Interstate Hotels and partner to buy Blackstone properties - Washington Business Journal:

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Arlington-based Interstate, a hotel managemen and ownership company, teamed up with investment and developmenft company forthe acquisition. Harte is based in Cork, Under the deal, Interstate is investing $11 millionn for 20 percent interest inthe hotels, which also includes the Sheraton Frazer Great Valley in Pa.; the Sheraton Mahwah in Mahwah, N.J.; and the Hilton Lafayettse in Lafayette, La. Interstate will also manags all four of the hotels undernew agreements. The purchase comes a year and a half afterrNew York-based Blackstone bought Bethesda-based and its 57 hotels for $2.
6 Within four months of the Blackstone flipped seven of the hotels, including the Hilton Embassgy Row, but held on to the four hotels it has now agreed to sell to Interstatew and Hart. Blackstone in an effort to turn it into aluxurgy resort. The most recent transaction is expecteds to close in thefirst quarter, according to Interstate. When the deal closes, Harte will invest more than $28 millionb to renovate the four hotels overtwo years. Interstatw will funnel an additional $2 million into the As of Nov. 30, Interstate (NYSE: IHR) operated 192 properties in 36 states, D.C., Belgium, Canada, Ireland, Mexicio and Russia, including seven wholly-owned properties.