News for the Hospitality Executive
Interstate Hotels & Resorts to Operate Joshi Hotel
Group's Just Opened
TownePlace Suites Bethlehem/Easton, Pennyslvania
ARLINGTON, Va., July 24, 2009—Interstate Hotels & Resorts (OTC Bulletin Board: IHRI), a leading hotel real estate investor and the nation’s largest independent hotel management company, today announced the opening of the 86-suite TownePlace Suites Bethlehem/Easton in Pennsylvania’s Lehigh Valley, an hour north of Philadelphia. Interstate will manage the hotel for KVH, LLC, an ownership entity of the Joshi Hotel Group. The all-suite hotel is one of 15 under-development properties in Interstate’s management pipeline, the second of three development properties the company will open this summer.
“We continue to move projects forward despite the current economic down cycle,” said Thomas F. Hewitt, chairman and chief executive officer, Interstate. “The TownePlace Suites Bethlehem/Easton marks the third management contract we have signed with the Joshi family, including the Hilton Garden Inn-Allentown Airport and the Staybridge Suites-Allentown Airport. The greater Bethlehem/Easton/Allentown area is the third largest metro region in the state, and we look forward to helping this property quickly reach its full operating potential.”
Located at 3800 Easton/Nazareth Highway, within minutes of historic downtown Easton, the extended-stay TownePlace Suites Bethlehem/Easton is convenient to the major attractions in the Lehigh Valley, including Dorney Park & Wild Water Kingdom, the Crayola Factory, and Blue Mt. Ski Resort. Guestrooms offer 37-inch flat screen TVs, free high-speed wired and wireless Internet access, fully-equipped kitchens and a home office area. The property features a 24-hour business center, indoor pool and whirlpool, and fitness center. In addition, the four-story hotel provides a complimentary deluxe continental breakfast.
About Interstate Hotels & Resorts
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, 2008.
|Interstate Hotels & Resorts
|Also See:||Sands Abruptly Stops Construction of Hotel, Events Center and Shopping Mall at the Sands Casino Resort Project in Bethlehem, Pennsylvania; Casino Construction Continues / October 2008|
|Developer Joseph Posh Receiving $14.9 million Pennsylvania State Loan to Finance a $16.5 million Hyatt Place Hotel in Downtown Bethlehem, Pennsylvania / December 2007|