News for the Hospitality Executive
Sunstone Hospitality Management Contracts with Holualoa
ORANGE COUNTY, Calif., October 12, 2009 - SHM (Sunstone Hospitality Management), 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 full-service Radisson Hotel Denver Stapleton Plaza, in Denver, Colo. The 300-room hotel is owned by Holualoa Companies, a real estate investment firm based in Tucson, Ariz.
"We are excited about our new relationship with Holualoa, as well as returning to the Denver market," said John Elston, SHM's executive vice president. "We fully expect to deliver superior results to our owners and to provide a level of service our customers have come to expect and deserve from SHM."
The hotel is well located, 20 minutes from Denver International Airport and 10 minutes from downtown, close to a number of business parks and tourist attractions. The more than 20,000 square feet of renovated meeting space can accommodate meetings and social events for groups of 10 to 300.
"The property's location in a $5 billion urban land redevelopment project on the site of the former Stapleton Airport will greatly enhance the long-term investment potential of this asset," said Aroon Chinai, vice president and chief investment officer of Holualoa Companies. "When fully built out, the Stapleton project is expected to create a virtual new city with a projected residential population of 30,000 and 35,000 workers. SHM is a highly regarded operator with a proven record of success managing in all phases of the economic cycle, and we have the utmost confidence that they can duplicate their success at this property."
Located at 3333 Quebec Street in northeast Denver, the 11-story atrium hotel features stunning mountain views, a heated outdoor seasonal pool, whirlpool spa and sauna. The hotel also features a full-service restaurant, Quebec's Bistro, Martini's Lounge, and more than 20,000 square feet of meeting space, including two ballrooms. Spacious, renovated guestrooms and suites feature complimentary high-speed, wireless Internet access, voicemail, and work desk with ergonomic chair.
For guests looking for an enhanced sleep experience, the hotel offers select rooms with Sleep Number® beds.
About Holualoa Companies
Holualoa Companies is a real estate investment firm whose properties include office, retail, industrial, multi-family, hotel and mixed-use assets located in the United States and France. Headquartered in Tucson, Ariz., the firm also has regional offices in Los Angeles, Phoenix, Kailua-Kona, and Paris.
About Interstate Hotels & Resorts
Interstate Hotels & Resorts, Inc. has ownership interests in 56 hotels and resorts, including seven wholly owned assets. Including those properties, the company and its affiliates manage a total of 227 hospitality properties with more than 46,000 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.
About Sunstone Hospitality Management
SHM is based in Southern California. The company operates 28 hotels and conference centers with more than 7,500 rooms in nine states. Additional information about SHM may be found at www.shmhotels.com. For information about the Radisson Denver Stapleton Plaza or to make reservations, call (303) 321-3500 or visit http://www.radisson.com/hotels/.
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.
Sunstone Hospitality Management
Web Site: http://www.shmhotels.com/
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