Bristol Hotel Company Completes Acquisition Of 60 Holiday Inn Hotels.NEW YORK--(BUSINESS WIRE)--April 28, 1997-- Bristol Becomes Largest Holiday Inn Franchisee Bristol Hotel Company (NYSE NYSE See: New York Stock Exchange :BH) of Dallas announced today that it had completed its acquisition of 60 full-service company-managed Holiday Inn hotels in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. and Canada, from Bass Plc of the United Kingdom. Bristol also announced that it will invest in excess of $200 million in capital improvements to the hotels over the next three years. The acquisition, originally announced on December 16, makes Bristol one of the largest owner/operators of full-service hotels in North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. , with 98 hotels and more than 28,000 guest rooms. In addition, Bristol is the largest Holiday Inn franchisee in the world with a total of 70 Holiday Inn, Holiday Inn Select and Crowne Plaza This article or section needs sources or references that appear in reliable, third-party publications. Alone, primary sources and sources affiliated with the subject of this article are not sufficient for an accurate encyclopedia article. hotels, all serving the upper mid-priced and upscale full-service segments of the market. The 8,500 Holiday Inn employees in the affected hotels are now employees of Bristol. "This transaction marks a new era for Bristol, taking our regional presence to the national level," said J. Peter Kline, President and Chief Executive Officer. "The deal also signals a new strategic alliance between Bristol and Holiday Inn Worldwide, and firmly establishes Holiday Inn as a leader in the competitive corporate business category." Both companies will capitalize on Cap´i`tal`ize on` v. t. 1. To turn (an opportunity) to one's advantage; to take advantage of (a situation); to profit from; as, to capitalize on an opponent's mistakes s>. Bristol's proven repositioning capabilities with the initiation of a $200 million redevelopment program. Set to begin early this fall, this program will include renovations to guest rooms in many hotels, as well as upgrading meeting facilities and introducing improved restaurant and catering services. Bankers Trust Company was lead arranger Lead arranger The senior tier of arranger , and Wells Fargo Bank, N.A. and Bank One, Texas, N.A. co-agents on the financing for the transaction. Bristol Hotel Company, based in Dallas, owns and operates 98 primarily full-service hotels in 22 states and Canada, totaling more than 28,000 rooms. The company operates hotels in 18 of the top 25 U.S. metropolitan areas, including multiple properties in Atlanta, Dallas, Los Angeles, Memphis, Nashville, New Orleans, Orlando, San Antonio and San Francisco, as well as large single assets in other major markets such as Boston, Hartford, Philadelphia, Pittsburgh, Stamford and Washington, D.C. Founded in 1981, the company currently employs more than 13,000 people. -0- Additional information on the transaction -- and a listing of individual properties -- can be found on the World Wide Web at URL URL in full Uniform Resource Locator Address of a resource on the Internet. The resource can be any type of file stored on a server, such as a Web page, a text file, a graphics file, or an application program. : (http://www.businesspr.com/bristol) CONTACT: For Bristol Hotel Company Owen Blicksilver (NYC NYC abbr. New York City NYC New York City ) 212-303-7603 at Principal Communications |
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