Hospitality Properties Trust Acquires Wisconsin’s Crowne Plaza Milwaukee West for $30 Million
Hospitality Properties Trust (Nasdaq: HPT) today announced it has completed the purchase of the 198-room Crowne Plaza Milwaukee West in Milwaukee, WI for $30.0 million, or approximately $151,500 per key. The hotel will be added to HPT's existing agreement with Intercontinental Hotels Group.
"The Crowne Plaza Milwaukee West is ideally located in an economically vibrant suburban community just west of downtown," said John Murray, Hospitality Properties Trust's President and Chief Executive Officer. "Built in 2008, this full service hotel is supported by strong demand generators from the area's healthcare, technology and industrial sectors and surrounded by some of Milwaukee's largest employers. Today's acquisition supports our relationship driven strategy to invest in hotels located in diverse markets with steady demand drivers."
Hospitality Properties Trust is a real estate investment trust, or REIT, which owns a diverse portfolio of hotels and travel centers located in 45 states, Washington, DC, Puerto Rico and Canada. HPT's properties are operated under long term management or lease agreements. HPT is managed by the operating subsidiary of The RMR Group Inc. (Nasdaq: RMR), an alternative asset management company that is headquartered in Newton, Massachusetts.
WARNING REGARDING FORWARD LOOKING STATEMENTS
This press release contains forward looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other securities laws. These forward looking statements are based upon HPT's present beliefs and expectations, but these statements and the implications of these statements are not guaranteed to occur and may not occur for various reasons, some of which are beyond HPT's control. For example;
This press release states that the Crowne Plaza Milwaukee West is ideally located in and economically vibrant suburban community just west of downtown Milwaukee, that the area is supported by strong demand generators and that it is surrounded by some of Milwaukee's largest employers. A possible implication from this statement is that the market dynamics of this area will remain strong in the future. In fact, the market dynamics of this area may not remain strong and demand by various businesses surrounding the hotel may weaken. In addition, Mr. Murray states that this acquisition supports HPT's relationship driven strategy to invest in hotels located in diverse markets with steady demand drivers. This may imply that HPT will successfully engage with its operators to invest in additional hotels located in diverse markets with steady demand drivers. However, HPT and its operators may be unable to identify properties that HPT wants to acquire and HPT may fail to reach agreement with the sellers and HPT's operators and complete the purchases. Further, any properties that HPT may acquire may not generate returns or rents that exceed its operating and capital costs.
For these reasons, among others, investors are cautioned not to place undue reliance upon any forward looking statements in this press release.