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Interstate Closes $118M Hospitality Play

ARLINGTON, VA-A $12-million renovation program will update the $47-million investment Interstate has made in the Sheraton Columbia.

By Erika Morphy | Updated on December 03, 2007

ARLINGTON, VA-Interstate Hotels & Resorts and Investcorp Real Estate Group have closed on their previously reported acquisition of three hotels , one of which is a local operation. The aggregate deal price is $118 million.

Interstate acquired the three properties from affiliates of the Blackstone Group LP in an unusual structure: Interstate Hotels will solely own the Sheraton Columbia, a 288-room asset in the Maryland submarket. The firm paid $46.5 million for the property, a sum that is part of the total $118 million the JV paid for the three properties. A $12-million renovation program is expected to be finished by the end of next year.

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