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Article: Interstate Hotels & Resorts and Northridge Capital Joint Venture Acquires First Property; Sheraton Long Island, Smithtown, N.Y., Purchased by $400 Million Fund.
- Article from:
- Business Wire
- Article date:
- August 25, 2003
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Business Editors
ARLINGTON, Va.--(BUSINESS WIRE)--Aug. 25, 2003
Interstate Hotels & Resorts (NYSE: IHR), the nation's largest independent hotel management company, and Northridge Capital, Inc., today announced the acquisition of the 209-room Sheraton Long Island in Smithtown, N.Y., from Massachusetts Mutual Life Insurance Company advised by Cornerstone Real Estate Advisers, Inc. The hotel is the first to be acquired since the companies announced in May the formation of a $400 million hotel acquisition fund, the Northridge-Interstate Hospitality Fund (NIHF). Washington, D.C.-based Northridge Capital is a private real estate investment company with a ...
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