DUBLIN, Ireland and ARLINGTON, Va., Jan. 29 /PRNewswire/ -- Sorrento
Asset Management, a Dublin-based, privately held, investment group, today
announced that it has acquired BridgeStreet Worldwide, a leading
international provider of corporate housing (referred to as serviced
apartments throughout Europe), from Interstate Hotels & Resorts (NYSE: IHR)
for approximately $40.5 million.
"Over the last several years, BridgeStreet has operated a number of our
properties in Europe and the United States. As we became familiar with
their strengths, we saw the strategic opportunity to combine our global
real estate activity with BridgeStreet's proven management team," said
Bryan Turley, Sorrento's chief executive officer. "The combination into a
single organization will translate into significant synergies, and creates
additional opportunities for BridgeStreet. We see BridgeStreet, which will
be our management division, as a catalyst for strategic growth. In addition
to operating our current properties, we will continue to pursue strategic
acquisitions in key U.S. and European markets."
"Our partnership with Sorrento will open doors to multiple capital
sources, which will allow us to fund our ongoing and future growth plans,"
said Lee Curtis, president and newly named CEO of BridgeStreet. "We remain
commited to our clients and associates and are very enthusiastic about the
opportunities this merger brings to both. We will remain a U.S.-based
company, with our full management team remaining in northern Virginia."
Turley noted that BridgeStreet had successfully implemented a major
turn- around program over the past few years. "Curtis and his team have re-
energized the company by concentrating on high potential, tier-one markets,
by increasing revenues and profitability and through significantly
expanding their global accounts. We foresee significant upside growth
In 2006, BridgeStreet introduced a number of client-friendly programs,
including enhanced guest service packages in major markets, a state-of-the-
art, integrated supplier management tool, a new luxury bedding program and
the industry's first mapping and point of interest Web-based tools. As a
result, guest satisfaction scores rose more than 17 percent.
The acquisition was financed by Credit Suisse, and Cantor Fitzgerald
and DLA Piper acted as financial and legal advisor to Sorrento,
BridgeStreet Worldwide is one of the world's largest corporate housing
providers. BridgeStreet and its network of Global Partners offer
approximately 10,000 corporate apartments located in over 100 MSAs
throughout the United States and 50 cities internationally. An award winner
both in the U.S. and Europe, BridgeStreet properties meet uncompromising
standards of quality, comfort and service. For more information about the
company or to learn more about how BridgeStreet is Making Corporate Housing
Easy, visit http://www.bridgestreet.com or call 1-800-BSTREET.
Based in Dublin, Ireland, Sorrento Asset Management is a leading
provider of wealth management products and services, focused primarily on
return on equity transactions. Formed in 2004, Sorrento's strength comes
from its ability to structure high quality, off-market residential and
commercial property transactions with guaranteed yields and full
management, giving investors turn-key investment solutions. The company's
investment products and services include a significant property portfolio
in the U.K., Ireland, Europe and the U.S., structured products and private
finance transactions, equity investments and pre-and post-retirement funds.
Contact: Jerry Daly or Carol McCune
Daly Gray Public Relations (Media)
SOURCE BridgeStreet Worldwide