Thayer Lodging Group and Shanghai Jin Jiang International Hotels are buying Interstate Hotels & Resorts for $310 million.
Interstate is one of the largest independent hotel management companies in the U.S. It will be bought by Hotel Acquisition Company, a 50-50 joint venture between subsidiaries of Thayer and Jin Jiang.
"Our priority, as always, is to maximize shareholder value," said Interstate CEO Thomas Hewitt. "This is a very compelling offer at a significant premium. The hotel industry remains in deep recession, and we believe this transaction offers the highest and best value to our shareholders."
The deal is expected to close in the first quarter of 2010, pending stockholder approval.
Interstate manages 232 properties worldwide, including 30 Residence Inn, 20 Marriott, 18 Courtyard by Marriott and 26 Hampton Inn hotels.
Jin Jiang is China's largest hotel operator. Annapolis, Md.-based Thayer is a hotel investment company.