News for the Hospitality Executive
Charania Group of Companies Selects Interstate Hotels
& Resorts to Manage
the to-be-built 143-room Cambria Suites near Atlanta’s Hartsfield
Jackson International Airport
|ARLINGTON, Va., April 16, 2008—Interstate Hotels &
Resorts (NYSE: IHR), a leading hotel real estate investor and the nation’s
largest independent operator of full- and select-service hotels, today
announced that it has signed an agreement to manage the to-be-built, 143-room
Cambria Suites near Atlanta’s Hartsfield Jackson International Airport.
The hotel is being developed by CQ Capital Partners for Charania Hospitality
Group, both subsidiaries of Charania Group of Companies, an independent
global real estate fund based in Clarkston, Ga. Construction of the
property is expected to begin next month, with a scheduled opening in the
first quarter of 2009.
“This transaction introduces a dynamic new brand to our management portfolio, as well as a new owner,” said Thomas F. Hewitt, Interstate’s chief executive officer. “The Charania Group of Companies is a proven and experienced developer/owner, who has plans to build additional Cambria Suites product by Choice Hotels. We are exploring other projects with the Charania Group of Companies, primarily in the southeastern region of the U.S.”
The Cambria Suites brand is designed to take advantage of new trends in lodging, reflecting the expectations of guests who want to carry their lifestyle with them when they travel. The hotel will offer the latest technology surrounded by a sophisticated, contemporary design that is both stylish and comfortable.
“Cambria Suites is a new, upscale, select-service brand that plays to Interstate’s strengths in the select-service segment,” said Barkat Charania, chief executive officer of Charania Group of Companies. “With their operating and marketing strengths and size advantages, we feel Interstate is the best qualified to help us optimize the returns of this new hotel brand. We are excited about the collaboration between our groups and look forward to building a long-standing relationship.”
The Cambria Suites Atlanta Airport is only the second LEED certified hotel in Georgia and is located within minutes of one of the world’s busiest airports, which currently is undergoing a $5.4 billion expansion, and the Georgia International Convention Center, adjacent to the airport. Metro Atlanta, with more than 125 million square feet of office space, ranks third in the nation among cities with the most Fortune 500 headquarters.
“This continues our strategy of broadening our ownership universe, which now includes more than 60 owners,” said Leslie Ng, Interstate chief investment officer. “We look forward to building on our relationship, both with Charania Group of Companies and the emerging Cambria Suites brand.”
About Charania Group of Companies
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.
|Also See:||PLC Partners, LLC Building a 22-Story, 239-Suite Cambria Suites Hotel in Midtown Manhattan / January 2008|
|Galo Properties Building a 129-suite Cambria Suites Hotel Outside of San Antonio in Schertz, Texas / February 2008|