Interstate Hotels & Resorts JV To Acquire Ownership Interest in Lexington, Ky. Hotel
2008年8月4日 - 10:16PM
PRニュース・ワイアー (英語)
Hotel to Undergo $13 Million Renovation, Reflag as Hilton
ARLINGTON, Va., Aug. 4 /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 an affiliate of Madison W Properties, LLC to
recapitalize the existing ownership of the former Radisson Plaza
Hotel Lexington in Kentucky and the adjacent 234,000 square foot,
class-A office building. Upon the transition, the hotel was renamed
the Lexington Downtown Hotel & Conference Center. The 367-room
hotel will begin a comprehensive $13 million renovation
encompassing guest rooms and public space, as well as the
restaurant. Following completion of the renovation, the hotel will
be reflagged as a Hilton. The hotel currently is managed by
Interstate, who will operate the property as an independent until
the hotel is reflagged. "This is our forty-ninth property in which
we hold a minority ownership interest and our first with Madison,"
said Thomas F. Hewitt, Interstate chief executive officer. "We know
this property well and believe it has considerable long-term
potential, given its excellent downtown location and proximity to
the convention center. Those advantages, combined with the planned
comprehensive renovation and rebranding as a Hilton, should
position this hotel to become a leader in this market." "Interstate
is a proven operator with a successful track record, and we look
forward to establishing a long-term relationship with them," said
Peter C. Lewis, president of Madison W Properties. "Their depth of
experience in the meeting and conventions subsegment add another
dimension, making them a compelling partner in this particular
venture. We look forward to exploring other opportunities with
them." Located at 369 West Vine Street, the 15-story Lexington
Downtown Hotel & Conference Center is situated just across from
Rupp Arena and the Lexington Convention Center, and is convenient
to Blue Grass Airport, Keeneland Race Track, University of
Kentucky, and the Kentucky Horse Park. The hotel is connected via
skywalks to the Lexington Center and Rupp Arena, as well as the
shops at Victorian Square. The hotel's amenities include a pool,
fitness center, restaurant and lounge, and 14,000 square feet of
meeting facilities, including a grand ballroom that accommodates up
to 1,000 people. All guestrooms feature complimentary high-speed
Internet access, Sleep Number(R) Beds and executive-size desks. The
hotel's Bigg Blue Martini is a favorite night hot spot in
Lexington, and its Cafe on the Park on-site restaurant features
local cuisine created by an award-winning chef. About Madison W
Properties, LLC Madison W Properties, LLC is a real estate
investment company that has acquired in excess of $130 million of
properties since its inception in 2008. The company focuses on
value-added opportunities throughout the United States. Madison W
Properties, LLC is an affiliate of Madison Capital Management, LLC,
an investment management firm with more than $540 million under
management, and over $830 million invested to date. For more
information, visit http://www.madisoncap.com/. About Interstate
Interstate Hotels & Resorts has ownership interests in 56
hotels and resorts, including seven wholly owned assets. Together
with these properties, the company and its affiliates manage a
total of 221 hospitality properties with nearly 46,000 rooms in 36
states, the District of Columbia, Russia, Mexico, Belgium, Canada
and Ireland. Interstate Hotels & Resorts also has contracts to
manage 16 to be built hospitality properties with approximately
3,800 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, 2007. 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.madisoncap.com/
Copyright
Interstate Hotels (NYSE:IHR)
過去 株価チャート
から 6 2024 まで 7 2024
Interstate Hotels (NYSE:IHR)
過去 株価チャート
から 7 2023 まで 7 2024