Interstate Hotels Completes Sale of Baton Rouge Hilton
Proceeds Used to Pay Down Amended Senior Credit Facility
ARLINGTON, VA, November 18, 2009 — Interstate Hotels & Resorts (NYSE: IHR), a leading hotel real estate investor and the nation's largest independent hotel management company, today announced completion of the sale of the Hilton Garden Inn Baton Rouge Airport to an opportunity fund managed by Fairwood Capital, LLC, for $10.6 million. Proceeds from the sale will be used to pay down the company's amended senior credit facility that matures in March 2012. Interstate will continue to manage the hotel for the new ownership group.
“With this sale, the mortgage financing we recently obtained on our newly renovated Westin Atlanta and operating cash flow, we have paid down $35 million of the $40 million required by March 2011 under terms of the new senior credit facility we secured in July,” said Bruce Riggins, chief financial officer.
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