mexico compared to the U.S. market
and to aggressively expand our hospitality portfolio. We are
confident in Interstate's ability to help us reach our goal." The
three resorts are located along Mexico's Pacific Coast, and each
provides a spectacular tropical setting for leisure travelers. The
286-room Tesoro Los Cabos sits amid the downtown marketplace of
Cabo San Lucas and on the marina. The 331-room Tesoro Manzanillo
rises above the beach in a picturesque cove. The 203-room Tesoro
Ixtapa lies further down the Pacific Coast. Each of the relaunched
Tesoro resorts excels at high-end leisure travel, especially
all-inclusive concepts that cater to children and adults alike. The
resorts feature tropical gardens, serene swimming pools, spacious
accommodations, a wide selection of buffet-style and a la carte,
sit-down restaurants, and dazzling evening entertainment. About
Steadfast The Steadfast Companies is a major Newport Beach,
Calif.-based developer and owner of commercial, multifamily, retail
and hospitality projects. About Interstate As of July 31, 2007,
Interstate Hotels & Resorts operated 189 hospitality properties
with more than 43,000 rooms in 36 states, the District of Columbia,
Belgium, Canada, Ireland, Mexico and Russia, including six
wholly-owned properties and 20 properties with a minority ownership
interest through 12 separate joint ventures. In addition,
Interstate Hotels & Resorts has contracts to manage 12
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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