in Ashbourne, County Meath, Ireland
|ARLINGTON, Va., July 24, 2006 — Interstate Hotels
& Resorts (NYSE: IHR), the nation’s largest independent hotel management
company, today announced that it has signed a long-term contract to manage
The Hotel Rath in Ashbourne, County Meath, Ireland. Located within
15 minutes of Dublin International Airport, the four-plus star hotel is
owned by a local group of investors, including John McCabe of McCabe Builders
Ltd; Paddy Kelly, a well-known local developer; and John Walsh, a private
Located in Ashbourne, Co Meath, north of Dublin, the 150-room upscale hotel also will serve the nearby suburbs of Swords and Rathoth and is a convenient meeting point for travelers from Derry and Belfast. The full-service property features a concept destination restaurant, Mystic, and a modern Irish Pub, RED; a street cafe serving lighter fare; a wellness center, Clan; and 8,000 square feet of meeting space that can accommodate groups of up to 350 people.
The design of this building was of utmost importance to McCabe Builders from the outset, due to its prominent location on the junction of the N2/M2 North of Ashbourne and due to its close proximity to the M50 and city centre. They, therefore, set out to design and build what is a landmark building/meeting point at Ashbourne in conjunction with HKR architects and MB Designs of New York. McCabe Builders have completed similar projects of this kind in Ireland—The Plaza Hotel, The Arlington Hotel and the Ardmore Hotel, to name a few. They also have designed and built many residential, commercial, retail and industrial projects since their establishment in 1975.
Sean Worker, Interstate EVP operations and development, noted that the hotel’s food and beverage area currently is being reconcepted. “Discussions are under way with a world-class hotel brand that include plans for an elegant new signature restaurant and modern entertainment zone lounge. We view this property as ‘the place to meet’ in the North Dublin corridor. And our generous meeting space will help us assume a leadership position with the business meetings and weddings markets, as well.”
“This is the third country in Europe in which we operate a hotel,” said Thomas F. Hewitt, Interstate chief executive officer. “Combined with our BridgeStreet corporate housing division, which has a presence in 13 European cities, we have a solid grasp of the European lodging market.
As of June 30, 2006, Interstate Hotels & Resorts operates 262 hospitality properties with more than 59,000 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 9,800 corporate apartments located in more than 95 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, although not all forward-looking statements will contain such words. Except for historical information, the matters discussed in this press release are forward-looking statements that are subject to certain risks and uncertainties that could cause the actual results to differ materially, including the volatility of the national economy, changes in business and leisure travel patterns or levels, fuel cost, economic conditions generally and the hotel and real estate markets specifically, international and geopolitical instability, health concerns, threatened or actual terrorist attacks, governmental actions, legislative and regulatory changes, availability of debt and equity capital, interest rates, competition, weather conditions or natural disasters, changes in supply and demand for lodging facilities in our current and proposed market areas, and the Company’s ability to manage integration and growth. Additional risks are discussed in Interstate Hotels & Resorts’ filings with the Securities and Exchange Commission, including Interstate Hotels & Resorts' annual report on Form 10-K as amended for the year ended December 31, 2005.
Interstate Hotels & Resorts
|Also See:||The Sheraton Brand to Fly on Golf Resort in Cork, Ireland and on the Presidente Hotel in San Salvador, El Salvador / November 2005|
|Radisson SAS Signs Deal for Destination Golf/Spa Resort in Ireland / December 2003|