JOINT VENTURE ACQUIRES HOTEL PORTFOLIO FOR $208 MILLION

LAFAYETTE, LA.; WASHINGTON, D.C. — Arlington, Va.-based Interstate Hotels & Resorts and Cork, Ireland-based Harte Hotels have acquired four hotels from affiliates of the Blackstone Group for $208 million. Interstate invested approximately $11.5 million for a 20 percent equity interest in the Hilton Lafayette, a 327-room property; Latham Hotel Georgetown, a 142-room property in Washington, D.C.; and two hotels in Pennsylvania and New Jersey.