JER Partners Acquires Highland Hospitality
JULY 18, 2007. The total enterprise value of the transaction was approximately $2.1 billion, including $210 million of assumed debt. Pursuant to the terms of the merger agreement entered into on April 24, 2007, Highland shareholders are entitled to receive $19.50 in cash for each share of Highland common stock and operating partnership units they held. Each holder of Highland's 7.875% Series A Cumulative Redeemable Preferred Stock is entitled to receive $25.00 per share in cash plus any then accrued but unpaid dividends.
"Highland has successfully assembled a premium hotel portfolio aligned with the leading brands in the lodging industry," said Alex Gilbert, Managing Director of JER Partners. "JER's planned capital investments should position the Highland portfolio for further growth."
Highland Hospitality Corporation owns 28 full service, luxury brand and limited service hotels with an aggregate of 8,636 rooms in 14 states and the District of Columbia. Hotel brands within the portfolio include Marriott, Hilton, Ritz-Carlton, Westin, Hyatt, Sheraton, Renaissance, Crowne Plaza, Courtyard, Hilton Garden Inn, Wyndham and Residence Inn and are managed by six operators.
JER Partners is the private equity investment arm of J.E. Robert Companies, a real estate investment management company with more than 26 years of experience in sourcing, underwriting and managing a broad spectrum of real estate equity investments and debt products in North America, Europe and recently the emerging markets.
Marriott International, Inc. (NASDAQ: MAR) is a global leading lodging company based in Bethesda,Maryland, USA, with more than 4,200 properties in 80 countries and territories. Marriott International reported revenues of nearly $14 billion in fiscal year 2014. The company operates and franchises hotels and licenses vacation ownership resorts under 19 brands, including: The Ritz-Carlton®, BVlgari®, EDITION®, JW Marriott®, Autograph Collection® Hotels, Renaissance® Hotels, Marriott Hotels®, Delta Hotels and Resorts®, Marriott Executive Apartments®, Marriott Vacation Club®, Gaylord Hotels®, AC Hotels by Marriott®, Courtyard®, Residence Inn®, SpringHill Suites®, Fairfield Inn & Suites®, TownePlace Suites®, Protea Hotels® and MoxyHotels®. Marriott has been consistently recognized as a top employer and for its superior business ethics. The company also manages the award-winning guest loyalty program, Marriott Rewards® and The Ritz-Carlton Rewards® program, which together surpass 50 million members. For more information or reservations, please visit our website at 
