Interstate Hotels & Resorts, the United States' largest independent hotel management company, today announced that the company has entered into a joint venture with TVHG Budget Group Beheer BV ("TVHG"), through its subsidiary TVHG Budget Group Netherlands trading under the name Dutch Hotel Partners, to invest in a portfolio of nine hotels located across the Netherlands.
Of the nine hotels, one was recently opened, the 112-room Holiday Inn Express Schiphol Airport in Amsterdam, and the remaining eight, anticipated to be open by the end of 2012, will be converted from existing buildings to Holiday Inn, Holiday Inn Express or Hampton Inn brands. All nine hotels, comprising approximately 1,800 rooms, will be managed under long-term contracts by Interstate.
"This joint venture marks our entry into the Netherlands and significantly increases our European presence to more than 25 hotels open or in the pipeline," said Thomas F. Hewitt, Interstate's chairman and chief executive officer. "This new alliance illustrates our commitment to aggressive growth in Europe. We have the infrastructure and an experienced management team in place to oversee our growing portfolio there."
"TVHG is an experienced, highly regarded hotel developer with an impressive record of hotel development and transactions in the Netherlands and elsewhere," said Jim Abrahamson, Interstate's president and COO. "For the past few years, they have focused on taking advantage of opportunities in the real estate sector by identifying well located, vacant office buildings that represent attractive hotel conversion opportunities to internationally recognized brands. Nine of those hotels form the basis of this partnership, and the addition of Interstate's established management platform to this unique joint venture will help fulfill the promise of that plan." Abrahamson noted the strength of Interstate's international platform comes from the company's long and positive relationships with top-quality brands. "This is our first deal with TVHG and we look forward to building on our relationship as we expand in Europe."
"Interstate has pioneered the concept of independent hotel management in some of the world's fastest growing economies and has successfully transplanted that business model to Europe," said Bart van de Kamp, founder and CEO of TVHG. "The capabilities they bring, combined with their long, strong track record of superior performance, give us a high degree of confidence in their ability to operate these hotels to their full potential and maximize our returns. With Interstate's platform and their relationships with top tier brands, we hope to continue our partnership beyond this initial phase in the Netherlands into other markets."
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