Interstate Hotels & Resorts, a global leader in third-party hotel management, has entered into an agreement to acquire the management agreements of 82 premium-branded, select- and full-service hotels, plus one restaurant, from White Lodging. Interstate Hotels said today that the transaction is anticipated to close by the end of January 2018, at which time it will begin managing the hotels.
“We will operate this portfolio of high quality assets under long term agreements, helping the respective owners achieve increased long term value,” said Michael Deitemeyer, Interstate’s president & CEO. “A transaction of this magnitude will allow Interstate to further enhance our industry leading systems and create additional value through our enhanced buying power.’’
The 82 hotels, of which 78 are select-service, are located in eight states and aggregate to 10,188 rooms under top-quality lodging brands including Marriott, Hyatt and Hilton. Upon completion of the transaction, Interstate will be operating approximately 540 properties in 12 countries inclusive of committed pipeline.