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& Conference Center in Orlando . The $800 million Project Will Have 900 Condo Hotel Suites and 100,000 Sq Ft Conference Center |
 ARLINGTON,
Va., March 6, 2007 � Interstate Hotels & Resorts (NYSE: IHR), one of
the nation�s largest independent hotel management companies, today announced
that it has been selected to manage the Ravallo Resort & Conference
Center, a to-be-built luxury condo hotel in the Lake Buena Vista area of
Orlando, Florida. The twin-tower, 23-story, environmentally friendly
(a green building), lakeside resort, currently in pre-sale, will feature
900 condo hotel suites and an adjoining 100,000 square-foot conference
center. Condominium owners will have the opportunity to place their
units into a rental arrangement. Construction is scheduled to begin
in the fall of 2007, with a December 2008 projected opening. The
$800 million condo resort project is being developed by Ravallo Resort
Development Company.
�We have a substantial history in the management of condo hotels and are quite familiar with this business model and its unique needs and requirements,� said Thomas F. Hewitt, Interstate chief executive officer. �David Townsend with Ravallo Resort Development is a highly regarded developer with a proven track record in this particular niche-segment, and we look forward to working with him.� To be situated on 11 lushly landscaped acres on Palm Parkway, south of Central Florida Parkway, the four-star Ravallo Resort will appeal to both business and leisure travelers, with its location just minutes away from some of the world�s best theme parks, 20 million square feet of world-class shopping and the 2.5 million square foot Orange County Convention Center. The Mediterranean-style buildings with elegant Corinthian-style columns and arches, granite and marble accents, spacious terraces and spectacular picture windows, will feature 900 lavishly appointed hotel suites in one- and two-bedroom configurations at prices ranging from $652,000 to $1.7 million. The resort�s top-of-the-line amenities include a tropical sandy beach, two pools, world-class restaurants, gourmet bakery and café, valet service, full-service salon and spa, state-of-the-art fitness center, a promenade of upscale retail stores and cafes and complimentary shuttle to area attractions and convention center. The Ravallo is within a short drive of Walt Disney World, Universal Studios and Sea World and offers convenient access to area golf courses. �We continue to be selective in our choice of successful, experienced developers, like David Townsend's group, with whom we seek to work on the condo hotel front,� said Leslie Ng, chief investment officer. �Condo hotels are a growing sub-specialty of ours, which also provide some diversity in our management contract base.� �There are few management companies with experience in this sector, and Interstate�s proven track record with condo hotels, together with their size, which translates into operating and purchasing economies of scale, made them a pretty compelling candidate,� said David Townsend of Ravallo Resort Development Company. As of February 28, 2007 Interstate Hotels & Resorts operated 204 hospitality properties with more than 46,000 rooms in 36 states, the District of Columbia, Canada, and Russia. 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. |
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Interstate Hotels & Resorts
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