for $30 million; Signs Long Term Management
Contract with Interstate Hotels & Resorts
|ARLINGTON, Va., March 8, 2004 — Interstate Hotels
& Resorts (NYSE: IHR) today announced that it has signed a long-term
contract to manage the 309-room Ontario Airport Hilton in Ontario, Calif.
The hotel is owned by JER Partners, headquartered in McLean, Va.
The hotel shortly will undergo a $5.0 million renovation.
The property is 50 miles west of downtown Los Angeles in the center of Southern California’s “Inland Empire” and convenient to the area’s key demand generators and attractions, including the Ontario Mills outlet mall, the Ontario Convention Center, and the Ontario International Airport.
The Ontario Airport Hilton consists of a 10-story tower and an additional two-story wing. Hotel amenities include more than 15,500 square feet of meeting space; 60-seat restaurant; lobby lounge; outdoor, heated pool; gift shop; concierge lounge; valet dry cleaning and high-speed Internet access. The hotel’s ninth and tenth floors are concierge levels, and all rooms have balconies. The seventh and eighth floors are designated for HHonors guests and have upgraded amenities.
JER Partners is the investment arm of the J.E. Robert Companies (JER), an international real estate investment and asset management firm. JER’s principle focus is on the acquisition, management and disposition of commercial real estate products. JER focuses exclusively on real estate and has over 100 employees in seven offices across North America and Europe. As a leading investor, JER, together with its financial partners, has acquired more than 14,000 assets with a gross investment in excess of $11 billion over the past 13 years. In addition to its extensive experience in acquiring real estate assets since its inception in 1981, JER has managed or invested more than $40 billion in real estate assets.
Interstate Hotels & Resorts operates approximately 300 hospitality properties with more than 63,000 rooms in 40 states, the District of Columbia, Canada, Russia and Portugal.
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.
Vice President, Corporate Communications
Interstate Hotels & Resorts
|Also See:||Interstate Hotels & Resorts Adds Three New York Properties to Management Portfolio / Sept 2003|
|Interstate Hotels & Resorts to Manage Calypso Cay Resort Properties in Orlando; Contract Includes Three Hotels and Selected Services for Timeshare Units and Apartments / June 2003|
|Lend Lease Real Estate Investments Appoints Interstate Hotels & Resorts to Manage the Lakeway Inn Conference Resort in Austin, Texas / Jan 2003|