MEMPHIS, Tenn., Feb. 22, 2010 (GLOBE NEWSWIRE) -- Education Realty Trust, Inc. (NYSE:EDR) announced today that the company's development subsidiary, Allen & O'Hara Development Co., LLC (Allen & O'Hara), was selected by Indiana University of Pennsylvania (IUP) and the Foundation for Indiana University of Pennsylvania (FIUP) to provide third party development and construction oversight services for a new hotel to be located on the IUP campus.
EDR will not be the owner of the hotel, which will be a 140-room Courtyard by Marriott connected to the Kovalchick Convention and Athletic Complex, now under construction at IUP.
Allen & O'Hara was selected by the University and its Foundation because of their successful public-private partnership with the university in EDR's replacement of 3,500 beds of housing on the IUP campus over the last four years. Known as the Residential Revival, the $241 million housing replacement program has been a huge success in stimulating new enrollment growth for the university.
"The committee is very pleased to select Allen & O'Hara for this project," said Chris Holuta, president of the FIUP Board of Directors. "Through our five-year Residential Revival partnership, Allen & O'Hara has proven to be an extremely knowledgeable as well as dedicated partner for the University and the Foundation."
"We know the Kovalchick Convention and Athletic Complex will be an economic driver for this community for decades to come. The addition of a full-service connecting hotel will promote its economic viability and its ability to serve the region," said Dr. Tony Atwater, President of IUP who also agreed that the public-private Residential Revival partnership between the two entities "has been highly successful."
EDR is one of the nation's largest developers, owners and managers of quality university housing properties. The company also has a 50-year history of developing hotels.
"Although our core business is student housing, it is gratifying to be able to help the University grow in all respects," said Randall Churchey, president and chief executive officer of Education Realty Trust. "By utilizing our long background in hotels and applying our proven development expertise, EDR is pleased to continue our close relationship with IUP to create this new hotel."
The hotel will start construction as soon as possible during 2010. Allen & O'Hara's development services are subject to finalizing project feasibility, executing final agreements with FIUP and obtaining project financing.
About Education Realty Trust
Education Realty Trust, Inc. (NYSE:EDR) is one of America's largest owners, developers and operators of collegiate student housing. EDR is a self-administered and self-managed real estate investment trust that owns or manages 64 communities in 22 states with 37,827 beds. For more information please visit the Company's Web site at www.educationrealty.com.