News for the Hospitality Executive
Apollo Real Estate Investment Fund V, L.P., Aimbridge
Hospitality, L.P. and JF Capital Advisors,
LLC Complete Merger with Eagle Hospitality Properties Trust, Inc.
AP AIMCAP Holdings LLC acquires 13 full-service and all-suite properties from Eagle Hospitality Properties Trust, Inc.; Aimbridge Hospitality to manage 10 of the assets
DALLAS, TEXAS — SEPTEMBER 4, 2007 — AP AIMCAP Holdings LLC, a joint venture of Apollo Real Estate Investment Fund V, L.P., and affiliates of Aimbridge Hospitality, L.P. and JF Capital Advisors, LLC, announced the closing of their merger with Eagle Hospitality Properties Trust Inc. (NYSE: EHP), a Covington-based real estate investment trust. Eagle’s common stockholders approved the previously announced agreement to be acquired by AP AIMCAP Holdings at a special meeting in early August. The transaction, valued at approximately $700 million including debt and preferred equity, closed on August 15, 2007.
The Eagle Hospitality portfolio consists of 13 upper upscale full-service
and all-suite hotels encompassing 3,516 guest rooms located throughout
the U.S., in Arizona, California, Colorado, Florida, New York, Kentucky,
Ohio, Illinois, Massachusetts and Puerto Rico. The diversified group
of high quality lodging assets also encompasses premier brands including
Hilton, Embassy Suites, Marriott and Hyatt. Aimbridge Hospitality
will manage 10 of the properties, while the remaining three properties
in the portfolio will remain under brand management.
"In today’s market, hotel performance can be tied not only to the overall condition and level of guest service provided, but also to the level of employee satisfaction at the property. All of the property level associates were retained and the entire transaction has gone remarkably smooth.”
Randy Torres, Vice President of Apollo Real Estate Advisors, said Apollo is always seeking attractive investment opportunities that provide value through intensive operational and financial management. “Specialized direct sales programs and online marketing strategies will be implemented to identify and measure performance goals and generate business leads for each property. We are confident that with Aimbridge Hospitality and JF Capital as our investment partners, this will prove to be an excellent investment.”
Jonathan Falik, CEO of JF Capital Advisors said this transaction is highly exciting due to the strong brands, high quality assets and attractive markets. “This investment continues our highly successful history of partnering with Aimbridge, and leverages our long standing relationships with Apollo.”
About Aimbridge Hospitality
About Apollo Real Estate Advisors
About JF Capital Advisors LLC
About Eagle Hospitality Properties Trust, Inc.
|Also See:||GoldenTree InSite Partners, Aimbridge Hospitality and JF Capital Advisors Form Alliance to Acquire Hotel Properties / January 2007|