Interstate Hotels & Resorts (NYSE: IHR), a leading hotel real estate investor, today announced the completion of the merger with Hotel Acquisition Company, LLC, a 50/50 joint venture between subsidiaries of Thayer Hotel Investors V-A LP, a private equity fund sponsored by Thayer Lodging Group, and Shanghai Jin Jiang International Hotels (Group) Company Limited.
Thayer Lodging, founded in 1991, is a leading private equity sponsor that invests exclusively in the lodging sector. Jin Jiang Hotels is the world’s 13th largest hotel company in terms of number of rooms according to Hotels Magazine.
Shares of Interstate common stock were cancelled and converted into the right to receive $2.25 per share in cash, without interest. Payment information will be mailed to Interstate shareholders as soon as practicable.
Completion of the transaction follows adoption and approval of the merger agreement by Interstate’s shareholders at a special meeting of shareholders on March 11, 2010. Interstate shares have ceased trading on the New York Stock Exchange.
Barclays Capital served as financial advisor to Interstate, BofA Merrill Lynch served as financial advisor to Thayer Lodging, and UBS Investment Bank served as financial advisor to Jin Jiang Hotels. Paul, Weiss, Rifkind, Wharton & Garrison LLP served as legal advisor for Interstate. Hogan & Hartson LLP served as Thayer Lodging’s legal advisor and Baker & McKenzie LLP served as Jin Jiang Hotels’ legal advisor.
