News for the Hospitality Executive
Interstate Hotels Selected to Launch the EuroSuites Brand
- Will Manage the First
Property - the 368-suite EuroSuites in the Doral Area of Miami, Florida
|ARLINGTON, Va., August 20, 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 EuroSuites
luxury condo-hotel in the Doral area of Miami, Florida. The nearly
completed 368-suite property is being developed by Concalpro Group Corporation
and asset managed by EuroSuites Hospitality Group, both headed by Adel
Wulff. It is Interstate’s third condo-hotel management contract.
“We have a proven history in condo-hotel management,” said Thomas F. Hewitt, Interstate’s chief executive officer. “The project is first-class and located in a rapidly growing part of Miami, near major shopping venues and the airport. We are delighted to be working with EuroSuites Hospitality Group and look forward to building on our relationship as they expand the EuroSuites brand.”
“We believe in the condo-hotel model, and this fully sold-out project
has proven the success of our design and choice of location,” said Adel
Wulff, EuroSuites Hospitality Group’s president and chief executive officer.
“The final and crucial decision was that of an operating partner.
It was essential that the operator have a successful track record in this
property niche and the marketing ability to ensure the successful launch
of the brand. Interstate met all of these criteria.”
Located at 1700 NW and 107th Ave. in the West Airport/Doral area of Miami, the four-star luxury property is situated between two of the region’s major upscale shopping venues, Dolphin Mall and International Mall, only 15 minutes from Miami International Airport. Doral is Miami’s fastest growing commercial, government and residential community. Also nearby are Florida International University and the famous golf course at Doral city.
The four-star property’s resort-style amenities include a state-of the art cardio training room; business center; massage pool, Zen garden with spa services; restaurant/coffee shop; putting green; 24-hour hotel service; residents’ lounge/lobby; valet parking; lobby bar; laundry service; free parking; wireless Internet throughout the building; and a convenience store. EuroSuites Hospitality Group is in the final stages of negotiation with a prominent international restaurant company to bring a unique food and beverage concept to the property for EuroSuites’ and local area residents.
According to Wulff, two more EuroSuites developments are planned in Doral, with another larger project slated for the City Place area of West Palm Beach. Future EuroSuites projects are contemplated in other areas of the U.S., Mexico and Central America.
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. Except for historical information, the matters discussed in this press release are forward-looking statements that are subject to certain risks and uncertainties that could cause the actual results to differ materially, including the volatility of the national economy, economic conditions generally and the hotel and real estate markets specifically, the war in Iraq, international and geopolitical difficulties or health concerns, governmental actions, legislative and regulatory changes, availability of debt and equity capital, interest rates, competition, weather conditions or natural disasters, supply and demand for lodging facilities in our current and proposed market areas, and the company’s ability to manage integration and growth. Additional risks are discussed in Interstate Hotels & Resorts’ filings with the Securities and Exchange Commission, including Interstate Hotels & Resorts’ annual report on Form 10-K for the year ended December 31, 2006.
|Also See:||Monarch Hotels & Resorts Selected to Manage The Blue at Doral, a Resort Being Developed Alongside the Fairways of the Blue Monster / April 2007|