MERRILLVILLE, Ind., Dec. 6, 2017 /PRNewswire/ -- Today, White Lodging announced an agreement with Interstate Hotels and Resorts to sell 82 of its suburban hotel management contracts.
"This repositioning allows us to better focus on assets consistent with our market and development objectives while partnering with owners looking to grow with us," said Bruce White, Chairman and Founder. "We will use the net proceeds to continue to reinvest in strategic select and full service assets."
"This transition is a major shift in our portfolio mix, allowing us the flexibility to capitalize on new opportunities that will strengthen the diversity of our national footprint," said Deno Yiankes, President and CEO, Investments and Development.
While the transaction represents just under half of the hotels in White Lodging's portfolio, it represents less than 25% of its revenue. Upon completion of the hotels currently being developed, White Lodging will operate over 100 hotels, representing 26 brands, as well as 40 restaurants, including 8 rooftop bars.
"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.
The transaction is expected to close on or before January 31, 2018.
About White Lodging
White Lodging, established in 1985, is one of the fastest growing hotel ownership, development, and management companies in America. An innovative trendsetter, the organization's portfolio includes convention, urban lifestyle, and suburban hotels. After the closing of this transaction, White Lodging will operate 87 premiere hotels, 30 restaurants/bars and 26 brands — including Marriott International, Hilton Worldwide, Hyatt Global, and InterContinental Hotel Group and its own Collection of Luxury Ranches. White Lodging is one of the most active developers in the US with over 18 projects currently in development. Success knows no boundaries at White Lodging, where associates and leadership have consistently earned industry leading guest satisfaction scores, market share and profit margins while recruiting and retaining the best, brightest, and most passionate professionals in every discipline for three decades. For more information about White Lodging, visit www.whitelodging.com, or connect on Facebook, Twitter, LinkedIn and Instagram.
Contact: Kathleen Sebastian
P 219.472.2861 | Kathleen.Sebastian@whitelodging.com
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SOURCE White Lodging