News for the Hospitality Executive
Sunstone Hospitality Management Contracts with Pinnacle
SAN CLEMENTE, Calif., Aug. 3 /PRNewswire/ -- Sunstone Hospitality Management (SHM), a division of the nation's largest independent management company, Interstate Hotels & Resorts (NYSE:IHR) , today announced that it has entered into a contract to manage the 149-room, full-service Doubletree Hotel Austin-University Area in the state's capital city. The hotel is owned by San Diego-based Pinnacle Hotels USA.
It is the second property SHM will manage for Pinnacle.
The six-story hotel recently completed a multi-million renovation that touched nearly every aspect of the property, including upgrades to all guestrooms, public spaces and meeting space.
"The hotel is in excellent physical condition and in a great location, directly across the street from the University of Texas campus and the Frank Erwin Center, the premier Austin venue for public and private events," said John Elston, SHM's executive vice president. "It also is convenient to the city's top attractions, key landmarks, shopping and major employers. Austin is the nation's second fastest growing metro area, and we believe this well-situated, amenity-rich property will appeal to growing numbers of both business and leisure travelers."
"This is our second property with Pinnacle, for whom we also manage the Riverside Marriott in California, and we believe this contract underscores their confidence in our ability to deliver solid results in challenging economic times."
"SHM is a proven commodity with us, a major advantage in today's uncertain market," said Dr. Barry Lall, president of Pinnacle Hotels USA. "In addition to their experience managing in a variety of economic climates, they have all the tools and the resources for this full-service, well-located property to reach its maximum operating potential."
Located at 1617 IH-35 North, the full-service property features 149 newly renovated guestrooms, complimentary high-speed Internet access throughout the hotel, a bar and grill, 24-hour newly renovated fitness center with Precor equipment, outdoor swimming pool, 4,500 square feet of newly renovated meeting space, including two boardrooms; and full-service in-house A/V and business center services.
Guestrooms feature Doubletree's signature Sweet Dreams bedding, 37-inch flat-screen TVs, spacious work desk and ergonomic chair, and two phones with data ports and voicemail and wireless high-speed Internet service.
About Pinnacle Hotels USA
Founded in 1998, Pinnacle Hotels USA develops, acquires and owns a diversified portfolio of hotels in the premium-branded, upscale full-service and select-service segments. In addition to the Doubletree Austin-University Area, the company's properties are under such well-regarded brands as Marriott, Hilton Garden Inn, Courtyard by Marriott, LaQuinta and Days Inn. Additional information about the company may be found at www.pinnaclehotelsusa.com.
About Interstate Hotels & Resorts
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 224 hospitality properties with nearly 46,000 rooms in 37 states, the District of Columbia, Russia, Mexico, Belgium, Canada and Ireland.
Interstate Hotels & Resorts also has contracts to manage 13 to be built hospitality properties with approximately 3,250 rooms. For more information about Interstate Hotels & Resorts, visit the company's Web site: www.ihrco.com.
About Sunstone Hotel Investors, Inc.
Sunstone Hospitality Management (SHM) is based in San Clemente, Calif. The company operates 27 hotels, 12 of which are located in California. SHM operates 8 Hilton family of brands properties, aggregating more than2,454 rooms. Additional information about SHM may be found at www.shmhotels.com. For information about the Doubletree Hotel Austin-University Area or to make reservations please call 512.479.4000 or visit http://www.austindoubletreehotel.com/ .
This press release contains forward-looking statements within the meaning of federal securities laws and regulations. These forward-looking statements are identified by their use of terms and phrases such as "anticipate," "believe," "continue," "could," "estimate," "expect," "intend," "may," "plan," "predict," "project," "should," "will" and other similar terms and phrases, including references to assumptions and forecasts of future results. Forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors that may cause the actual results to differ materially from those anticipated at the time the forward-looking statements are made. These risks include, but are not limited to: general economic and business conditions affecting the lodging and travel industry, both nationally and locally, including a prolonged U.S. recession; our need to operate as a REIT and comply with other applicable laws and regulations; rising operating expenses; relationships with and requirements of franchisors and hotel brands; relationships with and the performance of the managers of our hotels; the ground or air leases for eight of our hotels; performance of hotels after they are acquired; competition for the acquisition of hotels; competition in the operation of our hotels; our ability to complete acquisitions and dispositions; the need for renovations and other capital expenditures for our hotels; the impact of renovations on hotel operations and delays in renovations or other developments; changes in business strategy or acquisition or disposition plans; our level of outstanding debt, including secured, unsecured, fixed and variable rate debt; financial and other covenants in our debt and preferred stock; our ability to successfully complete an amendment to our credit facility; volatility in the credit or equity markets and the effect on lodging demand or our ability to obtain financing on favorable terms or at all; and other events beyond our control. Although Sunstone believes the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that the expectations will be attained or that any deviation will not be material. All forward-looking information in this release is as of the date hereof, and Sunstone undertakes no obligation to update any forward-looking statement to conform the statement to actual results or changes in Sunstone's expectations.
Sunstone Hospitality Management
Web Site: http://www.shmhotels.com/
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