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 FFC Capital Corporation Signs Interstate Hotels & Resorts to Manage
Four Hyatt Place Hotels; The Texas Properties Recently
Converted from AmeriSuites
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ARLINGTON, Va., August 5, 2008—Interstate Hotels & Resorts (NYSE: IHR), a leading hotel real estate investor and the nation’s largest independent operator of full- and select-service hotels, today announced that it has signed agreements to manage four Hyatt Place hotels in Texas.  The former AmeriSuites hotels were converted to Hyatt Place hotels in December 2007 by the ownership group, FFC Capital Corporation, with whom Interstate has a long-standing relationship. 

The hotels, aggregating 513 rooms, are the first Hyatt Place hotels Interstate will manage.  They include:

  • Hyatt Place Hotel Austin Arboretum, Texas (127 rooms); 
  • Hyatt Place Hotel Grand Prairie, Texas (134 rooms); 
  • Hyatt Place Hotel Houston/Greenspoint, Texas (126 rooms); and 
  • Hyatt Place San Antonio Airport-South, Texas (126 rooms).
“With these four contracts, we continue to expand our relationship with FFC Capital, for whom we now manage 29 properties,” said Thomas F. Hewitt, Interstate’s chief executive officer.  “The addition of the Hyatt Place brand to our portfolio allows us to establish a new relationship with another major hotel franchisor, a relationship we look forward to building on.  The properties are located in four major Texas markets that have held up well in these challenging economic times—Dallas, Houston, Austin and San Antonio.  Together with the 22  properties we already manage in the state, we expect to take advantage of operating synergies and purchasing economies of scale.”  

“We value our relationship with Interstate and have the utmost confidence in their ability to maximize results at these newly rebranded hotels,” said Fred Branovan, president of FFC Capital Corporation.  “Hyatt Place is a leading lifestyle hotel brand and plays to Interstate’s proven strength in the upscale select service segment.”  

With more than 100 properties expected to open by the end of the year, Hyatt Place was inspired by the changing landscape of contemporary, multi-tasking business travelers and offers an atmosphere of casual hospitality with a balanced mix of comfortable and functional amenities.  In addition to free wireless connectivity throughout the hotel, guestrooms feature 42-inch flat panel televisions, an oversized desk and ergonomic chair, the signature Hyatt Grand Bed™, and the facilities to allow guests to integrate laptops, DVD players, and MP3 players with the high-definition TVs.  A complimentary hot/cold breakfast buffet is available.  Hyatt Place offers Starbucks Coffee and has fresh food available made to order, 24 hours a day.

About FFC Capital Corporation
FFC Capital Corporation is a privately held company affiliated with Milton Fine, specializing in investment management across various asset classes, including marketable securities, bonds, stocks, private equities, derivatives, hedge funds, venture capital funds and direct ownership of real estate investments.  For more information about FFC Capital Corporation, visit the company’s Web site, www.ffccapital.net.

About Interstate
Interstate Hotels & Resorts has ownership interests in 56 hotels and resorts, including seven wholly owned assets.  Together with these properties, the company and its affiliates manage a total of 223 hospitality properties with approximately 46,000 rooms in 36 states, the District of Columbia, Russia, Mexico, Belgium, Canada and Ireland.  Interstate Hotels & Resorts also has contracts to manage 16 to be built hospitality properties with approximately 3,800 rooms.  For more information about Interstate Hotels & Resorts, visit the company’s Web site:  www.ihrco.com.

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.  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, economic conditions generally and the hotel and real estate markets specifically, the war in Iraq, international and geopolitical difficulties or health concerns, governmental actions, legislative and regulatory changes, availability of debt and equity capital, interest rates, competition, weather conditions or natural disasters, 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 for the year ended December 31, 2007.

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Contact:

Carrie McIntyre
SVP, Treasurer
(703) 387-3320
 

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Also See: Interstate Forms Joint Venture with FFC Capital Corp. to Acquire 22 Exel Inns of America Limited Service Hotels; Will be Converted to Wyndham Brands / February 2008
Hyatt Place™ Development Pace Accelerates in 2007; 86 Projects Increase System to Over 200 Hotels / January 2008

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