March 12, 2010 (FinancialWire) — Interstate Hotels & Resorts (NYSE: IHR) said that its stockholders have approved a merger agreement by which Interstate will be acquired by Hotel acquisition Co., LLC.

HAC is a 50/50 joint venture between subsidiaries of Thayer Hotel Investors V-A LP, a private equity fund sponsored by Thayer Lodging Group, and Shanghai Jin Jiang International Hotels Co., Ltd.

Thayer Lodging, founded in 1991, is a private equity sponsor that invests exclusively in the lodging sector. Jin Jiang Hotels is the world’s 13th largest hotel company in terms of number of rooms according to Hotels Magazine.

Under the terms of the merger agreement signed late last year, the outstanding shares of Interstate common stock will be acquired by HAC for $2.25 per share in cash.

Interstate said it expects to close the merger no later than March 18.

In connection with the merger, a request was submitted on behalf of Interstate to the New York Stock Exchange for withdrawal of the listing of its common stock.

Virginia-based Interstate Hotels & Resorts and its affiliates manage and/or have ownership interests in a total of 228 hospitality properties with nearly 46,000 rooms in 36 states, the District of Columbia, Russia, India, Mexico, Belgium, Canada, Ireland and England.

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