News for the Hospitality Executive
Interstate Hotels & Resorts Signs Two Management
Contracts in New Orleans
Manages Seven Hotels in Crescent City for Same Owner
ARLINGTON, Va., October 7, 2009—Interstate Hotels & Resorts (NYSE: IHR), a leading hotel real estate investor and the nation’s largest independent hotel management company, today announced that affiliates of the owner of five Interstate-managed hotels in New Orleans and nearby Kenner, awarded management contracts for two additional hotels in the city to Interstate. The two hotels are the 66-room St. Ann/Marie Antoinette Hotel and the 97-room Saint Louis Hotel, both in the French Quarter. The ownership entity of the seven properties is MCC Real Estate and Development, LLC, a major New Orleans-based hotel investor.
“One of our most reliable and gratifying sources of new management contracts is current owners,” said Thomas F. Hewitt, chairman and chief executive officer. “We have a long-standing relationship with this ownership group, and these two contracts speak to their confidence in our ability to successfully manage hotels in any economic climate.”
The St. Ann/Marie Antoinette and its sister property, the Saint Louis Hotel, are centrally located in the heart of New Orleans’ historic French Quarter, just a half-block from Bourbon and Royal Streets, within walking distance of New Orleans’ unique attractions that include antique shops, art galleries, Jackson Square, and the Aquarium of the Americas. Both also are convenient to the New Orleans Central Business District, Harrah’s Casino, the New Orleans Convention Center, transportation, world-class restaurants and the city’s legendary entertainment.
Located at 730 Rue Bienville, the Saint Louis Hotel offers 24-hour concierge and bell desk service, complimentary newspaper, tropical courtyard and pool and 10 superb meeting and banquet rooms, encompassing over 7,000 square feet of space. The hotel also features the critically acclaimed Courtyard of Louis XVI restaurant, currently serving breakfast and evening cocktails. Many of the hotel’s 97 guestrooms overlook a Mediterranean courtyard.
The 66-room sister property, St. Ann/Marie Antoinette, is located a block away at 717 Rue Conti. The two hotels offer the perfect combination of Southern hospitality and European charm, featuring affordable luxury within walking distance of every major attraction.
“Between the hurricane and the economic downturn, Interstate has done a superb job of managing our properties, controlling costs, driving revenue and bringing a lot to the bottom line for us under challenging circumstances,” said Joe Jaeger, a partner in the hotel’s ownership group. “Based on their performance, we feel confident that they’ll do the best job when the economy rebounds, too. We look forward to further expanding our relationship.”
The other hotels managed by Interstate for MCC Real Estate and Development include the Bourbon Orleans (218), Wyndham Riverfront (200), Dauphine Orleans (111), Maison de Ville (23) and the Crowne Plaza Kenner (292). Including the St. Ann/Marie Antoinette and the Saint Louis, the seven hotels feature a combined total of 1,007 rooms.
Interstate Hotels & Resorts, Inc. 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 223 hospitality properties with more than 45,500 rooms in 37 states, the District of Columbia, Russia, India, Mexico, Belgium, Canada and Ireland. Interstate Hotels & Resorts also has contracts to manage 13 to be built hospitality properties with approximately 3,000 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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