Interstate Hotels & Resorts Executes Agreement to Acquire the Management Agreements of 83 Properties
Interstate Hotels & Resorts (“Interstate” or the “Company”), the global leader in third-party hotel management, announces it has entered into an agreement to acquire the management agreements of 82 premium-branded, select- and full-service hotels, plus one restaurant, from White Lodging. The transaction is anticipated to close by the end of January 2018 at which time Interstate will begin managing the hotels.
“We will operate this portfolio of high quality assets under long term agreements, helping the respective owners achieve increased long term value,” said Michael Deitemeyer, Interstate's president & CEO. “A transaction of this magnitude will allow Interstate to further enhance our industry leading systems and create additional value through our enhanced buying power.
We look forward to welcoming 2,500 new associates to the global Interstate family, and with a transition of this level, further enhancing our leadership pipeline.”
The 82 hotels, of which 78 are select-service, are located in eight states and aggregate to 10,188 rooms under top-quality lodging brands including Marriott, Hyatt and Hilton. Upon completion of the transaction, Interstate will be operating approximately 540 properties in 12 countries inclusive of committed pipeline.
A global leader in third-party hotel management, Interstate Hotels & Resorts' depth of experience across all lodging segments and asset classes drives results in each of its managed hotels worldwide. For more information on Interstate Hotels & Resorts, visit www.InterstateHotels.com.