News for the Hospitality Executive
the 106-room TownePlace Suites/Albany Empire State Plaza
ARLINGTON, Va., October 22, 2008 — Interstate Hotels & Resorts (NYSE: IHR), a leading hotel real estate investor and the nation’s largest independent hotel management company, today announced that it has opened and will operate the 106-room TownePlace Suites/Albany Empire State Plaza in New York. The newly built, extended-stay hotel is owned and was developed by True North Development Group, Lake Ronkonkoma, N.Y.
“This is our first contract with True North Development Group,” said Thomas F. Hewitt, Interstate’s chief executive officer. “It also is our first TownePlace Suites hotel, bringing to 70 the number of Marriott branded hotels in our managed portfolio, aggregating more than 13,000 rooms. Including this hotel, Interstate has opened five under construction properties in 2008 and has management contracts for an additional 15 currently under development or construction. It’s also our 15th managed hotel in the state, and we believe our deep knowledge of this market will benefit our new owners.
“The hotel is well located, to appeal to a broad range of business, government and leisure travelers,” he added. “It’s a short walk from Empire State Plaza, one of Albany’s prime tourist attractions, which features the landmark EGG performing arts center and the New York State Museum, as well as the state capitol building and government offices. It also is close to the SUNY-Albany campus and the NanoTech complex. In addition, the extended-stay hotel will appeal to guests visiting or being treated at any of the numerous medical facilities nearby, including the Albany Medical Center and the V.A. Medical Center. We believe that when this new property is fully ramped up, it will be extremely competitive in this market.”
“We wanted this new hotel to get a running start operationally and selected Interstate because of their vast experience in extended stay, their size advantages and their proven ability to deliver solid results in all phases of the economic cycle,” said Lee Browning, Jr., principal, True North Development Group.
Located at 22 Holland Avenue, the seven-story, stucco and brick property features an indoor pool, wired and wireless Internet access, complimentary parking, a pet-friendly policy, as well as 400 square feet of total meeting space. Each two-room suite features separate living and sleeping areas, a fully equipped kitchen, work station with complimentary Internet access, and premium bedding. Guests also may enjoy a free continental breakfast in the hotel’s lobby/social area.
In addition to the Empire State Plaza, other nearby education and medical facilities include the Albany Law School, Albany College of Pharmacy, Albany Medical College, Wadsworth Laboratories, The Junior College of Albany and St. Peter’s Hospital.
About Interstate Hotels & Resorts
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.
|Also See:||City of Albany, NY Selects SMG and Starwood to Operate the $325 Albany Convention Center and 400-room Sheraton Hotel / December 2007|
|True North Hotel Group Presented with Marriott International’s 2004 Partnership Circle Award / December 2004|