NEWTON, Mass.--(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.
View source version on businesswire.com:
https://www.businesswire.com/news/home/20190507005948/en/
Katie Strohacker, Senior Director, Investor Relations
(617) 796-8232
www.hptreit.com
Source: Hospitality Properties Trust