Innkeepers USA Acquires Sheraton in Rockville, Md. from Starwood; Hotel Scheduled to Open in October 2006
07 8월 2006 - 10:58PM
PR Newswire (US)
PALM BEACH, Fla., Aug. 7 /PRNewswire-FirstCall/ -- Innkeepers USA
Trust (NYSE:KPA), a hotel real estate investment trust (REIT) and a
leading owner of upscale properties throughout the United States,
today announced that it has entered into an agreement to acquire
the 155-room Sheraton Rockville in Maryland from Starwood Hotels
& Resorts Worldwide, Inc. (NYSE:HOT) for $23.3 million, or
$150,000 per key, in a deal negotiated directly with Starwood. The
hotel is under construction and is expected to open in October
2006. The acquisition will be funded with borrowings under the
company's unsecured line of credit, and the hotel will fly the
Sheraton flag under a long-term franchise agreement. Innkeepers
Hospitality Management, which is owned by Jeffrey H. Fisher, chief
executive officer of Innkeepers USA Trust, will manage the hotel
under a long-term management agreement. The acquisition, which is
expected to close in the 2006 fourth quarter, is subject to a
number of customary contractual closing conditions. "The Sheraton
Rockville is our first acquisition from Starwood, one of the
world's most respected hotel companies, and we look forward to
building on that relationship in what we hope to be many strategic
acquisitions or developments with the Starwood family of brands,"
said Jeffrey H. Fisher, Innkeepers chief executive officer and
president. "As the only Starwood- branded hotel in the immediate
market, the hotel will be well suited to meet the demands of the
tenants of the more than 12 million square feet of office and
research space within a three-mile radius of the hotel." Situated
5.5 miles north of Washington, D.C.'s Capital Beltway in Rockville,
Md., the five-story hotel is located in the master-planned, mixed-
use development of King Farm, an award-winning community. "This is
a strong lodging market, where half the current supply is more than
10 years old, which we believe will give us an added competitive
advantage," Fisher added. "Additionally, we expect the hotel to
capitalize on the continuing expansion of Irvington Center office
park, also part of King Farm, where 3,200 residential units, 12,000
square feet of retail, 920,000 square feet of Class A office space
are already constructed and a total of 1.7 million square feet will
be built." With 103 king rooms and 52 double rooms, the property
features a 45-seat, three-meal restaurant; three 500-square-foot
meeting rooms; indoor pool; and health club. Each guest room will
feature the Sheraton Sweet Sleeper(SM) Bed, known for its comfort
with its plush top mattress, down pillows, crisp sheets and plump
duvets. The hotel also features a Sheraton Club Floor level, which
will offer a private, comfortable setting with upgraded amenities
and personalized concierge services for the busy executive.
Sheraton, the largest brand of Starwood Hotels & Resorts
Worldwide, Inc. (NYSE:HOT) has more than 394 hotels in 65
countries. Starwood Hotels & Resorts Worldwide, Inc. is one of
the leading hotel and leisure companies in the world with more than
850 properties in more than 95 countries and 145,000 employees at
its owned and managed properties. Starwood is a fully integrated
owner, operator and franchisor of hotels and resorts with the
following internationally renowned brands: St. Regis, The Luxury
Collection, Sheraton, Westin, Four Points by Sheraton, W, Le
Meridien and the recently announced aloft, as well as Starwood
Vacation Ownership, Inc., one of the premier developers and
operators of high quality vacation interval ownership resorts. For
more information, please visit http://www.starwoodhotels.com/.
Innkeepers USA Trust owns 70 hotels with a total of 8,818 suites or
rooms in 20 states and Washington, D.C., and focuses on acquiring
or developing 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. 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 (Company) Jerry Daly or Carol McCune Chief
Financial Officer Daly Gray (Media) (561) 227-1302 (703) 435-6293
DATASOURCE: Innkeepers USA Trust CONTACT: Dennis Craven, Chief
Financial Officer of Innkeepers USA Trust, +1-561-227-1302; or
Jerry Daly or Carol McCune of Daly Gray, +1-703-435-6293, both for
Innkeepers USA Trust Web site: http://www.innkeepersusa.com/
http://www.starwoodhotels.com/
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