Wednesday, February 27, 2008

Cambridge Reports 26 Origination Requests in January

CHICAGO, IL--In a tight credit market, Cambridge Realty Capital Companies reports processing 26 loan origination requests totaling $538.4 million during the first month of the New Year.

The actual number of origination requests in January was down from 33 for the same month last year. But dollar volume was ahead of last January’s $512.5 million total, said Cambridge Chairman Jeffrey A. Davis. (photo top right)

“It’s hard to read too much into totals for a single month, but the pattern established last year appears to be holding. Origination requests are down but volume totals are holding their own,” he said.

In 2007, loan origination requests at Cambridge were down 20 percent but the total volume of these loans, $4.49 billion, was slightly ahead of the previous year.

Davis points out that lenders close a relatively small percentage of the loan origination requests they receive. But it’s useful to track this information as an indication of market directions, he believes.

Privately owned since its founding in 1983 as a real estate investment banker specializing in commercial real estate properties, Cambridge emerged in the 1990s as one of the nation’s leading senior housing and healthcare debt and equity capital providers, closing more than 300 such transactions totaling more than $2.75 billion since then.

The company is one of the nation's leading HUD 232 FHA / MAP-approved lenders and also has an integrated debt / equity financing strategy that includes direct property acquisitions and joint ventures; sale / leasebacks for clients; conventional and mezzanine debt financing; and acquisition of distressed debt. Additionally, Cambridge offers a wide array of conventional lending options for senior housing / healthcare owners, including permanent construction and interim loans on either a floating or variable rate basis.

Cambridge is the creator of The Signature Experience™, a four-step process designed to transform the traditional lender / borrower relationship and identify “ideal” capital solutions for worthy projects. The company has created four separate processes for customer groups that are designed to build and enhance long-term relationship potential and speed the way loans are processed and closed.

Programs include The Key To Capital™ for senior housing owners, The Navigator Experience™ for senior housing brokers and mortgage bankers, The Principal Lender Network™ for lenders who refer loans to Cambridge, and The Relationship Building Experience™ for various industry-related consultants, including lawyers and accountants.

The company has a regional office in New York, affiliate office in Los Angeles, and correspondent relationships nationwide. The firm also has established key origination relationships and a dozen or more Internet-based strategies.

Cambridge’s award-winning Web site, www.cambridgecap.com, provides monthly rate updates for its debt and equity capital programs. The company also publishes the bi-monthly e-PULSE electronic newsletter, which delivers company news and feature stories via e-mail to corporate friends and clients.

For additional information, contact Cambridge at (312) 357-1601 or via e-mail at info@cambridgecap.com.

Contact:
Evan Washington
Phone: (312) 521-7603
Fax: (312) 357-1611
E-Mail: ew@cambridgecap.com
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Posted by Alex at 11:52 AM 0 comments

Cambridge Provides $13.6M HUD 232 Insured Loan to Refinance Skokie Meadows Nursing Center

CHICAGO--A $13.6 million FHA-insured HUD loan has been provided by Cambridge Realty Capital Companies to refinance the Skokie Meadows Nursing Center, (photo top right) a combined 224-bed intermediate care and board and care facility in Skokie, Illinois.

Cambridge Chairman Jeffrey A. Davis said the property has 111 intermediate-care and 113 board and care units. The fully-amortized, 35-year term first mortgage was arranged for the owner, an Illinois limited liability company, by Cambridge Realty Capital Ltd. of Illinois, an FHA/MAP-approved HUD lender.

Davis said the borrower qualified for HUD's Section 223(a)7 funding program. The interest rate was not disclosed.

Privately owned since its founding in 1983 as a real estate investment banker specializing in commercial real estate properties, Cambridge emerged in the 1990s as one of the nation’s leading senior housing and healthcare debt and equity capital providers, closing more than 300 such transactions totaling more than $2.75 billion since then.

The company is one of the nation's leading HUD 232 FHA / MAP-approved lenders and also has an integrated debt / equity financing strategy that includes direct property acquisitions and joint ventures; sale / leasebacks for clients; conventional and mezzanine debt financing; and acquisition of distressed debt. Additionally, Cambridge offers a wide array of conventional lending options for senior housing / healthcare owners, including permanent construction and interim loans on either a floating or variable rate basis.

Cambridge’s award-winning Web site, www.cambridgecap.com, provides monthly rate updates for its debt and equity capital programs. The company also publishes the bi-monthly e-PULSE electronic newsletter, which delivers company news and feature stories via e-mail to corporate friends and clients.

For additional information, contact Cambridge at (312) 357-1601 or via e-mail at info@cambridgecap.com.

Contact:
Evan Washington
Phone: (312) 521-7603
Fax: (312) 357-1611
E-Mail: ew@cambridgecap.com
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Posted by Alex at 11:37 AM 0 comments

Construction Pricing Softening from Economic Slowdown


WASHINGTON, DC--A slowdown in the global economy primarily caused by the sub-prime mortgage crisis has led to softening in construction pricing throughout the United States in the second half of 2007, according to Jones Lang LaSalle's fourth quarter 2007 National Construction Smart analysis. David Dempsey (photo top right) is JLL's managing director.

After realizing growth in excess of 6 percent from 2004 – 2006, construction costs slowed considerably in 2007. The price of raw materials experienced the largest increase in 2004,averaging 15 percent growth, only to moderate to approximately 6 percent in 2005 and 2006.

Through the second half of 2007 prices grew by a modest 1.9 percent, decelerating from thefirst half of year, which averaged 2.8 percent growth. The 2007 decrease in prices was largelydue to the depreciating housing market and weak US economy.

The price of lumber experienced the sharpest drop in pricing. During the peak of the housingmarket cycle in 2004, lumber costs grew by over 17 percent annually. Lumber prices beganfalling in 2005 and by January 2008, when housing starts were 28 percent lower than 2007,demand for lumber dropped sharply.

As a result, prices fell by over 7 percent throughout 2007, the largest drop since 1998. The downturn in the US economy has caused the market for construction materials to soften, but global demand for specific materials, such as iron and steel has kept upward pressure on overall construction costs.

Developing countries are continuing to grow despite a troubled US economy and the demand for Iron and steel continues to be driven by countries such as China, India and parts of Asia, Africa and South America. The weak US dollar has made US exports of steel even more affordable to the developing countries, causing supplies to dwindle and placing additional upward pressure on prices.

For complete details in National Construction Smart, please contact:

John Sikaitis
+1 202 719 5839
John.Sikaitis@am.jll.com
Dave Dempsey
+1 202 719 5646
Dave.Dempsey@am.jll.com
Justine Morrison
+1 202 719 5793
Justine.Morrison@am.jll.com
Posted by Alex at 11:30 AM 0 comments

Marcus & Millichap Facilitates Sale of Zaxby's Restaurant in Orange City, FL

ORANGE CITY, FL – Marcus & Millichap, the nation’s largest real estate investment services firm, has announced the sale of Zaxby’s, (photo top right) a 3,159 square foot net leased restaurant, according to Greg Matus, Regional Manager of the firm’s Orlando office.

The asset commanded a sales price of $1,665,900. Sales Agents Kevin Yaryan and Patrick Skinner had the exclusive listing to market the property on behalf of the seller, Ansby Properties, LLC, as well as securing the buyer, EBK ZOC, LLC and EBKT ZOC, LLC.

The property on 949 Saxon Boulevard in Orange City, FL, was built in 2004 and is conveniently located just off of I-4 between Orlando and Daytona Beach. Zaxby’s is a quick-serve restaurant specializing in chicken, based out of Athens, Georgia. With over 450 stores located in the Southeast, Zaxby’s is the third fastest growing franchise in its category.

Contact:
Greg Matus
1 407 557 3800
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Posted by Alex at 11:23 AM 0 comments

HFF Closes Sale of Oak Park Office Center II in Houston

HOUSTON, TX – The Houston office of HFF (Holliday Fenoglio Fowler, L.P.) announced today that it closed the sale of Oak Park Office Center II, (photo top left) a 206,362-square-foot Class A office building in Houston, Texas.

HFF managing directors Robert Williamson and Jeff Hollinden and associate director Barbara Guffey led the investment sales team exclusively on behalf of the seller, Realty Associates Oak Park II, L.P., a development venture between TA Associates Realty and Myers, Crow & Saviers, Ltd. GE Real Estate purchased the property.

Completed in 2006, Oak Park Office Center II is fully leased to The Men’s Warehouse for its corporate headquarters. The property is situated on 18 acres at 6380 Rogerdale Road in the Oak Park Business Park close to the Westpark Tollway and Sam Houston Parkway in Houston.
“Oak Park Office Center II has a premier location within a deed restricted office park in Westchase, which is one of the most desirable office submarkets in suburban Houston,” said Williamson.

TA Associates Realty is a national real estate investment firm headquartered in Boston.
Myers, Crow & Saviers, Ltd is a real estate development and investment firm focusing on the development of office buildings in Houston, Dallas/Fort Worth and San Antonio.

Contacts:
Laurie Fish McDowell
Associate Director
HFF One Post Office Square, Suite 3500 Boston, MA 02109
tel 617.338.0990 fax 617.338.2150 http://www.hfflp.com/
lmcdowell@hfflp.com

Robert E. Williamson
HFF Managing Director
713 852 3500

Jeffrey A. Hollinden
HFF Managing Director
713 852 3500
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Posted by Alex at 11:02 AM 0 comments

Hotel Brokers International Announces 2007 Sales Achievement Award Winners

Eight Members and Six Member Firms Set New Records

KANSAS CITY, MO., February 27, 2008—Hotel Brokers International (HBI) at its recent annual meeting announced that dollar volume of hotel real estate sales across its membership organization had risen an impressive 18.5 percent in 2007, compared to 2006 dollar volume.

The organization concurrently announced that a total of 14 of its member sales associates and brokerage firms had achieved personal or collective best sales totals, earning them the organization’s Sales Achievement Awards during the current awards period.

H. Brandt Niehaus (left in photo) presents Salesperson of the Year award to Teague Hunter.

“Hotel real estate transactions were quite active at the individual property, portfolio and merger and acquisition levels,” said H. Brandt Niehaus, CHB, CHA, CCIM and president, Huff Niehaus & Associates, Inc. “This activity in 2007 was reflected in HBI sales, with six member firms setting new records for either sales volume or number of transactions. In total, the organization sold 140 properties valued at more than $640 million in dollar volume.

Niehaus said HBI expects hotel real estate transactions to continue at a brisk pace in 2008. “With the sub-prime mortgage crisis, an expected slowing of economic growth and hotel RevPAR, we expect to see an increasing number of properties changing hands. Because of a shifting economy, we also expect to see new buyers coming to the market as the real estate cycle progresses. Cap rates are liable to inch upward from the 7.5 percent to 10 percent range we saw in 2007. Financing requirements also have moved up, returning to more historic norms of 25 percent to 30 percent equity. Financing is still readily available, especially for experienced owner-operators.”

The organization’s top award, Salesperson of the Year, went to Teague Hunter, (top photo) CHB, executive vice president of Atlanta-based Hunter Realty Associates, for the second year in a row, for sales totaling nearly $70 million. Bob Hunter, president of Hunter Realty Associates, Inc. was named broker of the year, also for the second year in a row, for transactions totaling nearly $150 million.

Other 2007 winners include:

Record Dollar Volume, awarded to individuals and brokerages that achieved their personal highest dollar volume in 2007:

Individual Sales Associates
· Tim Duffy – MBA Hotel Brokers
· Lee Vasché, CHB –Western Hotel Brokers, Inc.
· Steven R. Ferrarini, CHB – ProCom Lodging Brokers, Inc.

Brokerage Firms
· Western Hotel Brokers, Inc.
· ProCom Lodging Brokers, Inc.
· Brash Realty Co., Inc.

· Record Number of Transactions, awarded to individuals and brokerages that achieved their personal highest number of transactions during the current awards period:

Brokerage Firms
· Scoggin Blue LLC
· Laurel Real Estate Company

· Record Number of Transactions and Dollar Volume, awarded to individuals and brokerages that achieved their personal best transaction and dollar volume combined during the current awards period:

Individuals
· Diana Alt – Scoggin Blue LLC
· Chad Cooper –Westgor & Associates
· Lili Gewargis – Brash Reality Co., Inc.
· Teague Hunter, CHB – Hunter Realty Associates, Inc.
· Charlotte Seale – Donohoe Real Estate Services

Brokerage Firm
· Hunter Realty Associates, Inc.

Single Asset Sale of the Year is awarded to the primary listing and/or selling agent. Both winners received the award for the sale of the 156-room Seacrest Resort, Pismo Beach, Calif., which sold for $24,800,000.

· Fred F. Ferrarini, CHB – ProCom Lodging Brokers, Inc.
· Steve Ferrarini, CHB – ProCom Lodging Brokers, Inc.

Portfolio Sale of the Year, determined by total purchasing price and merits of the transaction, is awarded to the primary listing and/or selling agent:

· Teague Hunter, CHB – Hunter Realty Associates, Inc., for the sale of a portfolio consisting of 16 properties totaling 3,056 rooms and selling for $67 million.

Unique Deal of the Year, awarded based on the unique aspects of the transaction, the complexity of the deal and the challenges presented to the broker:

· Teague Hunter, CHB – Hunter Realty Associates, Inc., also for the sale of a 16-hotel portfolio consisting, totaling 3,056 rooms and selling for $67 million.

· New Associate of the Year, awarded to the associate who achieves the most outstanding sales record in their first year of membership:

· Kyle Stevenson — Hunter Realty Associates, Inc., for sales totaling nearly $55 million.

· Top Broker and Salesperson in Each Region, awarded based on sales volume and participation in HBI programs and activities.

Top Regional Brokers

New England/Mid-Atlantic Region
· Joe McCann, CHB – Optimum Hotel Brokerage

South Atlantic Region
· Charles Fritsch, CHB – MBA Hotel Brokers

North Central Region
· Scott Brash – Brash Realty Co., Inc.

South Central Region
· Alan Brock, CHB, Brock Hotel Group

Mountain/Pacific Region
· Fred F. Ferrarini, CHB – ProCom Lodging Brokers, Inc.

Top Regional Salespersons

South Atlantic Region
· Kyle Stevenson – Hunter Realty Associates, Inc.

North Central Region
· Lili Gewargis – Brash Realty Co., Inc.

South Central Region
· Darin Brock, CHB – Brock Hotel Group

Mountain/Pacific Region
· Steven R. Ferrarini, CHB – ProCom Lodging Brokers, Inc.
Contacts:
Melanie Boyer
Account Executive
Daly Gray Public Relations
(703) 435-6293

Glenda Webb
Hotel Brokers International
816 505 4315
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Posted by Alex at 10:42 AM 0 comments

Jay Porterfield Appointed Director in Arbor’s Dallas, TX Office

UNIONDALE, NY (February 27, 2008) - Arbor Commercial Mortgage announces the appointment of Jay Porterfield (photo top right) to Director in Arbor’s Dallas, TX office. Mr. Porterfield will originate Fannie Mae and FHA transactions throughout the Southwest. He reports to Ken Fazio, Vice President, Sales Management.

Prior to joining Arbor, Mr. Porterfield served as a Senior Vice President at Countrywide Commercial Real Estate. In this position, he managed the 50-person Plano, TX regional office with a territory that included Texas, Louisiana, Oklahoma, Colorado and Nebraska.

Before Countrywide, Mr. Porterfield was a Director for LaSalle Bank Real Estate Capital Markets (ABN AMRO), where he ran the Dallas office for LaSalle’s CMBS lending group. He originated $270,000,000 of fixed-and floating-rate loans, negotiated loan applications and documents with borrowers, brokers and attorneys. Additionally, he has held posts at General Electric Commercial Finance Real Estate and Archon Financial (A Goldman Sachs Company).

Mr. Porterfield earned both his Master of Science in Economics and a Bachelor of Business Administration in Accounting and Finance from Texas A&M University-Commerce. He resides in Murphy, TX.

Arbor Commercial Mortgage, LLC, and Arbor Realty Trust, Inc., have extensive experience in mortgage origination, servicing and securitization and have built a reputation for service, quality and flexibility. Arbor’s seasoned management team specializes in debt and equity financing for multifamily, office, retail, hotel and various other commercial real estate properties. The company offers a broad array of financing options including Fannie Mae DUS®, FHA, CMBS, Bridge and Mezzanine products. Currently, Arbor services over $3 billion in loans. Arbor is a rated Standard & Poor’s third-party commercial loan and special servicer.

Arbor also manages Arbor Realty Trust, Inc., a real estate investment trust (REIT), formed to invest in real estate bridge and mezzanine loans, preferred equity investments and in limited cases, discounted mortgage notes and other real estate related assets. Arbor is headquartered in Uniondale, NY, and has full-service lending offices throughout the United States.

Contact:
Ingrid Principe
Marketing Specialist
Arbor Commercial Mortgage, LLC
333 Earle Ovington Boulevard, Suite 900
Uniondale, NY 11553

Phone: 516-506-4298
Fax: 516-542-2555
Email: iprincipe@arbor.com
http://www.arbor.com/
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Posted by Alex at 10:25 AM 0 comments

HFF Named to Market Sale of Dyer Crossing in Dyer, IN

CHICAGO, IL – The Chicago office of HFF (Holliday Fenoglio Fowler, L.P.) has been named to market for sale Dyer Crossing, (photo top right) a 95,083-square-foot, grocery-anchored retail center located in southeastern suburban Chicago in Dyer, Indiana.

HFF managing director Paul Barile and director Janice Sellis will lead the investment sales team on behalf of a local seller. The property is being offered without a formal asking price and subject to the assumption of existing debt. In addition to the existing center, buyers will have the option to purchase an adjacent land parcel that can accommodate the development of additional retail space.

Completed in 2004, Dyer Crossing has 95,083 square feet of retail space plus two outlots improved with 10,600 square feet and parking for 990 cars. The property is 96% occupied by tenants including anchor Jewel-Osco (subsidiary of SuperValu) on a long-term lease through 2024 as well as national and credit tenants such as Chili’s, Starbucks, Sherwin Williams, Harris Bank and Blockbuster. Dyer Crossing is located at 801 – 907 US Highway 30 in the southeastern Chicago suburb of Dyer, Indiana.

“Dyer Crossing is a great investment due to its strong, long-term anchor tenant, national tenancy and outstanding demographics in the surrounding area, which include an average household income in excess of $80,000,” said Barile.

Contacts:
Laurie Fish McDowell
HFF Associate Director
One Post Office Square
Suite 3500
Boston, MA 02109
tel 617.338.0990
fax 617.338.2150

Paul Barile
HFF Managing Director
312 528 3650
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Posted by Alex at 9:06 AM 0 comments

HFF Arranges $4M Financing for Catskill, NY Condominium Community

FLORHAM PARK, NJ – The New Jersey office of HFF (Holliday Fenoglio Fowler, L.P.) has arranged $4 million in financing for Catskill Creek Condominiums at Water’s Edge, a 24-unit condominium community in Catskill, New York. (photo top right)

Working on behalf of Tower Management Service, L.P., HFF senior managing director Tom Didio and associate director Michael Klein placed the 24-month, adjustable-rate loan with Webster Bank. Tower Management currently owns and operates more than 2,000 multifamily units in 19 garden apartment communities throughout New York, New Jersey and Pennsylvania.

Catskill Creek Condominiums is located at 1 Marina Drive in Catskill approximately 30 miles south of Albany via Interstate 87. The gated community has three- and four-bedroom units that range in size from 1,500 square feet to 2,598 square feet and feature two and a half baths, one- or two-car garages, central air conditioning, a private balcony off the master bedroom and a rear patio.

Community amenities include a swimming pool and dock spaces at the confluence of Catskill Creek and the Hudson River. Approvals are in place to develop 10 additional townhomes. Tower Management Service, L.P. has engaged Weichert Realtors to market and sell the units on an exclusive basis.

Contacts:
Laurie Fish McDowell
Associate Director HFF
One Post Office Square,
Suite 3500
Boston, MA 02109
tel 617.338.0990
fax 617.338.2150

Thomas R. Didio
HFF Senior Managing Director
973 549 2000
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Posted by Alex at 8:35 AM 0 comments

National Retail Properties, Inc. Announces Offering of Convertible Notes


ORLANDO, FL /PRNewswire-FirstCall/ -- National Retail Properties, Inc. (NYSE: NNN) (the "Company"), has announced it intends to make a public offering of $200 million principal amount of convertible senior notes due 2028. As part of the offering, the Company expects to grant the underwriters an overallotment option to purchase up to an additional $30 million principal amount of notes.

The notes are registered under the Company's existing shelf registration statement filed with the Securities and Exchange Commission ("SEC"). (Kevin B. Habicht, chief financial officer, executive vice president and treasurer, photo top right)

The notes will be senior unsecured obligations of the Company and will be convertible, subject to various conditions, into cash and at the Company's option, cash, common stock or a combination thereof. The Company expects to use the net proceeds from the sale of the notes to repay borrowings under its credit facility and the remainder to fund future acquisitions and for general corporate purposes.

Citigroup Global Markets Inc., Banc of America Securities LLC and Wachovia Securities are the joint bookrunning managers for the proposed offering.

The exact timing and terms of the offering will depend on market conditions and other factors.
This communication shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or other jurisdiction.

When available, copies of the prospectus and the prospectus supplement, subject to completion, relating to these securities may be obtained from Citigroup Global Markets Inc., Banc of America Securities LLC and Wachovia Securities. You should direct any requests to Citigroup Global Markets Inc., 388 Greenwich Street, New York, New York 10013, by phone: 718-765-6732 or by fax: 718-765-6734, Banc of America Securities LLC, 9 W. 57th Street, New York, NY 10019, and/or to Wachovia Securities, 375 Park Avenue, New York, NY 10152.

You may also obtain a copy of the prospectus and the prospectus supplement, subject to completion, and other documents the Company has filed with the SEC for free by visiting the Commission's web site at http://www.sec.gov/.

NNN acquires, owns, invests in, manages and develops properties that are leased primarily to retail tenants under long-term net leases. As of December 31, 2007, NNN owned 908 Investment Properties, with an aggregate leasable area of 10.6 million square feet, located in 44 states.

For more information on the Company, visit http://www.nnnreit.com/.
SOURCE:
National Retail Properties, Inc.

Contact:
Kevin B. Habicht, (photo top right)
Chief Financial Officer
of National Retail Properties, Inc.,
+1-407-650-1230
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Posted by Alex at 7:58 AM 0 comments

Kempner Comments on Departure of Doug Duncan


WASHINGTON, D.C. -- Jonathan L. Kempner, (photo top left) President and CEO of the Mortgage Bankers Association (MBA) today issued the following statement on the departure of Senior Vice President and Chief Economist Doug Duncan (photo top right). Duncan announced today that he has accepted an offer to be Vice President and Chief Economist for Fannie Mae.

"Over the past 15 years, MBA has become one of the most trusted sources of economic analysis on the housing industry. Doug Duncan has been a major reason why. With his balanced and level-headed approach, Doug has become a household name for anyone trying to understand the dynamics of the real estate market. For that reason, he will of course be sorely missed.

"However, over those 15 years, Doug has built a smart and talented team that has driven MBA's growth and success in the data and research field. They have my full confidence and I don't expect MBA to miss a beat while we search for a successor.

"Personally, I am very excited for Doug and this new opportunity. At the same time, I lament losing his expertise and counsel on which we have come to rely. But MBA's loss is Fannie Mae's gain, and I am buoyed by the fact that America's housing industry will continue to benefit from Doug's talents."

Contact:
John Mechem
(202) 557-2924
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Posted by Alex at 7:40 AM 0 comments

Interstate Hotels & Resorts Reports Fourth-Quarter, Full-Year 2007 Results

ARLINGTON, Va., Feb. 27 /PRNewswire-FirstCall/ -- Interstate Hotels & Resorts (NYSE: IHR), a leading hotel real estate investor and the nation's largest independent operator of full- and select-service hotels, today reported strong operating results for the fourth quarter and year ended December 31, 2007. The company's complete report may be obtained from Carrie McIntyre, senior vice president and treasurer, at 1- 703 387 3320.

Fourth quarter 2007 versus fourth quarter 2006 results included:
Total revenue--$58.6 million v. $41.6 million.
Net income--$6.8 million v. $10.8 million
Diluted earnings per share--21 cents v. 34 cents.
Adjusted EBITDA--$22.7 million v. $19.7 million.
Adjusted net income--$10.5 million v. $9 million.
Adjusted diluted EPS--33 cents v. 28 cents.


Full year 2007 versus full year 2006 results included:

Total revenue--$156 million v. $140.7 million
Net income--$22.8 million v. $29.8 million.
Diluted earnings per share--71 cents v. 94 cents
Adjusted EBITDA--$45.9 million v. $65 million.
Adjusted net income--$14.6 million v. $28.8 million
Adjusted diluted EPS--46 cents v. 91 cents.

"During the fourth quarter, we not only achieved impressive operating results, as evidenced by the 7.9 percent RevPAR increase on our six wholly- owned assets, we continued to execute on our growth strategy to selectively acquire wholly-owned hotels by purchasing the Sheraton Columbia Hotel in Maryland," said Thomas F. Hewitt, chief executive officer. (photo top left)

"In early 2005, we set out to diversify and stabilize our income streams," he said. "With the acquisition of the Sheraton Columbia, we have now reached our near-term target of generating 50 percent of our Adjusted EBITDA from whole ownership. Although we will remain opportunistic in seeking additional wholly-owned assets, we expect the majority of our dollars invested in owned assets in 2008 to come through value-added capital improvements at our existing hotels."

Hewitt said that the company will invest approximately $35 million to upgrade its owned hotels in 2008, including $27 million related to completion of the comprehensive $30 million renovation of the Westin Atlanta Airport and Sheraton Columbia hotels. Room renovations are underway at both hotels.

IHRContact:
Carrie McIntyre
Senior Vice President
and Treasurer
(703) 387-3320

Media Contact:
Julie Tullbane
Daly Gray Public Relations
T 703-435-6293
F 703-435-6297
julie@dalygray.com
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Posted by Alex at 6:49 AM 0 comments
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