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Interstate Agrees to Merge with Hotel Acquisition Co., LLC

Interstate Hotels and Resorts has accepted the terms of the merger agreement, by which it is going to sell its common stock to Hotel Acquisition Co., LLC. Interstate Stockholders approved the agreement at a conference that took place yesterday. Hotel Acquisition Co. (HAC) will acquire Interstate’s shares for $2.25 per share in cash. HAC is a joint venture between Shanghai Jin Jiang International Hotels Co. Limited and subsidiaries Thayer Hotel Investors V-A LP, a private equity firm sponsored by Thayer Lodging Group.

Pursuant to the terms of the agreement, the closing date of the merger is March 18. Interstate has submitted a request to the New York Stock Exchange for delisting its common stock. Interstate Hotels & Resorts, Inc. manages or has ownership interests in 228 residences, resorts and hotels (with about 46,000 rooms) located in 36 countries of America, Europe and Asia.

15.03.2010

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