Interstate Completes Acquisition of Hilton Houston Westchase
FEBRUARY 12, 2007. Interstate Hotels & Resorts (NYSE: IHR), one of the nation's largest independent hotel management companies, today announced that it has closed on the acquisition of the 297-room Hilton Houston Westchase hotel in Texas for $50.5 million, or $170,000 per key, from affiliates of The Blackstone Group. This marks Interstate's fifth wholly owned property.
Interstate financed the acquisition with a $32.8 million, non-recourse mortgage loan with UBS Real Estate Securities Inc. The variable rate loan has an initial term of three years, with two, one-year extensions.
As of January 31, 2007 Interstate Hotels & Resorts operated 223 hospitality properties with more than 50,000 rooms in 38 states, the District of Columbia, Canada, and Russia. For more information about Interstate Hotels & Resorts, visit the company's Web site: www.ihrco.com.
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