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HPT Completes $90M Acquisition of 12 Candlewood Hotels

NEWTON, MA-Hospitality Properties Trust acquires 12 Candlewood hotels for $90 million and enters into a new management agreement with InterContinental Hotels Group for operation of all Candlewood hotels owned by HPT.

By Naomi Grossman | Updated on January 05, 2004

NEWTON, MA-Hospitality Properties Trust acquired 12 Candlewood hotels for $90 million and entered into a new management agreement with InterContinental Hotels Group for operation of all Candlewood hotels owned by HPT.

HPT now owns 76 Candlewood hotels which are operated by InterContinental Hotels Group under the Candlewood Suites brand. In addition, HPT’s “owner’s priority” return on its Candlewood Suites is partially guaranteed by InterContinental Hotels Group.

Prior to this closing, HPT owned 64 Candlewood Suites hotels which were leased to Candlewood Hotel Group. In early 2003 Candlewood told HPT that it was considering strategic alternatives. Since that time, HPT says it has been working with Candlewood and its advisors regarding various long term alternatives for the HPT-owned Candlewood Suites hotels.

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