Interstate Hotels & Resorts and JV Partner, Harte Holdings of Ireland, Complete Acquisition of Four-hotel Portfolio from Blackstone for $208 Million
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Interstate Hotels & Resorts and JV Partner, Harte Holdings of Ireland, Complete Acquisition of Four-hotel Portfolio from Blackstone for $208 Million
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Category: North America & West Indies / Carribean islands
This is a press release selected by our editorial committee and published online for free on 2008-02-08
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.
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