Innkeepers USA Signs Agreement to Acquire Four-Hotel Package in Southern California
27 7월 2006 - 10:07PM
PR Newswire (US)
PALM BEACH, Fla., July 27 /PRNewswire-FirstCall/ -- Innkeepers USA
Trust (NYSE:KPA), a hotel real estate investment trust (REIT),
today announced that it has entered into an agreement to acquire
from Bethesda, Md.-based RLJ Urban Lodging Fund, L.P., an affiliate
of RLJ Development, LLC, four hotel properties with 931 rooms in
Southern California for a total cost of $215 million, or $231,000
per room. (Photo:
http://www.newscom.com/cgi-bin/prnh/20060727/DCTH015-a
http://www.newscom.com/cgi-bin/prnh/20060727/DCTH015-b
http://www.newscom.com/cgi-bin/prnh/20060727/DCTH015-c
http://www.newscom.com/cgi-bin/prnh/20060727/DCTH015-d ) Property
Rooms Residence Inn San Diego (Mission Valley) 192 Residence Inn
Anaheim (Resort Area) 200 Hilton Suites Anaheim 230 Hilton Ontario
309 Total rooms 931 The company expects to fund the acquisition
with borrowings under its unsecured line of credit and the issuance
of approximately $165.0 million in non-recourse debt at a weighted
average interest rate of approximately 6.25 percent, including the
assumption of $13.7 million of debt. After the acquisition, the
company estimates that its debt to total investment in hotels at
cost will be approximately 40 percent, without regard to any future
borrowings or equity offerings. Innkeepers Hospitality Management,
which is owned by Jeffrey H. Fisher, chief executive officer of
Innkeepers USA Trust, will manage the hotels under long-term
management agreements. The acquisition, which is expected to close
in the 2006 third quarter, is subject to a number of customary
contractual closing conditions. The four hotels are being acquired
at a net operating income (NOI) capitalization rate of
approximately 7 percent on projected 2007 net operating income and
a multiple of approximately 12.5 times projected 2007 earnings
before interest, taxes, depreciation and amortization (EBITDA).
"This transaction combines one of the most dynamic regional lodging
markets in the U.S. with strongly performing hotels, affiliated
with two of the best-performing and most desirable brands among
hotel investors -- Residence Inn by Marriott and Hilton," Fisher
said. "The addition of these properties to our portfolio further
diversifies our distribution throughout the state; marks our
initial entry into San Diego, one of the very best and
highest-barriers-to-entry hotel markets in the country; establishes
a significant footprint in the desirable Anaheim market; and
bolsters our existing presence in the fast growing Ontario market.
"With this acquisition, we are also furthering our strategy of
opportunistically acquiring full-service hotels. Perhaps more
important, this transaction gives us the opportunity to acquire a
unique mix of high-quality, profitable, full-service and
extended-stay hotels on a portfolio basis at an attractive price,
with upside potential. "Southern California remains one of the
nation's most sought-after locations for real estate investment,"
he added. "Business and leisure travel to the region remains
robust, with Smith Travel reporting revenue per available room
(RevPAR) growth for all hotels in Southern California of 11- plus
percent in 2005 and 9.3 percent in 2006 through June. Each of these
properties is in an outstanding location in its respective market,
which we believe will provide us an advantage over current and
future competition." The two Residence Inns are upscale,
interior-corridor, all-suite buildings that opened in 2003. "No
expense was spared in creating high-quality, upscale extended-stay
properties that are among the best in the entire Residence Inn
chain. The Hilton and Hilton Suites also are in excellent physical
condition, with the sellers indicating that they have made $12.5
million in capital improvements in the last five years, equivalent
to $23,100 per room. The renovation of the Hilton Ontario should be
completed later this year. We have budgeted approximately $2.0
million for additional upgrades that may be required by franchisors
as a result of the transfer. All four properties are
well-positioned to take advantage of the expected aggressive
average rate growth in their respective markets." Fisher noted that
the company will continue to seek acquisition and development
opportunities that achieve high shareholder returns, with the
primary focus remaining premium-branded upscale extended-stay and
select- service hotels, the core of the company's portfolio;
selected full-service hotels; and turn-around opportunities for
hotels that operate under or can be converted to the industry's
leading brands. Innkeepers USA Trust owns or is invested in 70
hotels with a total of 8,818 suites or rooms in 20 states and
Washington, D.C. For more information about Innkeepers USA Trust,
visit the company's web site at http://www.innkeepersusa.com/. This
press release, and other publicly available information on the
Company, includes forward looking statements within the meaning of
federal securities law. These statements include terms such as
"should," "may," "believe" and "estimate," or assumptions,
estimates or forecasts about future hotel and Company performance
and results, and the Company's future need for capital. Such
statements should not be relied on because they involve risks that
could cause actual results to differ materially from the Company's
expectations when such statements are made. Some of these risks are
set forth in reports filed from time to time with the SEC and
include, without limitation, (i) the operational risks of the hotel
business (including decreasing hotel revenues and increasing hotel
expenses), (ii) risks that war, terrorism or similar activities,
widespread health alerts, disruption in oil imports or higher oil
prices, or changes in domestic or international political
environments negatively affect the travel industry and the company,
(iii) risk of declines in the performance and prospects of
businesses and industries (e.g., technology, automotive, aerospace,
pharmaceuticals) that are important hotel demand generators in the
company's key markets (e.g., the Silicon Valley, CA, Northern NJ,
Washington, DC, etc.), (iv) risk that poor, declining and/or
uncertain international, national, regional and/or local economic
conditions will, among other things, negatively affect demand for
the company's hotel rooms and the availability and terms of
financing, (v) risk that the company's ability to maintain its
properties in competitive condition becomes prohibitively
expensive, (vi) risk that pricing in the hotel acquisition market
becomes prohibitively expensive or non-financeable and that
potential acquisitions or developments do not perform in accordance
with expectations, (vii) risk that the Company may invest in hotels
of a size or nature (e.g., upscale full service or resort)
different than those it has focused on historically (e.g., upscale
extended-stay, and mid-scale limited service); (viii) risks related
to an increasing focus on development, including permitting risks,
increasing the proportion of Company assets not producing revenue
at a given time and risks that projects cost more, take longer to
complete or do not perform as anticipated; (ix) changes in travel
patterns or the prevailing means of commerce (i.e., e-commerce) may
reduce demand for hotels in general or the Company's hotels in
particular, (x) the complex tax rules that the company must satisfy
to qualify as a REIT and the potentially severe consequences of
failing to satisfy such requirements, and (xi) governmental
regulation that may increase the company's cost of doing business
or otherwise negatively effect its business or its attractiveness
as an investment and create risk of liability for non-compliance
(e.g., changes in laws affecting wages, taxes or dividends,
compliance with building codes, compliance with the Americans with
Disabilities Act, workers compensation law changes, the
Sarbanes-Oxley law, etc.). The Company undertakes no obligation to
update any forward looking statement to reflect actual results,
changes in the Company's expectation, or for any other reason.
CONTACT: Dennis Craven, Chief Financial Officer, +1-561-227-1302,
or Mark Murphy, Acquisitions, +1-561-227-1336, both of Innkeepers
USA Trust; or Media: Jerry Daly or Carol McCune of Daly Gray,
+1-703-435-6293, for Innkeepers USA Trust.
http://www.newscom.com/cgi-bin/prnh/20060727/DCTH015-a
http://www.newscom.com/cgi-bin/prnh/20060727/DCTH015-b
http://www.newscom.com/cgi-bin/prnh/20060727/DCTH015-c
http://www.newscom.com/cgi-bin/prnh/20060727/DCTH015-d
http://photoarchive.ap.org/ DATASOURCE: Innkeepers USA Trust
CONTACT: Dennis Craven, Chief Financial Officer, +1-561-227-1302,
or Mark Murphy, Acquisitions, +1-561-227-1336, both of Innkeepers
USA Trust; or Media: Jerry Daly or Carol McCune of Daly Gray,
+1-703-435-6293, for Innkeepers USA Trust Web site:
http://www.innkeepersusa.com/
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