News for the Hospitality Executive
July 6, 2011—Interstate Hotels &
Resorts (IHR), the United States’ largest independent hotel management
today announced that Julie A. Pangelinan will join Interstate as chief
financial officer, effective July 6. Her
responsibilities will include oversight of the accounting, treasury,
budgeting and analysis functions and financial reporting.
Pangelinan previously was chief financial officer of Sunrise Senior Living, Inc., a $1.4 billion publicly traded company that provides senior living services to more than 300 communities in the U.S., Canada and the UK. She oversaw the company’s accounting, tax, treasury, budgeting and forecasting, information technology, risk management, human resources and purchasing functions in the U.S., as well as the accounting organization in the UK. She was a key member of the executive team responsible for restructuring the company, including selling non-core businesses and assets, restructuring/repaying more than $600 million of debt and reducing administrative expenses by nearly half.
Before joining Sunrise, she spent six years at Marriott International, Inc., where in her role as vice president, accounting policy, she was responsible for providing proactive leadership on accounting policy for business transactions and deal structures, as well as managing all external financial reporting and regulatory filings and ensuring compliance with the rules of the U.S. Securities and Exchange Commission and generally accepted accounting principles.
“Julie joins Interstate at a time of rapid growth, with an impressive range of international and hospitality experience that perfectly aligns with our global expansion plans,” said Thomas F. Hewitt, chairman and chief executive officer. “We have established viable operating platforms in a number of rapidly growing international markets, including Russia, India, China and Western Europe, and Julie will play a key role as we expand those initiatives.”
“The industry is rebounding from a difficult time, and we plan to leverage Julie’s vast wealth of knowledge and experience to take advantage of the growing number of opportunities we see on the horizon,” said Jim Abrahamson, president and chief operating officer. “Her prior experience at Marriott in transactional analysis also will be a major advantage in working with our chief investment officer, Leslie Ng, and his team as they continue to seek new business development initiatives globally.”
Pangelinan spent her early career in public accounting—ending as an audit partner at BDO Seidman, LLP. Prior to her time at BDO, she was with Laventhol & Horwath and Ernst & Young. From 1996 to 1998, she worked in the London office of BDO Stoy Hayward, where the majority of her clients had worldwide operations with parent companies in the U.S., Europe, Russia, the Far East and Australia.
A certified public accountant, Pangelinan graduated cum laude from San Francisco State University with a B.S. Degree in Business Administration, with Emphasis in Accounting. A member of the American Institute of Certified Public Accountants, she has served on the boards of the Greater Washington Board of Trade, American Senior Housing Association, and Alternative House.
About Interstate Hotels & Resorts
Interstate Hotels & Resorts, Inc., a wholly owned subsidiary of a 50/50 joint venture between subsidiaries of Thayer Lodging and Jin Jiang, is the nation’s largest independent hotel management company based on revenue managed. The company and its affiliates manage and/or have ownership interests in 334 properties with more than 61,200 rooms in 39 states, the District of Columbia, China, Russia, India, Mexico, Belgium, Canada, Ireland and England. The company has ownership interests in 56 of those properties, including six wholly owned assets. Interstate Hotels & Resorts also has executed agreements for 18 hotels with over 3,700 rooms under construction or development throughout the world. In 2010, Interstate Hotels & Resorts pioneered the first independent hotel management company in China, Interstate China Hotels & Resorts, when it formed a joint-venture partnership with Jin Jiang Hotels, China’s leading hotel operator and developer.
Interstate offers third-party hotel management on a global basis, providing the resources and infrastructure necessary for comprehensive hotel management operations, including sales and marketing, revenue management, food and beverage operations, e-commerce, accounting, and design and construction project management services for hotel owners and developers seeking a proven and experienced hotel management company.
Additional information about Interstate is available at the company’s website, www.ihrco.com.
Jerry Daly, Carol McCune
Interstate Hotels & Resorts
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