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Article: Interstate Hotels & Resorts Acquires Hilton Durham Near Duke University.
- Article from:
- Business Wire
- Article date:
- November 22, 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 has acquired the 195-room Hilton Durham Near Duke University for a net purchase price of $13.3 million, or $68,000 per key, from MeriStar Hospitality Corporation (NYSE: MHX). The acquisition is being financed with available cash and borrowings under the company's senior credit facility. Interstate will continue to manage the property.
"As manager of this property since 1998, we know this hotel and this market extremely well," said Thomas F. Hewitt, Interstate chief executive officer. "The property recently underwent a $2.8 ...
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