New Orleans Hotel; Interstate to Manage the
Renamed New Orleans Grande Hotel
D.C., December 20, 2002 — Interstate Hotels & Resorts (NYSE: IHR),
the nation’s largest independent hotel management company, today announced
that it has signed a contract to manage the Le Meridien Hotel in New Orleans,
La., effective immediately. The 494-room, four-diamond, convention-oriented
property owned by LaSalle Hotel Properties (NYSE: LHO) will change its
name to the New Orleans Grande Hotel. It is the second hotel Interstate
will manage for LaSalle, a hotel real estate investment trust (REIT) based
in Bethesda, Md. that owns 17 primarily luxury and upscale full-service
hotels in 11 states.
“Interstate has a very positive track record in managing both luxury properties and convention hotels,” said Mike Barnello, chief operating officer of LaSalle Hotel Properties. “With more than 400 properties in their management portfolio, Interstate brings a number of unique operating advantages to the table, including economies of scale, proprietary state-of-the-art support systems, and the ability to cross-sell our property with other Interstate-managed hotels in the French Quarter, in the region and in our feeder markets.”
“Full-service luxury hotels with significant convention facilities, like the New Orleans Grande Hotel, have unique operating requirements, particularly in the areas of service standards and delivery, areas where we have built a solid reputation,” said John Emery, president and chief operating officer of Interstate. “Our national sales force also will play a significant role in helping to attract convention and meeting business to the hotel and the city. We look forward to further expanding our relationship with LaSalle Hotels in the future.”
Located in the heart of New Orleans at 614 Canal Street, the 494-room New Orleans Grande Hotel borders the financial district and the French Quarter and features 19,000 square feet of meeting space, including a 6,200-square foot ballroom; two restaurants — a bistro-style restaurant and a lobby lounge; health club; heated pool; sauna; whirlpool; business center and 24-hour concierge service.
LaSalle Hotel Properties is a multi-tenant, multi-operator real estate investment trust that owns 17 primarily luxury and upscale full-service hotels comprising nearly 6,000 guest rooms in 13 markets and 11 states. The company is focused on investing in luxury and upscale full-service properties, located in major business and urban, resort and convention markets.
Interstate Hotels & Resorts operates approximately 400 hospitality properties with nearly 86,000 rooms in 45 states, the District of Columbia, Canada and Russia, including 55 properties managed by Flagstone Hospitality Management, a subsidiary of Interstate Hotels & Resorts. BridgeStreet Corporate Housing Worldwide, an Interstate Hotels & Resorts subsidiary, is one of the world’s largest corporate housing providers, offering upscale, fully furnished corporate housing throughout the United States, Canada, the United Kingdom, France and 39 additional countries through its network partners.
This press release contains "forward-looking statements," within the meaning of the Private Securities Litigation Reform Act of 1995, about Interstate Hotels & Resorts, including those statements regarding future operating results and the timing and composition of revenues, among others, and statements containing words such as "expects," "believes" or "will,” which indicate that those statements are forward-looking.
Director of Corporate Communications
|Also See:||Hilton New Orleans Riverside Expands Existing $35 Million Renovation / April 2002|