US-based hotel management company Interstate Hotels & Resorts (Interstate) has completed the acquisition of the management agreements of 82 premium-branded, select- and full-service hotels, in addition to one restaurant, from Indiana-based White Lodging.
Financial details of the transaction have not been divulged by both the companies.
Under the terms of the agreement, Interstate will acquire 78 select-service and four full-service properties under lodging brands including Marriott, Hyatt and Hilton.
Interstate president and CEO Michael Deitemeyer said: “A transaction of this nature aligns well with our growth strategy and we’re excited with the direction this new expansion is taking us.
“We’ve gained high quality hotels under long-term management agreements, and increased our depth of talent with valued and experienced leadership teams.”
The company noted that the acquisition will be effective immediately.
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By GlobalDataInterstate has also recruited 2,500 new associates.
Interstate operates branded full- and select-service hotels, resorts, convention centres, and independent hotels in the US.
Currently, Interstate has a global portfolio of 540 properties in 12 countries across the world, which includes hotels under construction or development.