UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
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| Date of Report (Date of Earliest Event Reported): | | May 4, 2007 |
Interstate Hotels & Resorts, Inc.
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(Exact name of registrant as specified in its charter)
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| Delaware | 1-14331 | 52-2101815 |
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(State or other jurisdiction | _____________
(Commission | ______________
(I.R.S. Employer |
| of incorporation) | File Number) | Identification No.) |
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| 4501 North Fairfax Drive, Suite 500, Arlington, Virginia | | 22203 |
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(Address of principal executive offices) | | ___________
(Zip Code) |
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| Registrant’s telephone number, including area code: | | (703) 387-3100 |
Not Applicable
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Former name or former address, if changed since last report
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 1.01 Entry into a Material Definitive Agreement.
On May 4, 2007, Interstate Atlanta Airport, LLC, an affiliate of Interstate Hotels & Resorts, Inc. (the "Company"), signed an Agreement of Purchase and Sale to acquire the 495-room Westin Atlanta Airport in Georgia from Lepercq Atlanta Renaissance Partners, L.P., an affiliate of The Blackstone Group. The purchase price was $74 million, or $148,000 per key. An affiliate of the Company will manage the hotel.
The Company plans to spend an additional $18 million for major renovations of the guestrooms and common areas. It will finance the transaction with cash on hand and with funds drawn on its senior credit facility. The transaction is expected to close during the second quarter.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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| | | Interstate Hotels & Resorts, Inc. |
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| May 8, 2007 | | By: | | /s/ Christopher L. Bennett
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| | | | | Name: Christopher L. Bennett |
| | | | | Title: EVP and General Counsel |
