Hospitality Properties Trust Acquires Crowne Plaza Milwaukee West in Milwaukee, WI
07 Mayo 2019 - 3:10PM
Business Wire
Hospitality Properties Trust (Nasdaq: HPT) today announced it
has completed the purchase of the 198-room Crowne Plaza Milwaukee
West in Milwaukee, WI for $30.0 million, or approximately $151,500
per key. The hotel will be added to HPT’s existing agreement with
Intercontinental Hotels Group.
“The Crowne Plaza Milwaukee West is ideally located in an
economically vibrant suburban community just west of downtown,”
said John Murray, Hospitality Properties Trust’s President and
Chief Executive Officer. “Built in 2008, this full service hotel is
supported by strong demand generators from the area’s healthcare,
technology and industrial sectors and surrounded by some of
Milwaukee’s largest employers. Today’s acquisition supports our
relationship driven strategy to invest in hotels located in diverse
markets with steady demand drivers.”
Hospitality Properties Trust is a real estate investment trust,
or REIT, which owns a diverse portfolio of hotels and travel
centers located in 45 states, Washington, DC, Puerto Rico and
Canada. HPT's properties are operated under long term management or
lease agreements. HPT is managed by the operating subsidiary of The
RMR Group Inc. (Nasdaq: RMR), an alternative asset management
company that is headquartered in Newton, Massachusetts.
WARNING REGARDING FORWARD LOOKING
STATEMENTS
This press release contains forward looking statements within
the meaning of the Private Securities Litigation Reform Act of 1995
and other securities laws. These forward looking statements are
based upon HPT’s present beliefs and expectations, but these
statements and the implications of these statements are not
guaranteed to occur and may not occur for various reasons, some of
which are beyond HPT’s control. For example;
This press release states that the Crowne Plaza Milwaukee West
is ideally located in and economically vibrant suburban community
just west of downtown Milwaukee, that the area is supported by
strong demand generators and that it is surrounded by some of
Milwaukee’s largest employers. A possible implication from this
statement is that the market dynamics of this area will remain
strong in the future. In fact, the market dynamics of this area may
not remain strong and demand by various businesses surrounding the
hotel may weaken. In addition, Mr. Murray states that this
acquisition supports HPT’s relationship driven strategy to invest
in hotels located in diverse markets with steady demand drivers.
This may imply that HPT will successfully engage with its operators
to invest in additional hotels located in diverse markets with
steady demand drivers. However, HPT and its operators may be unable
to identify properties that HPT wants to acquire and HPT may fail
to reach agreement with the sellers and HPT’s operators and
complete the purchases. Further, any properties that HPT may
acquire may not generate returns or rents that exceed its operating
and capital costs.
For these reasons, among others, investors are cautioned not to
place undue reliance upon any forward looking statements in this
press release.
A Maryland Real Estate Investment Trust with
transferable shares of beneficial interest listed on the Nasdaq.No
shareholder, Trustee or officer is personally liable for any act or
obligation of the Trust.
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version on businesswire.com: https://www.businesswire.com/news/home/20190507005948/en/
Katie Strohacker, Senior Director, Investor Relations(617)
796-8232www.hptreit.com
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