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Article: Interstate Hotels & Resorts Sells BridgeStreet Worldwide Corporate Housing Subsidiary.
- Article from:
- PR Newswire
- Article date:
- January 29, 2007
CopyrightCOPYRIGHT 2007 PR Newswire Association LLC. 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., Jan. 29 /PRNewswire-FirstCall/ -- Interstate Hotels & Resorts , one of the nation's largest independent hotel management companies, today announced that it has sold its BridgeStreet Worldwide corporate housing subsidiary to an affiliate of Sorrento Asset Management, a Dublin, Ireland-based company for net proceeds of approximately $40.5 million. The company said that proceeds will be redeployed into investments in hotel real estate through wholly owned acquisitions and joint ventures.
"BridgeStreet has gone through a remarkable turnaround over the past two years," said Thomas F. Hewitt, chief executive officer. "Lee Curtis, president of ...