Interstate, TVHG Invest in Nine Hotel Conversions - GlobeSt.com

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Last Updated: September 19, 2011 01:53pm ET

AMSTERDAM-Arlington, VA-based Interstate Hotels & Resorts has formed a joint venture with locally based The Vincent Hotel Group to invest in a portfolio of nine hotels across the Netherlands. One of the hotels has opened, while the other eight will be converted from existing buildings.

The open hotel is the 112-room Holiday Inn Express Schiphol Airport here. The TVHG company has focused on identifying well-located, vacant office buildings that can be converted to hotels. The remaining eight should open by the end of 2012, and will be branded as Holiday Inn, Holiday Inn Express or Hampton Inn hotels. The properties will be in the city here and throughout major cities in the Netherlands, close to transportation lines.

In a statement, Interstate officials said the investment marks the first partnership with TVHG and the first entry into the Netherlands. Thomas Hewitt, chairman and CEO, said the move increases the firm's European presence to more than 25 hotels open or in the pipeline.

"This new alliance illustrates our commitment to aggressive growth in Europe," Hewitt said. "We have the infrastructure and an experienced management team in place to oversee our growing portfolio here." The venture also looks to do more in other countries.

Categories: International, Hotels, Acquisitions/Dispositions, Development, Europe

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