to Executive VP, Hotel Finance
|ARLINGTON, Va., October 11, 2006 — Interstate Hotels & Resorts
(NYSE: IHR), the nation’s largest independent hotel management company,
today announced that Joseph A. Klam has been promoted to executive vice
president, hotel finance. He previously served as senior vice president
of hotel finance. In his new position, Klam will be responsible for
all aspects of the financial operations of the company’s portfolio of 232
managed hotels and resorts. He will report to Bruce Riggins, Interstate’s
chief financial officer.
A 30-year hotel industry veteran, Klam joined Interstate in 2003 from Millennium Hotels & Resorts, where he served as vice president of finance-North America. He began his career with Stouffers Hotels & Resorts where he served in a variety of operational and management positions. He later joined Renaissance Hotels International and rose through the executive ranks to vice president of field financial services, international lodging, and led the transition of Renaissance Hotel Group systems after its acquisition by Marriott.
“Joseph has an impressive and extensive background that encompasses finance, operations, accounting, systems and human resources initiatives,” said Bruce Riggins. “His wealth of finance-related experience at a variety of public and private hospitality companies prepares him to provide the essential financial leadership we will need as we continue to pursue our primary growth strategy of diversifying our earnings base with increased ownership participations.”
Klam received a Bachelor of Science degree at The American University in Washington, D.C., and earned an MBA at the University of Phoenix in Arizona. He is a former member of AH&LA Internal Audit subcommittee and a member of the Hospitality Financial & Technology Professionals.
As of September 30, Interstate Hotels & Resorts operated 232 hospitality properties with more than 52,000 rooms in 40 states, the District of Columbia, Canada, and Russia. BridgeStreet 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 10,000 corporate apartments located in more than 100 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, and statements containing words such as "expects," "believes" or "will,” which indicate that those statements are forward-looking, although not all forward-looking statements will contain such words. ing Interstate Hotels & Resorts' annual report on Form 10-K as amended for the year ended December 31, 2005.
Interstate Hotels & Resorts
|Also See:||Moscow's Architectural Monument, the Hotel Leningradskaya, Undergoing Renovation to the Hilton Brand, Will be Operated by Interstate Hotels / October 2006|
|Redquartz Boundary Ltd. (RQB), an Irish-based Investment Company Acquires the Sawgrass Marriott Resort & Spa; Interstate Retains Minority Ownership and Management Contract / July 2006|