JER Partners has officially closed on its $2.1 billion acquisition of Highland Hospitality Corporation (NYSE: HIH). JER, a private equity firm, originally agreed to acquire HIH in April. Under the terms of the deal, HIH shareholders will receive $19.50 in cash per share. On July 13, HIH shareholders officially approved the deal.
“Highland has successfully assembled a premium hotel portfolio aligned with the leading brands in the lodging industry,” says Alex Gilbert, managing director of JER Partners, adding that JER plans to invest added capital into the HIH portfolio.
Highland Hospitality owns 28 full service, luxury brand and limited service hotels scattered across 14 states. Brands included within the Highland portfolio include among others Marriott, Hyatt, Westin and Hilton Garden Inn.
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