Innkeepers USA Acquires 49 Percent Interest in Raleigh, N.C. Sheraton Hotel
28 11월 2006 - 10:58PM
PR Newswire (US)
PALM BEACH, Fla., Nov. 28 /PRNewswire-FirstCall/ -- Innkeepers USA
Trust (NYSE:KPA), a hotel real estate investment trust (REIT),
today announced that it has acquired a 49 percent interest in the
355-room Sheraton Capital Center Hotel in Raleigh, N.C. The
property was purchased in a joint venture with Gencom Group, a
private, Miami-based hospitality investment firm, for approximately
$42 million, which includes $5 million for renovations which are
expected to begin shortly. The new joint venture funded the
acquisition with $8.5 million in cash and approximately $33.5
million in debt from CapitalSource Finance LLC. Innkeepers funded
its portion of the cash from borrowings on its unsecured line of
credit. The debt issued by the joint venture is floating rate debt
to bear interest at LIBOR plus 285 basis points and matures in
November 2009, and the joint venture can extend the maturity up to
two years under certain conditions. Innkeepers Hospitality, which
has managed the property since 2003, will continue to operate the
hotel under a revised long-term agreement. "This is our first
joint-venture property and adds another dimension to our flexible
acquisition/development growth strategy," said Jeffrey H. Fisher,
Innkeepers chief executive officer and president. "At a price of
approximately $118,000 per key including approximately $5 million
in upgrades required by Starwood as a result of the acquisition, we
felt it was a very attractive opportunity with compelling economics
and the potential to generate positive long-term shareholder
returns. It also allows us to establish a solid working
relationship with an excellent partner and sets the stage for
additional opportunities for structured transactions with The
Gencom Group." Located at 421 S. Salisbury St. in the heart of
downtown Raleigh, the 355- room Sheraton Capital Center is attached
to the Hanover Office Building and within walking distance of the
Raleigh Convention and Conference Center, the State Capitol,
museums, restaurants, nightlife, and the BTI Center for the
Performing Arts. Hotel amenities include a full-service restaurant,
lounge, coffee bar, indoor heated pool, whirlpool, fitness
facility, concierge, room service and a business center. Guest
rooms feature high-speed Internet access and Sheraton's Sweet
Sleeper beds. Innkeepers USA Trust owns or is invested in 76 hotels
with a total of 10,259 suites or rooms in 21 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 Jerry Daly or Carol
McCune Chief Financial Officer Acquisitions Daly Gray (Media) (561)
227-1302 (561) 227 1336 (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 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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