Sunstone Hotel Investors and Strategic Hotels & Resorts Partner on Purchasing Management Platform
|
Sunstone Hotel Investors and Strategic Hotels & Resorts Partner on Purchasing Management Platform
|
Category: Worldwide
This is a press release selected by our editorial committee and published online for free on 2008-01-10
Sunstone Hotel Investors, Inc. (NYSE: SHO) (“Sunstone”) and Strategic Hotels & Resorts, Inc. (NYSE: BEE) (“Strategic”) announced today that they have entered into a partnership to own and operate BuyEfficient, an electronic purchasing platform that allows members to procure food, operating supplies, furniture, fixtures and equipment. Under the terms of the agreement, Strategic has acquired a fifty percent interest in BuyEfficient, LLC from Sunstone for a gross sales price of $6.3 million.
Laurence Geller, President and Chief Executive Officer of Strategic commented, “We are pleased to embark on this creative, value adding partnership with Sunstone. BuyEfficient is a dynamic platform with great potential that reaches beyond the hospitality industry. The platform offers a unique opportunity to provide leading edge and highly efficient purchasing and related services to enhance the profitability of not only our own hotels and resorts, but to a growing membership base.”
Steven R. Goldman, President and Chief Executive Officer of Sunstone added, “BuyEfficient has proven itself as a premier procurement platform in the hospitality industry. Partnering with Strategic, with their unique portfolio of large, high-end properties, will help unlock the full potential of the platform. Through our combined industry relationships, we intend to aggressively grow BuyEfficient's membership base and expand its range of service offerings.”
|
|
