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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. 
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Dave Johnson
"We are delighted with all aspects of this joint venture acquisition,” said Dave Johnson, CEO of Aimbridge Hospitality. “We are thrilled to partner with Apollo Real Estate with their exceptional track record and experience in the hospitality industry.”

Johnson went on to say the Marriott Burr Ridge/Chicago and Marriott Cincinnati RiverCenter Landmark give Aimbridge the opportunity to add Marriott to its list of brand partners.  “We are very pleased to add both Marriott properties as we have been anxious to establish a relationship with the Marriott Full Service Brand family.” 

According to Johnson, $37 million has been allocated for ongoing capital improvements to ensure these hotels continue providing the best service, amenities and experience possible for guests, while also ensuring the engagement and satisfaction of team members. 

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"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
Aimbridge Hospitality is a hotel real estate and management company created to identify investment opportunities throughout the United States. Aimbridge provides asset management, capital renovation, revenue management, accounting and consulting services for its strategic partners.  Aimbridge owns and manages a very diverse portfolio of properties under a wide variety of brands located across the country.  Aimbridge’s portfolio also includes the Phoenix Inn & Suites brand of hotels located throughout the nation’s northwest region and they currently have several projects under development with Starwood, Marriott and Hilton. For more information on Aimbridge Hospitality, please visit the company’s web site at www.aimbridgehospitality.com.

About Apollo Real Estate Advisors
Apollo Real Estate Advisors is a leading international real estate investor and fund manager.  Since the firm's founding in 1993, Apollo has overseen the establishment of 16 real estate funds and joint ventures totaling approximately $8.7 billion in equity commitments for investment in the United States and globally. The Apollo funds have collectively invested in over 400 transactions with an aggregate value in excess of $30 billion.

About JF Capital Advisors LLC
JF Capital Advisors, LLC is a hospitality investment and advisory firm founded by Jonathan Falik in 2004. Together with Joe Weinberger, these two principals of JF Capital Advisors have completed over $12 billion of mergers and acquisitions and capital markets transactions in the hospitality space.  JF Capital Advisors specializes in hospitality transactions involving the capital markets, and will provide financial advisory and transaction oversight services to the general partnership.

About Eagle Hospitality Properties Trust, Inc.
Eagle Hospitality Properties Trust, Inc. is a real estate investment trust focused on investment opportunities in the full-service and all-suite hotel industry.  Eagle owns 13 upper upscale full-service and all-suite hotels encompassing approximately 3,516 guest rooms with premier brands including Hilton, Embassy Suites, Marriott and Hyatt. The hotels are located in Arizona, California, Colorado, Florida, New York, Massachusetts, Kentucky, Ohio, Illinois and Puerto Rico.

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Contact:

Barb Worcester
President / Owner
PRPRO
Tel:  (440) 930-5770
barbw@prproconsulting.com
 

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Also See: GoldenTree InSite Partners, Aimbridge Hospitality and JF Capital Advisors Form Alliance to Acquire Hotel Properties / January 2007
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