Interstate Hotels & Resorts to Acquire Seventh Wholly-Owned Hotel
2007年9月19日 - 9:30PM
PRニュース・ワイアー (英語)
Forms Joint Venture with Investcorp Real Estate Group to Acquire
Two Hotels ARLINGTON, Va., Sept. 19 /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 Investcorp
International's U.S. based Real Estate Group. The partnership,
along with Interstate, have agreed to acquire three hotels from
affiliates of The Blackstone Group L.P. for an aggregate price of
$118 million: the 321-room Hilton Seelbach Louisville in Kentucky;
the 226-room Crowne Plaza Madison in Wisconsin; and the 288-room
Sheraton Columbia in Maryland. Interstate will invest approximately
$4.7 million in exchange for a 15 percent equity interest in two of
the properties, the Hilton Seelbach and the Crowne Plaza Madison.
The two joint venture properties will continue to be managed by
Interstate under new management agreements. As part of the overall
transaction, Interstate will also acquire 100% of the third hotel,
the Sheraton Columbia, for $46.5 million. The company plans to
invest $12 million in a comprehensive renovation of the property,
including upgrades to all guest rooms and public spaces, which is
expected to be completed by the end of 2008. Interstate will fund
the acquisition with available cash and capacity under its senior
revolving credit facility. The transaction is expected to close in
the fourth quarter. "This falls directly within our strategy of
owning real estate, both for our own account and in joint venture
partnerships," said Thomas F. Hewitt, Interstate's chief executive
officer. "This transaction is an illustration of our successful
execution of our growth strategy. We remain opportunistic in our
acquisition strategy and maintain flexibility to structure
transactions within dynamic markets." "These three, geographically
diverse properties are located in key urban, airport and major
suburban markets," said Leslie Ng, chief investment officer. "All
of the properties are strong performers with steadily improving
RevPAR and income and have significant further upside potential.
This is our first venture with Investcorp, one of the world's
largest and most diverse alternative investment managers, and we
look forward to exploring additional opportunities with them." "The
acquisition of these hotels is consistent with our
multi-disciplinary focus of aggressively pursuing opportunities
across product platforms and geographies to deliver strong cash
flows and above average returns to our global clients," said John
Fraser, Co-Head, Investcorp Real Estate Group. "Interstate has been
successfully managing these properties and is thoroughly familiar
with the individual markets. Given Interstate's solid
track-history, expertise and proprietary management systems, we are
very confident in its ability to drive these properties to their
fullest potential." Sheraton Columbia, Maryland The 288-room
Sheraton Columbia Hotel is located in Columbia, Md., a 14,000-acre
planned community approximately 40 miles north of Washington, D.C.,
and 15 miles from Baltimore. Situated in Howard County, one of the
wealthiest counties in the state of Maryland, this award-winning
community features more than 2,500 businesses, over 60,000 jobs, 21
million square feet of commercial and residential space and a wide
array of social, cultural, educational, entertainment and
recreational programs and facilities. Hilton Seelbach Louisville,
Kentucky Since its grand opening in 1905, the legendary Seelbach
Hilton Louisville has been the premier, luxury hotel in Louisville.
The 321-room, four-diamond property offers the atmosphere of a
bygone era coupled with modern amenities and state-of-the-art
technology, including high-speed internet access in all guest rooms
and meeting rooms. It also is home to Kentucky's first and only
five-diamond restaurant, the Oak Room. The landmark hotel enjoys an
excellent downtown location, in close proximity to Louisville's
unique attractions, such as Bluegrass-style entertainment, the
Kentucky Derby, bourbon-distillery tours and scenic riverboat
rides. Crowne Plaza Madison, Wisconsin Located off I-90/94, three
miles from the Madison airport, the 226-room Crowne Plaza is
situated near Madison's largest shopping mall, theater and
restaurants, and proximate to the city's convention center, the
University of Wisconsin and the state capitol. Renovated in 2005,
the hotel features an indoor pool, restaurant and lounge, a
business center and more than 6,800 square feet of meeting space.
Madison is the second largest city in Wisconsin, after Milwaukee,
and is located in the state's fastest growing county. In addition
to state government, Madison is home to a number of major
corporations, including Alliant Energy and American Family
Insurance. About Investcorp Real Estate Group The Investcorp Real
Estate Group is a well-capitalized, return-oriented real estate
investor with an investment portfolio totaling in excess of $4
billion and a long and distinguished track record of success.
Investcorp's real estate team, is experienced in the acquisition,
development, financing, leasing, management, and disposition of a
wide variety of property types including office, retail, hotel,
residential, mixed-use, luxury resort and others. The group takes a
flexible approach to investing and works closely with local
operating partners on both a co-investment and direct investment
basis, targeting investment profiles ranging from core-plus to
opportunistic in markets throughout the U.S. The Investcorp Real
Estate Group is part of Investcorp, a leading provider and manager
of alternative investment products. Investcorp has offices in New
York, London and Bahrain and is publicly traded on the London Stock
Exchange (IVC) and Bahrain Stock Exchange (INVCORP). The firm has
five lines of business: private equity, real estate, hedge funds,
venture capital and Gulf growth capital. Founded in 1982,
Investcorp has grown to become one of the largest and most diverse
alternative investment managers in terms of both product offerings
and geography, and currently has approximately $13 billion in
invested assets under management. Additional information on
Investcorp can be found at http://www.investcorp.com/. About
Interstate As of August 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 nearly 4,600
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/ http://www.investcorp.com/
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