Merrillville-based White Lodging Services Inc. is planning to unload nearly half of its hotels. The hospitality company says it will sell 82 of its suburban hotel management contracts to Virginia-based Interstate Hotels and Resorts. Financial details were not disclosed.
White Lodging says the hotels being sold represent less than a quarter of its revenue. The company did not specify which hotels are involved in the transaction.
"This repositioning allows us to better focus on assets consistent with our market and development objectives while partnering with owners looking to grow with us," said Bruce White, founder and chairman of White Lodging. "We will use the net proceeds to continue to reinvest in strategic select and full service assets."
The sale is expected to close by the end of January.
The company says, once the sale is closed and the hotels currently being developed are complete, it will operate more than 100 hotels and 40 restaurants representing 26 brands, such as Marriott International, Hilton Worldwide and Hyatt Global.