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Pittsburgh-Based Interstate Co. Buys Two New Jersey Hotels.(Originated from The Star-Ledger, Newark, N.J.)
Knight Ridder/Tribune Business News, August, 1997 by Ali, Sam
Aug. 22--Pittsburgh-based Interstate Co. has bought two New Jersey hotels -the 253-room Gateway Hilton in Newark and the 508-room Parsippany Hilton -- from Prudential Insurance Co. of America for $82.8 million.
Interstate has managed the Parsippany Hilton since 1991 and Hilton Gateway since September 1995.
The largest independent hotelmanagement company in the country, Interstate owns, manages or leases 229 hotels nationally. After the purchase of the two New Jersey hotels, the company will own or have controlling interest in 35 hotels.
Earlier this year, Prudential put eight of its prized hotels on the block, including the two in New Jersey.
The plan to sell hotels is part of a much larger strategy Prudential...
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