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Article: Interstate Hotels to purchase Fountain Suites Hotel in Phoenix.
- Article from:
- Business Wire
- Article date:
- August 16, 1996
CopyrightCOPYRIGHT 1996 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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PITTSBURGH--(BUSINESS WIRE)--Aug. 16, 1996--Interstate Hotels Company (NYSE: IHC) today announced that it has entered into an agreement to purchase the Fountain Suites Hotel in Phoenix, Arizona.
The hotel has 314 two-room suites and is located 12 miles from downtown Phoenix and 19 miles from Sky Harbor International Airport. It is Interstate's intention to convert the property to an Embassy Suites. The total investment, including capital expenditures, estimated closing costs and costs associated with converting the hotel, will be approximately $28 million. Interstate plans to finance the acquisition using the Company's existing acquisition facility.
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