Innkeepers USA Completes Acquisition of Sheraton in Rockville, Md. from Starwood
14 11월 2006 - 10:58PM
PR Newswire (US)
PALM BEACH, Fla., Nov. 14 /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 completed the acquisition of 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
acquisition was 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. Situated 5.5 miles north of
Washington, D.C.'s Capital Beltway, the five- story hotel is
located in the master-planned, mixed-use development of King Farm,
an award-winning community. "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,"
said Jeffrey H. Fisher, Innkeepers chief executive officer and
president. "In addition, the hotel should benefit from the
continued expansion of Irvington Center office park, also part of
King Farm. We also believe this hotel offers an added competitive
advantage in that half the current supply is more than 10 years
old. We will continue to execute our strategy of building long-term
shareholder value with our acquisitions, conversions and
developments as we transform the quality of our portfolio into
newer, more profitable assets." Innkeepers USA Trust owns 75 hotels
with a total of 9,904 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 that the company may be uninsured or
underinsured against property, casualty or other risks that may
negatively affect its properties, or business, including but not
limited to earthquakes or hurricanes; (ix) 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; (x) 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, (xi) 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 (xii)
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) Mark Murphy (Company) Jerry Daly
or Chief Financial Officer Acquisitions Carol McCune (561) 227-1302
(561) 227-1336 Daly Gray (Media) (703) 435-6293 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 Web site:
http://www.innkeepersusa.com/
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