Interstate Hotels & Resorts Completes Acquisition of Sheraton Columbia, Maryland
2007年12月3日 - 10:30PM
PRニュース・ワイアー (英語)
Acquires Two Additional Hotels in a Joint Venture with Investcorp
Real Estate Group ARLINGTON, Va., Dec. 3 /PRNewswire-FirstCall/ --
Interstate Hotels & Resorts (NYSE:IHR), a leading hotel real
estate investor and one of the nation's largest independent
operators of full and select-service hotels, today announced the
completion of the previously announced transaction to acquire three
hotels from affiliates of The Blackstone Group L.P. for an
aggregate price of $118 million. Two of the hotels, the 321-room
Hilton Seelbach Louisville in Kentucky and the 226-room Crowne
Plaza Madison in Wisconsin, were acquired through a joint venture
partnership with Investcorp International's U.S.-based Real Estate
Group. Interstate invested approximately $4.7 million for a 15
percent equity interest in these properties, which will continue to
be operated by Interstate under new management agreements. As part
of the overall transaction, Interstate closed on the acquisition of
a 100 percent interest in the third hotel, the Sheraton Columbia,
for $46.5 million. The company will immediately begin a $12 million
comprehensive renovation of the property, including upgrades to all
guest rooms and public spaces. The renovation is expected to be
completed by the end of 2008. Interstate funded the acquisitions
with available cash and capacity under its senior revolving credit
facility. "This transaction, which includes our seventh wholly
owned property and two additional joint venture properties,
illustrates our continued ability to execute on our growth
strategy," said Thomas F. Hewitt, Interstate's chief executive
officer. "We know these properties well and are confident that we
can create substantial value for our partners and our
shareholders." About Investcorp Real Estate Group With offices in
New York and Los Angeles, the Investcorp real estate group is a
well-capitalized, value-oriented real estate investor with an
investment portfolio totaling in excess of $5 billion (total
capitalization) 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 and luxury resorts. The group
takes a flexible approach to investing and works closely with local
operating partners and developers on both a co-investment and
direct investment basis. Investcorp's 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: real estate, private equity, hedge funds, technology
investment, 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/, or through the contacts
below. About Interstate As of November 30, 2007, Interstate Hotels
& Resorts owned seven hotels and had a minority ownership
interest through separate joint ventures in 22 hotels and resorts.
Together with these properties, the company and its affiliates
manages a total of 192 hospitality properties with more than 43,000
rooms in 36 states, the District of Columbia, Belgium, Canada,
Ireland, Mexico and Russia. Interstate Hotels & Resorts also
has contracts to manage 15 hospitality properties with
approximately 4,400 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 of Interstate Hotels &
Resorts, +1-703-387-3320 Web site: http://www.investcorp.com/
http://www.ihrco.com/
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