Interstate Hotels To Be Taken Private For $307M | wsj.com

Interstate Hotels & Resorts Inc. (IHR) will be bought for $307 million by a joint venture of hotel investors Thayer Lodging Group and Jin Jiang International Holdings Co. The deal comes amid a slump in hotel performance and investors looking to purchase properties at heavily discounted prices. Interstate Hotels holders will get $2.25 a share, a 77% premium over Thursday's closing price. Interstate's lenders have approved the transaction, subject to certain paydowns at closing, and is slated to close in the first quarter.