Interstate Hotels & Resorts Forms Joint Venture with FFC Capital Corp., Acquires 22 Select-Service Hotels
2008年2月11日 - 10:30PM
PRニュース・ワイアー (英語)
ARLINGTON, Va., Feb. 11 /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 it had formed a joint
venture with Pittsburgh-based FFC Capital Corporation. The joint
venture acquired 22 Exel Inn properties, which were converted to
various Wyndham Worldwide brands upon closing. Interstate invested
in a 10 percent equity interest in the 22 hotels, which includes
its share of capital improvements to re-brand, re-image, and
reposition the hotels. Interstate also has assumed management of
the properties. The 22 hotels, aggregating 2,397 rooms, are located
throughout the Midwest, in Illinois, Iowa, Michigan, Minnesota,
Wisconsin and Texas. The properties are located along major
interstates and proximate to major commercial and leisure demand
generators. "With the addition of the 22 newly converted Wyndham
Worldwide brand hotels, we now manage a total of 25 properties for
FFC Capital," said Thomas F. Hewitt, chief executive officer of
Interstate. "We see this portfolio as a significant opportunity to
add value through re-branding and repositioning." "Interstate's
proven track record in the select-service sector makes them an
ideal choice as manager for these properties," said Fred Branovan,
president of FFC Capital Corporation. "We have aligned our
interests and share in the vision for these properties."
Separately, Interstate signed an agreement with FFC Capital to
manage the 202-room Courtyard by Marriott Marlborough in Boston,
Massachusetts. The property is located between Worcester and
Boston, with easy access to routes I-495, Route 20 and I-90
(Massachusetts Turnpike) and is surrounded by such popular
attractions as the New England Sports Center, Fenway Park, Gillette
Stadium, and Wrentham Village Premium Outlets. The hotel offers
breakfast and dinner in Felton's Cafe & Bar, a fitness center,
and 8,000 square feet of flexible meeting space. About FFC Capital
Corporation FFC Capital Corporation is a privately held company
affiliated with Milton Fine, specializing in investment management
across various asset classes, including marketable securities,
bonds, stocks, private equities, derivatives, hedge funds, venture
capital funds and direct ownership of real estate investments. For
more information about FFC Capital Corporation, visit the company's
Web site, http://www.ffccapital.net/. About Interstate As of today,
Interstate Hotels & Resorts has ownership interests in 54
hotels and resorts, including seven wholly owned assets. Together
with these properties, the company and its affiliates manage a
total of 218 hospitality properties with approximately 45,500 rooms
in 36 states, the District of Columbia, Belgium, Canada, Ireland,
Mexico and Russia. Interstate Hotels & Resorts also has
contracts to manage 17 to be built hospitality properties with
approximately 4,800 rooms. 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.ffccapital.net/
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