400-bed turnkey community led by a major
producer in high growth Permian Basin
Expands the Target Lodging network to 16
communities across Permian Basin
Expected opening in third quarter of 2019
Platinum Eagle Acquisition Corp. (Nasdaq: EAGL) (“Platinum
Eagle”), a publicly traded special purpose acquisition company, and
Target Logistics Management, LLC (“Target Lodging”), the largest
provider of specialty rental accommodations and integrated
hospitality services in the U.S., announced today that Target
Lodging has been awarded contracts to build a new 400-bed community
in Carlsbad, New Mexico, located in the Delaware Basin, a
high-growth region within the Permian Basin. This will be the
Target Lodging’s third location in New Mexico and further expands
the Target Lodging network of communities to 16 across the Permian
Basin. When operational in the early third quarter of 2019, this
community is expected to result in additional contribution to the
previously released financial guidance for fiscal year 2019 for
Target Hospitality Corp., the combined company created pursuant to
the previously announced business combination among Platinum Eagle,
Target Lodging and RL Signor Holdings, LLC (“Signor Lodging”).
The new community will further enhance Target Lodging’s ability
to support the Delaware Basin portion of the Permian Basin, an
expanding hub of production, development, and capital investment by
major energy producers. Underwritten by multi-year contracts with a
major producer and several large oil and gas companies, the new
facility will include Target Lodging’s full suite of services,
including-high-quality accommodations, culinary services,
amenities, and hospitality services.
“Opening this new community in Carlsbad demonstrates our
commitment to our customers in the Permian Basin, who continue to
invest in this highly attractive region,” said Brad Archer,
President and Chief Executive Officer of Target Lodging. “This
strategic location is well positioned to expand as this high growth
area continues to see robust capital investment. Moreover, this
strategic expansion aligns with our clear plan to grow our Permian
footprint and our customer base.”
The new community being built with single-occupancy
accommodations complete with private bathrooms will feature a
state-of-the-art commercial kitchen and dining facility, laundry on
premises, and indoor and outdoor recreational options. Like Target
Lodging’s other communities, the new Carlsbad community provides
customers with access to amenities such as 24-hour culinary
services, housekeeping, security, and a code of conduct program
that includes a “zero tolerance” drug and alcohol policy.
Troy Schrenk, Chief Commercial Officer of Target Lodging, added,
“Our clients rely on Target Lodging to be where the need is and our
customers operating in this significant area of the Delaware Basin
have committed to growing their business in partnership with
Target. By providing our clients with convenient locations,
unparalleled suite of flexible accommodation and culinary
solutions, we continue to deliver on our differentiated value
proposition.”
Including the rooms at its new Carlsbad community, Target
Lodging will own and/or operate 23 properties with more than 13,000
total beds in the U.S. To see a complete list of Target Lodging’s
communities, visit www.targetlodging.com.
About Target Lodging
Founded in 1978, Target Lodging is the largest vertically
integrated specialty rental and hospitality services company in the
United States. The company is principally focused
on building, owning and operating housing
communities across several end markets, including oil, gas,
energy infrastructure and government. Target Lodging provides
cost-effective and customized specialty rental accommodations,
culinary services, and hospitality solutions, including site
design, construction, operations, security, housekeeping, catering,
concierge services, and health and recreation facilities as part of
its integrated housing and hospitality
communities. Target Lodging was named by Inc. magazine in 2012
and 2013 as one of “America’s Fastest Growing Private
Companies.” Target Lodging has been an Algeco company since
2013.
About Signor Lodging
Signor Lodging, founded in 1990, specializes in superior remote
workforce housing serving oil and gas customers throughout the
Permian and Eagle Ford Basins. Signor Lodging operates nine
properties across West Texas, Southeast New Mexico and
Oklahoma.
About Platinum Eagle Acquisition Corp.
Platinum Eagle was formed for the purpose of effecting a merger,
share exchange, asset acquisition, share purchase, reorganization
or similar business combination with one or more businesses.
Platinum Eagle raised $325 million in its initial public offering
and began trading on Nasdaq in January 2018. Its Class A ordinary
shares, units and warrants trade under the ticker symbols EAGL,
EAGLU and EAGLW, respectively.
Additional Information about the Business Combination
In connection with the business combination, Platinum Eagle has
filed a registration statement on Form S-4 (the "Registration
Statement") with the United States Securities and Exchange
Commission (“SEC”), which includes a proxy statement/prospectus,
that is both the proxy statement to be distributed to holders of
Platinum Eagle's ordinary shares in connection with Extraordinary
General Meeting, as well as the prospectus relating to the offer
and sale of the securities to be issued in the business
combination. The Registration Statement was declared effective on
February 14, 2019, and Platinum Eagle mailed the definitive proxy
statement/prospectus and other relevant documents to its
shareholders of record as of January 17, 2019. Platinum Eagle's
shareholders and other interested persons are advised to read the
definitive proxy statement/prospectus, as it contains important
information about Target Lodging, Signor Lodging, Platinum Eagle
and the business combination. Shareholders may also obtain copies
of the definitive proxy statement/prospectus and other documents
filed with the SEC or incorporated by reference in the definitive
proxy statement/prospectus, without charge, at the SEC's web site
at www.sec.gov, or by directing a request to: Platinum Eagle
Acquisition Corp., 2121 Avenue of the Stars, Suite 2300, Los
Angeles, California, Attention: Eli Baker, President, Chief
Financial Officer and Secretary, (310) 209-7280.
Participants in the Solicitation
Platinum Eagle and its directors and executive officers may be
deemed participants in the solicitation of proxies from Platinum
Eagle's shareholders with respect to the business combination. A
list of the names of those directors and executive officers and a
description of their interests in Platinum Eagle is contained in
the definitive proxy statement/prospectus for the business
combination, which was filed with the SEC on February 19, 2019 and
is available free of charge at the SEC's web site at www.sec.gov,
or by directing a request to Platinum Eagle Acquisition Corp., 2121
Avenue of the Stars, Suite 2300, Los Angeles, California,
Attention: Eli Baker, President, Chief Financial Officer and
Secretary, (310) 209-7280.
Each of Target Lodging and Signor Lodging and its directors and
executive officers may also be deemed to be participants in the
solicitation of proxies from the shareholders of Platinum Eagle in
connection with the business combination. A list of the names of
such directors and executive officers and information regarding
their interests in the business combination are contained in the
definitive proxy statement/prospectus for the business
combination.
Forward-Looking Statements
Certain statements made in this release are "forward looking
statements" within the meaning of the "safe harbor" provisions of
the United States Private Securities Litigation Reform Act of 1995.
When used in this press release, the words "estimates,"
"projected," "expects," "anticipates," "forecasts," "plans,"
"intends," "believes," "seeks," "may," "will," "should," "future,"
"propose" and variations of these words or similar expressions (or
the negative versions of such words or expressions) are intended to
identify forward-looking statements. These forward-looking
statements are not guarantees of future performance, conditions or
results, and involve a number of known and unknown risks,
uncertainties, assumptions and other important factors, many of
which are outside Platinum Eagle's, Target Lodging’s or Signor
Lodging’s control, that could cause actual results or outcomes to
differ materially from those discussed in the forward-looking
statements. Important factors, among others, that may affect actual
results or outcomes include the inability to complete the business
combination (including due to the failure to receive required
shareholder approvals, or the failure of other closing conditions);
the inability to recognize the anticipated benefits of the proposed
business combination; the inability to meet Nasdaq listing
standards; costs related to the business combination; Target
Hospitality’s ability to manage growth; Target Hospitality’s
ability to execute its business plan and meet its projections;
Target Hospitality’s ability to identify, consummate and integrate
acquisitions; rising costs adversely affecting Target Hospitality’s
profitability; potential litigation involving Platinum Eagle,
Target Lodging, Signor Lodging, or after the closing, Target
Hospitality, and general economic and market conditions impacting
demand for Target Lodging’s products and services, and in
particular economic and market conditions in the oil industry in
the markets in which Target Hospitality operates. None of Platinum
Eagle, Target Lodging or Signor Lodging undertakes any obligation
to update or revise any forward-looking statements, whether as a
result of new information, future events or otherwise, except as
required by law.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20190226005372/en/
InvestorsNarinder SahaiorRodny
Nacier832-702-8009IR@targetlodging.comMediaJason Chudoba,
646-277-1249Jason.Chudoba@icrinc.comorElyse Gentile,
646-677-1823Elyse.Gentile@icrinc.com
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