Prime Group Realty TrustAcquires Interest in Extended Stay Hotels

Prime Group Realty TrustAcquires Interest in Extended Stay Hotels

CHICAGO — Prime Group Realty Trust (NYSE: PGEPRB) (the “Company”) announced today that on June 29, 2007 the Company, through its wholly-owned qualified REIT subsidiary PGRT ESH, Inc. (“PGRT ESH”), purchased a $120 million membership interest in BHAC Capital IV, L.L.C., an entity which owns 100% of Extended Stay Hotels, Inc. (“ESH”), from Lightstone Holdings LLC (“Lightstone Holdings”), an affiliate of The Lightstone Group, LLC (“Lightstone LLC”). ESH and its affiliates own mid-price extended-stay properties in the United States and Canada. The Company, and its operating partnership Prime Group Realty, L.P., are owned by affiliates of Lightstone LLC and the acquisition of the membership interest was approved unanimously by the Company’s independent Trustees.

SHARE
Previous articleOlder homes’ appeal growing
Next articleSchillerstrom: Give home rule a chance…