News for the Hospitality Executive
Paul W. Whetsell Stepping Down as Interstate Hotels Chairman
as a Member of the Board of Directors
Thomas F. Hewitt Named Chairman
of the Board
ARLINGTON, Va., March 24, 2009—Interstate Hotels & Resorts (OTC: IHRI), a leading hotel real estate investor and the nation’s largest independent management company, today announced that Thomas F. Hewitt, chief executive officer, has been named chairman of the board. He will succeed Paul W. Whetsell, who will step down as chairman and as a member of the board of directors, effective March 31.
“This transition is part of our regular succession planning that we’ve been working on for some time,” Whetsell said. “Tom has a long and distinguished career with Interstate and is the natural choice to continue to lead the company as chairman and chief executive officer. As CEO, he has compiled an impressive record over the past four years as we have grown and diversified the company.”
“As a founder of CapStar Hotel Company, one of our predecessor companies, Paul’s vision and entrepreneurial spirit were instrumental in the formation and growth of our company,” Hewitt noted. “He remains a strong supporter and significant shareholder of Interstate.”
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.
|Also See:||Paul Whetsell's CapStar Hotel Company Acquires First Two Hotels Including the 143-room Copley Square Hotel in Boston from the Saunders Hotel Group / January 2007|