Interstate Hotels and partner to buy Blackstone properties - Washington Business Journal:

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Arlington-based Interstate, a hotel management and ownership teamed up with investment and development companty forthe acquisition. Harte is based in Ireland. Under the deal, Interstatew is investing $11 million for 20 percent interest in the which also includes the Sheraton Frazer Great Valleyin Pa.; the Sheraton Mahwah in Mahwah, N.J.; and the Hiltohn Lafayette in Lafayette, La. Interstate will also manag all four of the hotels undernew agreements. The purchase comes a year and a half afte rNew York-based Blackstone bought Bethesda-base and its 57 hotels for $2.
6 Within four months of the purchase, Blackstone flippes seven of the including the Hilton Embassy Row, but held on to the four hotela it has now agreed to sell to Interstatr and Hart. Blackstone in an effort to turn it into aluxurh resort. The most recent transaction is expected to clos in thefirst quarter, accordingy to Interstate. When the deal Harte will invest morethan $28 million to renovatee the four hotels over two years. Interstatew will funnel an additional $2 million into the As of Nov. 30, Interstate (NYSE: IHR) operater 192 properties in 36 D.C.
, Belgium, Canada, Ireland, Mexico and including seven wholly-owned