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as Chief Investment Officer |
| ARLINGTON, Va., September 20, 2005 � Interstate Hotels & Resorts
(NYSE: IHR), the nation�s largest independent hotel management company,
today announced that Leslie Ng, a veteran in hotel investments, will join
the company as chief investment officer, effective September 26.
In his new position, he will be responsible for all acquisition activity,
including sourcing and negotiating new investment opportunities, as well
as managing joint venture relationships and identifying new management
opportunities.
�Acquisitions are a key element of our future growth plans, as we seek to further diversify our core management earnings stream,� said Thomas F. Hewitt, chief executive officer. �Leslie brings a wealth of experience in this area � with both single-asset acquisitions and multi-property portfolios � in addition to an excellent reputation and extensive industry contacts. He also provides us with additional depth in the areas of financing and capital markets and is eminently qualified to spearhead our acquisition efforts.� A 20-year hospitality industry veteran, Ng has more than 25 years of experience in real estate investment and finance and has consummated more than $5 billion in hotel acquisitions and dispositions. Prior to joining Interstate, he was senior managing director at Cushman & Wakefield, the world�s largest privately held real estate services firm, where he was responsible for the firm�s overall lodging initiatives, including transactions and capital formation on behalf of the firm�s clients. Previously, Ng was senior vice president of mergers and acquisitions for Wyndham International and its predecessor, Patriot American Hospitality. As head of acquisitions, he played an instrumental role in expanding the company�s portfolio from 20 hotels at the time of Patriot�s IPO in 1995, to 489 hotels with more than 100,000 rooms in 1999. Earlier in his career, he served as senior vice president of development for Carnival Hotels & Resorts, responsible for acquisitions, development and asset financing, and as vice president of real estate, responsible for the acquisition and asset management of more than $1.0 billion in real estate assets at Tobishima Associates Ltd., a multinational real estate investment and development subsidiary of a major Tokyo Stock Exchange-listed company. Ng holds a bachelor�s degree in civil engineering from The Cooper Union and an M.B.A. in real estate finance from The Wharton School, University of Pennsylvania. Interstate Hotels & Resorts operates more than 300 hospitality properties with nearly 69,000 rooms in 41 states, the District of Columbia, Canada, and Russia. BridgeStreet Worldwide, an Interstate Hotels & Resorts� subsidiary, is one of the world�s largest corporate housing providers. BridgeStreet and its network of Global Partners offer more than 8,700 corporate apartments located in 91 MSAs throughout the United States and internationally. 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. |
| Contact:
Interstate Hotels & Resorts
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