Interstate will fund the acquisition with available cash andcapacity under its senior revolving credit facility. Thetransaction is expected to close in the first quarter of 2008.
The four properties included in the joint venture acquisitionare: the Sheraton Frazer Great Valley in Frazer, PA, which has 198rooms; the Sheraton Mahwah in New Jersey, which has 225 rooms; theLatham Hotel Georgetown in Washington, DC, which has 142 rooms; andthe Hilton Lafayette in Louisiana, which has 327 rooms.
Interstate currently manages three of the properties andpreviously managed the Latham hotel for the Blackstone Group andMeriStar Hospitality. Upon closing, Interstate will manage all fourhotels under new management agreements.
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