News for the Hospitality Executive |
ARLINGTON,
Va., September 17, 2012—Interstate Hotels & Resorts
today announced it has transitioned management of an eight-hotel
portfolio
owned by an affiliate of Investcorp International, Inc., a leading
provider and manager of alternative
investment products. The portfolio aggregates to 2,096 rooms
and consists of one Hilton, five DoubleTree by Hilton hotels, one
Marriott and one Sheraton located throughout the United States.
About Interstate Hotels &
Resorts
“It is extremely gratifying to earn new business from an existing owner,” said Jim Abrahamson, Interstate’s chief executive officer. “Our depth of experience operating upper upscale hotel brands will enable us to maximize Investcorp’s investment in these outstanding hotels.” “Most are located in markets where Interstate already has a strong presence and extensive market experience, creating economies of scale that will benefit each property’s bottom line,” said Leslie Ng, Interstate’s chief investment officer. “We look forward to building on our relationship with Investcorp and for further opportunities to work with them.” Interstate
Hotels & Resorts, Inc., a wholly-owned subsidiary of a 50/50 joint
venture
between subsidiaries of Thayer Lodging and Jin Jiang, is the leading
U.S.-based
global hotel management company, operating branded full- and
select-service
hotels and resorts, convention centers and independent hotels
worldwide.
Interstate and its affiliates manage 367 hotels
with 69,000 rooms in North America, Europe and
Asia-Pacific, including seven wholly owned hotels. In addition,
Interstate has executed agreements to manage 36 hotels
with more than 7,600 rooms under construction or
development throughout the world.
For more information, visit www.interstatehotels.com. Connect with Interstate at www.linkedin.com/company/interstate-hotels-resorts, www.facebook.com/InterstateHotels, and http://jobs.interstatehotels.com |
Contact: Jerry Daly/Lauralee Dobbins Daly Gray, Inc. 703-435-6293 [email protected] |