Interstate Hotels & Resorts Acquires Nearly Half of White Lodging's Portfolio
Largest single-day acquisition for Interstate nets 82 hotels and one restaurant.
Interstate Hotels & Resorts--the largest third-party management company in the industry--added to its portfolio of 400+ hotels by acquiring a significant portion of Indiana-based White Lodging's holdings today.
Those at Interstate say they've closed on the acquisition of the management agreements of 82 premium-branded, select- and full-service hotels, plus one restaurant, from White Lodging effective January 24, 2018. According to White Lodging, the holdings account for just under half of White Lodging's portfolio. White Lodging will still operate over 100 hotels, representing 26 brands, as well as 40 restaurants, including eight rooftop bars, upon the completion of hotels currently being developed by the company.
“The sale of these contracts will allow White Lodging to increase its focus on the disciplined execution of our key initiatives, the training and development of our associates and creating incremental value for our partners,” said Ken Barrett, President and CEO of White Lodging’s Hotel Management Division.
Meanwhile, Michael Deitemeyer, Interstate’s president & CEO, says a transaction of this nature "aligns well with our growth strategy and we’re excited with the direction this new expansion is taking us,” said “We’ve gained high quality hotels under long-term management agreements, and increased our depth of talent with valued and experienced leadership teams.”
Historically, today marks the largest single-day transition for Interstate Hotels & Resorts. Interstate welcomes 2,500 new associates, 78 select-service and four full-service properties under iconic lodging brands including Marriott, Hyatt and Hilton into its portfolio.