Hilton Concord for $29.15 million
|ARLINGTON, Va., February 14, 2005 — Interstate Hotels & Resorts
(NYSE: IHR), the nation’s largest independent hotel management company,
today announced that it has acquired the 329-room Hilton Concord in the
San Francisco, Calif., East Bay area.
The company financed a portion of the acquisition with a $19.0 million mortgage loan provided by Massachusetts Mutual Life Insurance Company, as advised by Babson Capital Management Inc. The loan has an initial term of three years with two one-year extension options. The balance of the acquisition price was funded with a combination of cash on hand and borrowings under the company’s senior secured credit facility.
Located on 7.4 acres at 1970 Diamond Blvd., off of I-680 and Willow Pass Road, the 11-story Hilton Concord hotel offers a conference center with more than 15,600 square feet of meeting, banquet and pre-function space, including the largest hotel ballroom in the local market. The hotel has three executive level concierge floors and offers high-speed Internet access.
The property features an open-air courtyard with an outdoor heated swimming pool and whirlpool. The upscale Grissini Trattoria and Wine Bar is a 118-seat, full-service restaurant that features a private landscaped entrance. A 45-seat lobby lounge located adjacent to the courtyard provides additional outdoor seating.
The property is well situated for the business, meetings/conference and leisure markets. The area recently has benefited from corporations moving there from nearby San Francisco and Silicon Valley. Nearby attractions include Six Flags Marine World, Waterworld USA, The Chronicle Pavilion, Willows shopping center and Napa Valley Wine County. The hotel is one mile from Concord's Buchanan Airport, 22 miles from Oakland Airport and 35 miles from San Francisco Airport. The Concord Bay Area Rapid Transit station (BART) is a short shuttle ride from the hotel.
Interstate Hotels & Resorts operates more than 300 hospitality properties with nearly 70,000 rooms in 40 states, the District of Columbia, Canada, Russia, and Portugal. BridgeStreet Corporate Housing Worldwide, an Interstate Hotels & Resorts’ subsidiary, is one of the world’s largest corporate housing providers. BridgeStreet and its network of Global Partners offer more than 8,700 corporate apartments located in 91 MSAs throughout the United States and internationally.
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.
Interstate Hotels & Resorts
|Also See:||Interstate Hotels and Northridge Capital Form $400 Million Hotel Acquisition Fund; Interstate to Manage All Acquired Properties / May 2003|
|Interstate Hotels & Resorts Acquires Sunstone Hotel Properties, Inc., the Manager of 54 Hotels; Sunstone’s Senior Operating Team will Become Part of Interstate’s Operating Team / October 2004|