Interstate Stockholders Approve Merger
Interstate Hotels & Resorts (NYSE: IHR), a leading hotel real estate investor and the nation’s largest independent hotel management company, today announced that its stockholders approved, at a special meeting held today, the merger agreement by which Interstate will be acquired by Hotel Acquisition Company, LLC.
HAC is a 50/50 joint venture between subsidiaries of Thayer Hotel Investors V-A LP, a private equity fund sponsored by Thayer Lodging Group (“Thayer Lodging”), and Shanghai Jin Jiang International Hotels (Group) Company Limited (“Jin Jiang Hotels”). Thayer Lodging, founded in 1991, is a leading private equity sponsor that invests exclusively in the lodging sector. Jin Jiang Hotels is the world’s 13th largest hotel company in terms of number of rooms according to Hotels Magazine.
As previously announced on December 18, 2009, under the terms of the merger agreement, the outstanding shares of Interstate common stock will be acquired by HAC for $2.25 per share in cash.
Interstate expects to close the merger no later than March 18, 2010, subject to the satisfaction of various closing conditions of the parties pursuant to the terms of the merger agreement.
In connection with the merger, a request was submitted on behalf of Interstate to the New York Stock Exchange for withdrawal of the listing of its common stock. Interstate’s proposed delisting is contingent, among other conditions, on the closing of the merger. To effect the delisting, the New York Stock Exchange will file a Form 25 with the Securities and Exchange Commission.
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