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Interstate Adds Sixth and Seventh Hotel to
Moscow Management Portfolio
ARLINGTON, Va., April 16, 2007 - Interstate Hotels & Resorts
(NYSE: IHR), one of the nation's largest independent hotel
management companies, today announced that the company has been selected
to manage two Holiday Inn hotels in downtown Moscow, Russia: the 301-room
Holiday Inn Moscow Lesnaya Hotel and the 312-room Holiday Inn Moscow Suschevsky
Hotel. Both properties are owned by Mospromstoi, a major, Moscow-based
construction and hotel ownership company.
"These two contracts represent our sixth and seventh hotel in Moscow,
where we have established a major management presence, and bring our total
number of management contracts in Europe to nine," said Thomas F. Hewitt,
Interstate's chief executive officer. "We now have six hotels under contracts
with Mospromstoi, and we look forward to continuing our relationship."
"We recently opened a branch office in Moscow with an executive team
that provides the kind of hands-on, personalized service no other
management company can match," said Henry L. (Hank) Ciaffone, president
of international operations and development at Interstate. "We continue
to seek opportunities to expand our operations in Russia and throughout
Europe. We remain focused on first-class, full-service and select-service
hotels affiliated with top- quality, internationally known brands like
Marriott, Starwood, Holiday Inn and Hilton, as well as independent hotels
and resorts."
Holiday Inn Moscow Lesnaya Hotel
Built in 2005, the Holiday Inn Moscow Lesnaya Hotel is located in the
downtown area right off the central Tverskaya-Yamskaya street, within a
45- minute drive of the Moscow International Airport Sheremetyevo. The
major tourist attractions of the city - the Kremlin, Red Square, St. Basil's
Cathedral and the Bolshoi Theatre - are a 10-minute drive from the hotel.
The hotel features 301 rooms, including suites and executive floor
rooms; all-day dining at the Red & White bar and restaurant serving
international cuisine; 24-hour room service; 8,000 square feet of meeting
space that can accommodate groups of up to 460; business center; and mini
gym.
Holiday Inn Moscow Suschevsky Hotel
The Holiday Inn Moscow Suschevsky Hotel was opened in 2006 and is located
in one of the central business areas of Moscow. The hotel is a short drive
from the city's major tourist attractions and 30 minutes from the Moscow
International Airport Sheremetyevo.
The hotel offers 312 guest rooms, including suites and executive floor
rooms; the Fleur Cafe bar and restaurant serving international cuisine;
24-hour room service; six meeting rooms totaling 6,300 square feet of space
with a maximum capacity of 350, reception-style; business center; and mini
gym.
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Holiday Inn Moscow Lesnaya Hotel
15 Lesnaya Street
Moscow, Russia
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Holiday Inn Moscow Suschevsky Hotel
74 Suschevsky Val Street
Moscow, Russia
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About Interstate
As of March 31, 2007, Interstate Hotels & Resorts operated 207
hospitality properties with more than 47,000 rooms in 36 states, the
District of Columbia, Belgium, Canada, and Russia. In addition, Interstate
Hotels & Resorts has contracts to manage 15 hospitality properties
with nearly 4,300 rooms currently under development. For more information
about Interstate Hotels & Resorts, visit the company's Web site: http://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. |
