Interstate Hotels & Resorts and JV Partner, Harte Holdings of Ireland, Complete Acquisition of Four-hotel Portfolio from Blackst
2008年2月6日 - 10:30PM
PRニュース・ワイアー (英語)
ARLINGTON, Va., Feb. 6 /PRNewswire-FirstCall/ -- Interstate Hotels
& Resorts (NYSE:IHR), a leading hotel real estate investor and
the nation's largest independent operator of full and
select-service hotels, today announced that its joint venture with
Harte Holdings of Cork, Ireland, has completed the previously
announced acquisition of four hotels from affiliates of The
Blackstone Group for an aggregate price of $207.8 million.
Interstate invested approximately $11.5 million for a 20 percent
equity interest in the four hotels. Interstate funded the
acquisition with available cash and capacity under its senior
revolving credit facility. The four properties included in the
joint venture acquisition are: Property Rooms Location Sheraton
Frazer Great Valley 198 Frazer, PA (Phila MSA) Sheraton Mahwah 225
Mahwah, NJ Latham Hotel Georgetown 142 Washington, DC Hilton
Lafayette 327 Lafayette, LA Total: 892 Interstate manages all four
hotels under new management agreements. About Harte Holdings Harte
Holdings is an Irish-based investment and development company which
owns a wide variety of real estate projects in the United Kingdom,
Ireland and mainland Europe, with a portfolio consisting primarily
of hotels, residential, commercial and retail assets in these
areas. About Interstate As of today, Interstate Hotels &
Resorts owns seven hotels and has a minority ownership interest in
26 hotels and resorts. Together with these properties, the company
and its affiliates manage a total of 197 hospitality properties
with nearly 44,000 rooms in 36 states, the District of Columbia,
Belgium, Canada, Ireland, Mexico and Russia. Interstate Hotels
& Resorts also has contracts to manage 17 hospitality
properties with approximately 4,800 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.ihrco.com/
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