to Apple Six Hospitality Ownership, Inc. for $11 million
|ARLINGTON, Va., September 7, 2005—Interstate Hotels & Resorts (NYSE:
IHR), the nation’s largest independent hotel management company, today
announced that it had completed the previously announced sale of the Residence
Inn Pittsburgh to Apple Six Hospitality Ownership, Inc. for $11 million.
O’Connell Hospitality Group LLC acted as broker on the transaction.
The company used approximately $2.9 million of the net sale proceeds to pay down its senior term loan. The remainder of the proceeds will be used for working capital, as well as to fund the company’s future growth strategies, including third-party management contracts and hotel acquisitions.
“One of our key growth strategies is to expand our ownership of hotels to further diversify our core management earnings stream,” said Thomas F. Hewitt, chief executive officer. “We currently own one hotel and have ownership interests in 16 others. We will continue to seek acquisition opportunities, either in joint ventures or for our own account.”
Interstate Hotels & Resorts operates more than 300 hospitality properties with nearly 69,000 rooms in 41 states, the District of Columbia, Canada, and Russia. BridgeStreet 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. For more information about Interstate Hotels & Resorts, visit the company’s Web site: www.ihrco.com.
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.
|Also See:||Interstate Hotels Acquires Pittsburgh Airport Residence Inn / 3rd Qtr Results / Nov 1999|
|CNL Hotels & Resorts Selects Interstate to Manage the Claremont Resort & Spa in Berkeley, California / August 2005|