Interstate, Harte JV Closes on $208M Buy

NEW YORK CITY-Arlington, VA-based Interstate Hotels & Resorts, along with Harte Holdings of Cork, Ireland, has completed its acquisition of four hotels from affiliates of the Blackstone Group for an aggregate price of $207.8 million . Interstate invested approximately $11.5 million for a 20% equity interest in the four hotels. Interstate funded the acquisition with available cash and capacity under its senior revolving credit facility.

The four properties included in the joint venture acquisition are: the Sheraton Frazer Great Valley in Frazer, PA, which has 198 rooms; the Sheraton Mahwah in New Jersey, which has 225 rooms; the Latham Hotel Georgetown in Washington, DC, which has 142 rooms; and the Hilton Lafayette in Louisiana, which has 327 rooms.

Interstate manages all four hotels under new management agreements. Interstate funded the acquisition with available cash and capacity under its senior revolving credit facility.