Interstate Hotels & Resorts Signs Long-Term Agreement to Manage Arlington Hilton in Virginia
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Interstate Hotels & Resorts Signs Long-Term Agreement to Manage Arlington Hilton in Virginia
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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 2007-01-08
Interstate Hotels & Resorts (NYSE: IHR), one of the nation's largest independent hotel management companies, today announced that it has signed a long-term agreement with new ownership to manage the Hilton Arlington in Virginia. The property, which has been managed by Interstate since 1996, recently was purchased by Cornerstone Hotel Income & Equity Fund (CHIEF). The hotel will undergo a multi-million dollar renovation over the next several years to further upgrade the guest's experience, including the addition of a first-class fitness center with state- of-the-art aerobic and strength equipment.
"This is our third contract with Cornerstone and reflects their confidence in our track record of producing superior operating results," said Thomas F. Hewitt, chief executive officer. "The hotel is located within blocks of our corporate headquarters, and we know this market extremely well.
"In fact, the Arlington Hilton is one of a cluster of seven hotels we manage in the Washington, D.C./Northern Virginia market, which offers us a number of unique operating advantages, including economies of scale in purchasing and proprietary, state-of-the-art support. Washington has been one of the strongest hotel markets in the country over the past several years, and the results we have achieved reflect that strength."
Located at 950 N. Stafford St. in Arlington, the 209-room hotel occupies the first seven floors of a 26-story, mixed-use development adjacent to the Metro Ballston commuter station. The property, which completed a major renovation in 2005, is located in the heart of the dynamic Ballston-Rosslyn corridor, proximate to Washington, D.C., National Airport, as well as the surrounding government offices and a high concentration of corporate office space. A skywalk links the hotel to the Ballston Mall, the National Science Foundation office complex, movie theaters and surrounding office buildings.
Hotel amenities include 6,000 square feet of flexible meeting space, an on-site parking garage offering valet and self-parking, guestrooms featuring the Hilton Serenity package, a full-service restaurant, Dan & Brad's Steakhouse, and separate lounge, two HHonors' level floors, and an association with the proximate Ballston Commons Sports & Health Club.
Cornerstone Hotel Income & Equity Fund (CHIEF), managed by Cornerstone Real Estate Advisers LLC, comprises four institutional investors, including one private and three public pension funds. CHIEF's investment focus is on operating business-class hotels with established, upper upscale brand affiliations in top U.S. markets. The fund will have a total capitalization in excess of $750 million.
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