Interstate Completes Pittsburgh Sale
PITTSBURGH, PA, September 9, 2005. Interstate Hotels & Resorts, the nation's largest independent hotel management company, today announced that it had completed the previously announced sale of the Residence Inn Pittsburgh to Apple Six Hospitality Ownership, Inc. for $11 million. O'Connell Hospitality Group LLC acted as broker on the transaction.
The company used approximately $2.9 million of the net sale proceeds to pay down its senior term loan. The remainder of the proceeds will be used for working capital, as well as to fund the company's future growth strategies, including third-party management contracts and hotel acquisitions.
"One of our key growth strategies is to expand our ownership of hotels to further diversify our core management earnings stream," said Thomas F. Hewitt, chief executive officer. "We currently own one hotel and have ownership interests in 16 others. We will continue to seek acquisition opportunities, either in joint ventures or for our own account.
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