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Thayer Lodging, Shanghai Jin Jiang team to make acquisition
Interstate Hotels & Resorts announced that it has signed a definitive agreement to be acquired by Hotel Acquisition Co. LLC, a 50/50 joint venture between a subsidiary of Thayer Lodging Group, and Shanghai Jin Jiang International Hotels Group Co. Ltd. The deal for Interstate, a hotel real estate investor and America's largest independent hotel management company, is valued at $307 million.
Under the agreement, Hotel Acquisition Co. LLC plans to acquire all of the outstanding common stock and operating partnership units of Interstate for $2.25 per share in an all cash transaction. The price represents a premium of 77 percent over the company's closing stock price on Dec.17.
“Our priority, as always, is to maximize shareholder value,” said Thomas Hewitt, Interstate's chairman and chief executive officer. “This is a very compelling offer at a significant premium. The hotel industry remains in deep recession, and we believe this transaction offers the highest and best value to our shareholders.”
Interstate Hotels & Resorts and its affiliates manage and/or have ownership interests in a total of 232 hospitality properties with more than 46,000 rooms in 37 states, the District of Columbia, Russia, India, Mexico, Belgium, Canada, Ireland and England. In addition, the company has contracts to manage 13 to be built hospitality properties with approximately 3,000 rooms which includes the company's entry into new markets such as Costa Rica.
The deal to acquire Interstate Hotels comes just a couple of weeks after Thayer Lodging announced it had earmarked $700 million for hotel investments.
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