Interstate and Harte Holdings Acquire Four-hotel Portfolio
FEBRUARY 6, 2008. Interstate Hotels & Resorts (NYSE:IHR) today announced that its joint venture with Harte Holdings of Cork, Ireland, has completed the previously announced acquisition of four hotels from affiliates of The Blackstone Group for an aggregate price of $207.8 million.
Interstate invested approximately $11.5 million for a 20 percent equity interest in the four hotels. Interstate funded the acquisition with available cash and capacity under its senior revolving credit facility.
The four properties included in the joint venture acquisition are:
Sheraton Frazer Great Valley, Frazer, PA (Phila MSA)
Sheraton Mahwah, Mahwah, NJ
Latham Hotel Georgetown, Washington, DC
Hilton Lafayette, Lafayette, LA
Interstate manages all four hotels under new management agreements.
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 
