|ARLINGTON, Va., February 7, 2007—Interstate Hotels &
(NYSE: IHR), one of the nation’s largest independent hotel management
today announced that the company has been selected to manage a new,
hotel in Moscow, Russia, scheduled to open in late 2008. The
has signed a long-term contract with Monarch Construction, the builder,
manage the 300-room hotel.
“This will be the fifth hotel we manage in Moscow, which continues our push into Europe, having recently added properties in Dublin, Ireland and Ghent, Belgium, both of which are scheduled to open in the first half of 2007,” said Thomas F. Hewitt, Interstate chief executive officer. “Monarch Construction is one of the largest construction companies in Moscow and has built more than 100 projects over the last decade, ranging from large commercial skyscrapers to large residential developments. They are a premier partner with a proven record of success, and being a local company, are very knowledgeable about the local economy. We have more than 12 years experience operating hotels in Moscow and believe this is an outstanding project.”
“The growing interest in Russia as a tourist and business destination, coupled with a minimal supply of high-quality and middle-class hotels, makes this opportunity particularly attractive,” said Henry L. (Hank) Ciaffone, president of international operations and development at Interstate. “We are in the process of exploring a number of franchise alternatives, with a goal of having the hotel affiliated with an internationally known brand,” he added. “We continue to seek additional growth opportunities in Europe for both branded and independent hotels.”
In addition to 300 guest rooms, the property will feature a
lounge, pool, fitness center, spa, gift shop, and approximately 15,000
feet of function space.
This press release contains "forward-looking statements,”
the meaning of the Private Securities Litigation Reform Act of 1995,
Interstate Hotels & Resorts, including those statements regarding
operating results and the timing and composition of revenues, among
and statements containing words such as "expects,” "believes” or
which indicate that those statements are forward-looking.
Interstate Hotels & Resorts
200 Monument, the Hotel Leningradskaya, Undergoing Renovation
to the Hilton Brand, Will be Operated by Interstate Hotels /
|Interstate Hotels & Resorts Names Sean Worker Executive Vice President, International Operations and Development, Continental Europe / December 2004|