A joint venture between Thayer Lodging Group and Jin Jiang Hotels has acquired Interstate Hotels & Resorts for approximately $307 million. The all-cash transaction is expected to close Q1 2010.
"Our priority, as always, is to maximize shareholder value," says Thomas F. Hewitt, Interstate’s chairman and CEO, in a statement. "This is a very compelling offer at a significant premium. The hotel industry remains in deep recession, and we believe this transaction offers the highest and best value to our shareholders."
Interstate has a management portfolio of 232 hospitality properties representing more than 46,000 rooms.
