News for the Hospitality Executive
Interstate Hotels & Resorts Signs Agreement with BIA
Manage 203-Room Holiday Inn Laredo Civic Center in Laredo, Texas
ARLINGTON, Va., July 20, 2009—Interstate Hotels & Resorts (OTC: IHRI), a leading hotel real estate investor and the nation’s largest independent management company, today announced that the company has signed an agreement to manage the Holiday Inn Laredo Civic Center in Texas. The 203-room property is owned by BIA Acquisitions, a Texas-based limited partnership.About Interstate Hotels & Resorts
“This is a well-known landmark property located in one of the fastest growing cities in the U.S.,” said Thomas F. Hewitt, chairman and chief executive officer. “This is our first contract with this owner, and we look forward to helping this unique property further expand its appeal to business and leisure travelers. We remain focused on our core management business and continue to see a steady pace of opportunities for new management contracts.”
Located at 800 Garden Street in downtown Laredo, the Holiday Inn Laredo Civic Center is centrally located and houses one of the finest restaurants in Laredo, the Terraza Verde Restaurant. The 14-story, high-rise, full-service property is equipped with a business center and offers free wireless Internet access throughout the hotel. Other hotel amenities include a fitness facility and a cocktail lounge bar with live entertainment. The Holiday Inn Laredo Civic Center features six meeting rooms, three of which convert into a grand ballroom, and can accommodate groups of up to 300 people.
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 222 hospitality properties with nearly 45,500 rooms in 37 states, the District of Columbia, Russia, Mexico, Belgium, Canada and Ireland. Interstate Hotels & Resorts also has contracts to manage 15 to be built hospitality properties with approximately 3,500 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.
Hotels & Resorts Joint Venture Signs First Management Contract in
India / April 2008
|Interstate Hotels & Resorts Forms Joint Venture with JHM Hotels to Operate and Invest in Hotels in India / February 2008|