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Article: Interstate Hotels & Resorts Completes Sale of Residence Inn Pittsburgh.
- Article from:
- Business Wire
- Article date:
- September 7, 2005
CopyrightCOPYRIGHT 2005 Business Wire. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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ARLINGTON, Va. -- Interstate Hotels & Resorts (NYSE: IHR), the nation's largest independent hotel management company, today announced that it had completed the previously announced sale of the Residence Inn Pittsburgh to Apple Six Hospitality Ownership, Inc. for $11 million. O'Connell Hospitality Group LLC acted as broker on the transaction.
The company used approximately $2.9 million of the net sale proceeds to pay down its senior term loan. The remainder of the proceeds will be used for working capital, as well as to fund the company's future growth strategies, including third-party management contracts and hotel acquisitions.
"One of our key growth ...