Interstate to buy management agreements of 83 properties from White Lodging
Interstate Hotels & Resorts has entered into an agreement to acquire the management agreements of 82 premium-branded, select- and full-service hotels, plus one restaurant, from hotel management company White Lodging.
The deal is expected to be closed by the end of January next year, following which Interstate will start managing the hotels.
Interstate president and CEO Michael Deitemeyer said: "We will operate this portfolio of high quality assets under long term agreements, helping the respective owners achieve increased long term value.
"A transaction of this magnitude will allow Interstate to further enhance our industry leading systems and create additional value through our enhanced buying power.
"We look forward to welcoming 2,500 new associates to the global Interstate family, and with a transition of this level, further enhancing our leadership pipeline."
It is reported that of the 82 hotels 78 are select-service.
The hotels, which are located in eight states, aggregate to 10,188 rooms under including Marriott, Hyatt and Hilton brands.
Once the deal is complete, Interstate will be operating around 540 properties in 12 countries inclusive of committed pipeline.
Interstate operates branded full- and select-service hotels, resorts, convention centres, and independent hotels.
Currently, the company's global portfolio represents 540 properties in 12 countries inclusive of committed pipeline of signed hotels under construction or development across the world.