Interstate Hotels & Resorts and Premier Properties USA Form Partnership to Build Three Hotels in Joint Ventures
2007年8月7日 - 10:30PM
PRニュース・ワイアー (英語)
Hotels Will Be Centerpiece of Premier Properties' Lifestyle/Retail
Centers ARLINGTON, Va., Aug. 7 /PRNewswire-FirstCall/ -- Interstate
Hotels & Resorts (NYSE:IHR), one of the nation's largest
independent hotel management companies, today announced the
formation of a joint venture partnership with Indianapolis-based
Premier Properties USA, a rapidly growing retail and lifestyle
development company, to build three hotels: a Hyatt Place and two
aloft Hotels. Each of the properties will be located within a
Premier Properties' lifestyle & retail center, which include
high-end retail shops, dining outlets, and entertainment venues.
Interstate will invest a 15 percent equity interest in the joint
venture and will manage all three properties when they open. The
hotels to be developed are the 114-room Hyatt Place at The Marquis
in Williamsburg, Va.; the 136-room aloft at The Metropolis in
Plainfield, Ind., near Indianapolis; and the 136-room aloft at The
Venu in Indianapolis. "This is our 13th joint venture partnership
and represents a continuation of our strategic plan to expand our
real estate ownership through minority equity positions as a
complement to our management contract business, which remains our
core business," said Thomas Hewitt, Interstate's chief executive
officer. "It is also our first joint venture with Premier
Properties USA, a highly respected, innovative developer with a
proven track record in mixed-use development. The addition of these
properties to Premier's mixed-use centers is an exciting new
business model and one we believe has solid growth potential.
Premier's management team has more than 150 years of combined
experience in development, construction and leasing, and we look
forward to expanding our relationship in the future." "These hotel
brands were selected because they reflect the lifestyle of the
people we want to attract to our developments," said Chris White,
founder and chief executive officer of Premier Properties USA. "The
hotels add to the overall ambiance while driving in customers for
the retail component. Interstate was a logical choice because of
their expertise with lifestyle brands and their willingness to
invest alongside us, which we believe will result in superior
returns." "The ownership of hotels in a mixed-use setting and the
addition of our first Hyatt Place and two more aloft Hotels further
diversifies our real estate portfolio," said Leslie Ng,
Interstate's chief investment officer. "Hyatt Place is attracting a
great deal of interest within the development community, and we are
delighted to be associated early on with what appears to be a
runaway hit. Research suggests minimal new supply in these markets
for at least the next three years, which we believe translates into
excellent growth potential for these properties." Hyatt Place at
the Marquis, Williamsburg, Virginia The 114-room Hyatt Place
Williamsburg will be located in The Marquis, a new multi-million
dollar development, currently under construction and scheduled to
open in 2008. The one-million-square-foot, mixed-use, open-air,
entertainment and retail center is located off of Interstate 64, in
close proximity to Williamsburg's historical and adventure
attractions. Construction of the hotel is expected to begin in late
2007. aloft Metropolis at Plainfield, Indiana Located 10 miles
southwest of downtown Indianapolis, Metropolis is an existing
dining, shopping and entertainment lifestyle center developed by
Premier Properties in 2005. Located in the third-largest retail
market in Indianapolis, Metropolis encompasses two million square
feet of space. Phase I is already open, with more than 500,000
square feet of space occupied. Premier Properties is developing an
additional 500,000 square feet as part of Phase II. In early July,
the company announced the addition of a banquet hall to Metropolis,
with space to accommodate groups of up to 500 people. Construction
of the hotel is expected to commence in early 2008. The Metropolis
project is located at the new entrance of the renovated
Indianapolis International Airport; the 136-room aloft hotel will
be adjacent to the Metropolis center. aloft at The Venu,
Indianapolis, Indiana The Venu is a new lifestyle center located in
a residential and business hub of Indianapolis, Indiana. The
development will include the aloft Hotel, high-end retail shops,
office, residential, restaurants, a state of the art performing
arts theater, and a natural foods supermarket. The anticipated
ground breaking of the hotel is scheduled for 2008. In addition to
the entertainment and retail aspects of The Venu, the center is
surrounded by 120,000 square feet of office space, which will allow
the hotel to capitalize on the business travel market. About
Premier Properties USA Founded in 1993, Premier Properties USA is
an innovative retail real estate development company, primarily
focused on shopping center development and known for its original
designs and effective merchandising mixes. Premier's portfolio of
distinctive properties includes a number of retail centers that are
already open and thriving in their respective locations. Premier's
development pipeline includes both new development and expansion at
existing projects that will add more than 60 million square feet to
their existing portfolio in 2007 and 2008. About Interstate Hotels
& Resorts 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 13 separate
joint ventures. In addition, Interstate Hotels & Resorts has
contracts to manage 16 hospitality properties with more than 4,600
rooms currently under construction. 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 for Interstate Hotels & Resorts, +1-703-387-3320 Web
site: http://www.ihrco.com/
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