Interstate Hotels & Resorts said it plans to move its headquarters from Georgetown to Arlington next year.
The hotel management company has been in the District since 1987, but since it merged with a Pittsburgh-based hotel firm it needs more space. Interstate and its affiliate company, MeriStar Hospitality, plan to move 250 employees to 4501 N. Fairfax Drive in Ballston.
The companies signed a 10-year lease for 83,000 square feet. The move would consolidate offices in Pittsburgh, Orlando and Cleveland.
Interstate was formed from the August merger of MeriStar Hotels & Resorts and Pittsburgh-based Interstate Hotels.
BearingPoint, a McLean-based business technology consulting firm, completed the private placement of $220 million in senior notes. BearingPoint plans to use the money raised to repay a loan the company took out to pay for a string of acquisitions in recent months.
Network Access Solutions' creditors selected DSL.net's bid to buy its network assets and subscriber lines. Network Access has been operating under Chapter 11 bankruptcy protection since June. DSL.net said it would pay $9 million in cash and $5 million in a note for the Herndon company's assets. DSL.net bid against Covad Communications Group for the assets. Network Access has a network that extends from Virginia to Massachusetts and includes about 13,000 digital subscriber lines. DSL.net, which had 2001 revenue of $42 million, said the deal is subject to approval from bankruptcy court. A hearing is scheduled for Dec. 30.
Advance Auto Parts, a Roanoke-based retailer, said its financial results in the future could be threatened by asbestos-related litigation, according to the company's quarterly Securities and Exchange Commission filing. Advance said it and other companies in the auto industry have been hit by a growing number of lawsuits in the past year that allege injury as a result of exposure to products that contained asbestos. The company said most of the claims are "at least partially" covered by insurance. Based on discovery to date, the company does not think the cases will materially hurt financial results.
Allied Research, a Vienna-based maker of munitions, said would change its corporate name to Allied Defense Group Inc. to better reflect the true nature of its business. Allied made three acquisitions in recent years designed to get into several niche fields of the defense industry. Shareholders approved the name change at a meeting on Nov. 22. The company's ticker symbol on the American Stock Exchange, ALR is to change to ADG. The name and symbol changes are effective Jan. 2.
CoStar Group, a Bethesda-based provider of commercial real estate, agreed to buy Property Intelligence PLC of London for about $16.4 million. The purchase does not include Property's Intelligent Addressing unit, a national address database that would be sold to an entity controlled by the firm's founder. CoStar said the acquisition, scheduled to close in January, would enable it to provide integrated information services to U.S. real estate clients that also have operations in Britain. Property Intelligence provides information on buildings and lease deals to about 700 customers, including the top 20 British real estate firms, CoStar said. CoStar predicts 2003 revenue of about $95 million, or 20 percent higher than the company's 2002 forecast. The estimate assumes that the Property Intelligence operations, which had annual revenue of $6 million, would contribute to CoStar beginning early in the first quarter.
USEC, a Bethesda maker of enriched uranium used in nuclear power plants, plans to offer early retirement to eligible employees at its Paducah, Ky., plant. The company said the offer is part of an overall plan to cut costs and reduce the number of workers at the plant by 200 during 2003. If its target of 200 is not met, USEC plans to lay off workers.
King Pharmaceuticals received antitrust clearance from the Federal Trade Commission for its proposed acquisition of Columbia's Meridian Medical Technologies Inc. King Pharmaceuticals signed an agreement to acquire Meridian Medical Technologies in a deal valued at $247.8 million. The boards of both companies approved the agreement. Meridian makes drug-delivery systems and noninvasive heart monitors. King Pharmaceuticals is based in Bristol, Tenn.
Compiled from reports by the Associated Press, Bloomberg News, Dow Jones News Service and Washington Post staff writers.