Upscale Portfolio of 22 Hotels; Interstate
Now Manages 330 Hotels
|ARLINGTON, Va., March 24, 2005—Interstate Hotels & Resorts (NYSE:
IHR), the nation’s largest independent hotel management company, today
announced that it has signed management agreements to operate 22 upscale
hotels recently acquired by a partnership consisting of a private investment
fund managed by Goldman Sachs and affiliates of Highgate Holdings.
"This is a first-rate portfolio of stabilized properties and upscale brands," said Thomas F. Hewitt, Interstate CEO. "We anticipate a seamless transition into the Interstate organization and expect the change to be essentially transparent at the property level to our guests and employees. We look forward to establishing a long-term relationship with Goldman Sachs and to further opportunities to work with them."
"We, along with our partner Highgate Holdings, are excited to have purchased this collection of assets from Wyndham," said Jonathan Langer, managing director of Goldman Sachs. "We look forward to working with Interstate to leverage off of their extensive experience in managing upscale, full-service hotels."
The portfolio includes 14 Wyndhams, two Hiltons, three Doubletrees, one Radisson and two independent hotels, aggregating 5,895 rooms, located in 12 states and the District of Columbia. The 22 contracts bring to 330 the number of hotels managed by Interstate.
The partnership has allocated $75 million to fund renovations across the portfolio, ranging from replacing soft goods in the guestrooms to upgrading technology.
The 22 hotels are:
Interstate Hotels & Resorts operates more than 330 hospitality properties with approximately 73,000 rooms in 41 states, the District of Columbia, Canada, Russia, and Portugal. BridgeStreet Corporate Housing Worldwide, an Interstate Hotels & Resorts’ subsidiary, is one of the world’s largest corporate housing providers. BridgeStreet and its network of Global Partners offer more than 8,700 corporate apartments located in 91 MSAs throughout the United States and internationally. 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.
|Also See:||Goldman Sachs Investment Fund and Affiliates of Highgate Holdings Acquire 25 Hotels from Wyndham; 15 Hotels to Remain Wyndham Branded / January 2005|
|Interstate Hotels & Resorts Acquires Sunstone Hotel Properties, Inc., the Manager of 54 Hotels; Sunstone’s Senior Operating Team will Become Part of Interstate’s Operating Team / October 2004|