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Interstate Hotels & Resorts Through a Joint Venture Acquires
the 256-room Crowne Plaza Tampa East in Florida


Property to Undergo a $8.5 million Renovation

ARLINGTON, Va./TAMPA, Fla., October 28, 2011 - Interstate Hotels & Resorts, the United States’ largest independent hotel management company, today announced that it has acquired the 256-room Crowne Plaza Tampa East in Florida through a joint venture with Waramaug Hospitality, LLC and a private investment group.  Interstate assumed management of the hotel upon completion of the acquisition, and the hotel will immediately undergo a comprehensive $8.5 million renovation. 

“It is extremely gratifying to earn new business from existing partners, and we are thrilled to have this opportunity to work with them again,” said Thomas F. Hewitt, Interstate’s chairman and chief executive officer.  “This new acquisition transaction represents our second with Waramaug Hospitality this year, and we look forward to expanding our relationship moving forward.”

“The Crowne Plaza Tampa East represents a compelling investment opportunity, and we fully expect to deliver superior results,” said Jim Abrahamson, Interstate’s president and COO.  “The hotel’s location, adjacent to a thriving business park and close to a number of leisure demand generators, greatly enhance the long-term potential of this investment.”

Located at 10221 Princess Palm Avenue, across the street from Sabal Business Park, one of Tampa’s most attractive office markets, the Crowne Plaza is the only full service hotel with a significant amount of meeting space in the area.  Hotel amenities include a restaurant, outdoor swimming pool, business center, recreation and sports court, as well as 30,000 square feet of flexible meeting space.

“Based on the performance of our initial joint venture transaction with Interstate, we have the utmost confidence in their continued ability to deliver superior operating and investment results,” said Paul Nussbaum, Waramaug’s chief executive officer.  “We expect to undertake a major $8.5 million renovation of this hotel, which will position the property ideally to take full advantage of an improving local economy.”

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 United States’ leading hotel management company, operating branded full- and select-service hotels and resorts, conference centers and independent hotels worldwide.  The company and its affiliates manage and/or have ownership interests in 331 hotels with more than 60,000 rooms in 39 states, the District of Columbia, China, Russia, India, Mexico, Belgium, Canada, Ireland, England and the Netherlands.  The company has ownership in 56 of those hotels, including six wholly owned assets.  Interstate Hotels & Resorts also has executed agreements for 23 hotels with nearly 5,000 rooms under construction or development throughout the world.

For nearly two decades, Interstate Hotels & Resorts has been operating hotels outside of the United States.  The company's global hotel management platforms in Western Europe, Russia, India and China provide the resources and infrastructure necessary for comprehensive hotel management operations, sales and marketing, revenue management, e-commerce, procurement, food and beverage operations and technical services for hotel owners and developers seeking a proven and experienced hotel management company.

For additional information about Interstate, visit the company’s website:  www.ihrco.com.

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Contact:

Jerry Daly, Carol McCune
Media
Daly Gray
(703) 435-6293

jerry@dalygray.com

Carrie McIntyre
SVP, Treasurer
Interstate Hotels & Resorts
(703) 387-3320
carrie.mcintyre@ihrco.com




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Also See: Interstate Hotels & Resorts in a Joint Venture with JHM Hotels to Operate Two New Hotels in India, the 63-room Rajasthali Resort & Spa in Jaipur and the 145-room Ramada Amritsar in Amritsar / July 2011

Interstate Hotels & Resorts Completes Multi-Million Dollar Renovation of the 390-room Houston Marriott North in Texas / July 2011

Interstate Hotels & Resorts Appoints Emily Boling Lynn as Vice President, Global Sales and Strategic Accounts / July 2011

Interstate Hotels & Resorts Executes Agreements with NBB-Development to Manage Six Hotels in Sochi, Russia, Site of 2014 Winter Olympics / July 2011

Interstate Hotels & Resorts Names Julie Pangelinan Chief Financial Officer / July 2011

Interstate Hotels & Resorts Assumes Management of Homewood Suites Jackson-Ridgeland in Mississippi and the Staybridge Suites Denver Cherry Creek in Colorado Increasing to 67 the Number of Hotels Managed for Summit Hotel Properties / May 2011

Interstate Hotels & Resorts Opens the 88-room Four Points by Sheraton Long Island City/Queensboro Bridge Hotel in Queens, New York, Owned by 39th Ave Holding LLC / May 2011

Interstate Hotels & Resorts Assumes Management of 30-hotel Portfolio, Comprising 4,060 rooms, Owned by Inland American Real Estate Trust; Portfolio Now Includes 337 Properties / April 2011

Interstate Hotels & Resorts Acquires 262-room Sheraton Denver Tech Center in a Joint Venture with Waramaug Hospitality; Will Begin $5.75 Million Renovation / February 2011

Senior Management Team Appointed for Interstate China, an Interstate Hotels & Resorts Joint Venture with Shanghai Jin Jiang International Hotels / February 2011

Interstate Hotels & Resorts Assumes Management of Summit Hotel Properties’ 65-hotel Portfolio / February 2011

BTW Hotel Holdings, LLC Selects Interstate Hotels & Resorts to Manage the Comfort Inn Manhattan Bridge in New York City / February 2011

Inland American Lodging Advisor & IHG Open the Crowne Plaza Charleston Airport Convention Center in Charleston, South Carolina, Following $13 million Renovation and Conversion from a Quality Inn & Suites; Property Managed by Interstate Hotels & Resorts / January 2011

The Hilton Lexington/Downtown Appoints 3 Execs Including Emily Boling Lynn to Director of Sales & Marketing / June 2010

Interstate Hotels & Resorts Named to Manage Freestyle Park Resort Hotel in Moscow; Futuristic Resort to Feature Indoor Ski Slope, Entertainment, Retail, Movies, Restaurants / November 2008

Interstate Hotels & Resorts Opens Hilton Moscow Leningradskaya Hotel; First Hilton Brand Hotel in Russia's Capital City / August 2008

Interstate Hotels & Resorts Appoints Three Vice Presidents to Head Up Moscow Operations / February 2007
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