News for the Hospitality Executive
ARLINGTON, Va., July 29, 2009 - Interstate Hotels & Resorts (NYSE:IHR) , a leading hotel real estate investor and the nation's largest independent hotel management company, today announced the opening of the 194-room Crowne Plaza Milwaukee Airport, which recently completed a multi-million dollar renovation and brand conversion. The former Ramada Inn and Conference Center is owned by Amana Hospitality, LLC, and will be managed by Interstate.About Interstate Hotels & Resorts
This is the third property Interstate has opened this summer, with 13 under-development properties remaining in the company's management pipeline, most of which are scheduled to open in 2010.
"This is our first contract with this ownership group," said Leslie Ng, Interstate's chief investment officer. "Our vast experience and deep relationship with the brand are two factors which made us the manager of choice for this property. We continue to pursue opportunities with both our existing ownership base and new clientele who are seeking an institutional management company with the expertise to effectively operate hotels through this economic downturn."
"Milwaukee is the largest city in Wisconsin and a popular Midwest destination and desirable locale for meetings and banquets," said Thomas F. Hewitt, chairman and chief executive officer, Interstate. "The Crowne Plaza Milwaukee Airport underwent a complete overhaul of all interior and exterior spaces to enhance the guest experience. The hotel's proximity to the airport and its state-of-the-art facilities and amenities attract a wide following of both leisure and business travelers."
The Crowne Plaza Milwaukee Airport is located at 6401 South 13th St., two-and-a-half miles from General Mitchell International Airport. The five-story hotel is convenient to such downtown Milwaukee attractions as the Milwaukee Art Museum, the Midwest Express Convention Center and U.S. Cellular Arena, home of Brewer Baseball. The property features more than 24,000 square feet of flexible meeting space; an onsite restaurant, Altitude; a fitness center; and a private lounge, the Executive Club, on the top floor.
Guestrooms offer the Crowne Plaza Sleep Advantage(TM) program, which includes designated quiet zones, complimentary eye masks and ear plugs, and lavender spray. Additionally, guestrooms feature high-speed wireless Internet access, 32-inch flat screen televisions and ergonomically-designed chairs.
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.
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, 2008.
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