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News for the Hospitality Executive |
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| ARLINGTON, Va., July 27, 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
that the
company has successfully appealed a NYSE ruling in March under which
Interstate’s
stock was suspended from trading for failing to meet the minimum $15
million
market capitalization requirement. The NYSE
has now determined that Interstate’s stock will resume trading on
Wednesday,
July 29 under its previous symbol IHR.
Interstate’s stock has been trading on the OTC market since March 12, during which time the company’s share price increased 185 percent and the company successfully extended its senior credit facility maturity. The market capitalization is now well in excess of the $15 million minimum capitalization required for NYSE listing. “We appreciate the NYSE’s consideration of the unprecedented market conditions and our rapid return to compliance with the minimum market cap requirement,” said Thomas F. Hewitt, Interstate’s chairman and chief executive officer. “We look forward to continuing our long-standing relationship with the NYSE.” About Interstate Hotels & Resorts Interstate Hotels & Resorts has ownership interests in 56 hotels and resorts, including seven wholly owned assets. Together with these properties, the company and its affiliates manage a total of 223 hospitality properties with more than 45,500 rooms in 37 states, the District of Columbia, Russia, Mexico, Belgium, Canada and Ireland. Interstate Hotels & Resorts also has contracts to manage 14 to be built hospitality properties with approximately 3,400 rooms. 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. 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. |
| Contact:
Carrie McIntyre |