News for the Hospitality Executive |
Blackstone Group Names Interstate
Hotels & Resorts to
Manage
13 Properties Adding 5,466 Rooms to Portfolio
ARLINGTON, Va., December 8,
2010—Interstate Hotels &
Resorts, the United States’ largest independent hotel management
company, today
announced that it has signed agreements to manage 13 hotels recently
acquired by affiliates of The Blackstone Group (Blackstone), a
global
alternative investment management firm. The upscale full-service
properties are located in major urban markets and primarily include
properties
that were recently renovated and rebranded with Hilton, Starwood and
Marriott
brands. “This brings to 21 the number of
properties we manage for
affiliates of The Blackstone Group and continues a relationship that
began in
2006,” said Thomas F. Hewitt, Interstate chief executive officer.
“The
selection of Interstate to manage these properties underscores
Blackstone’s
confidence in our continued ability to deliver a better bottom line at
major
urban properties in any economic climate.” According to Leslie Ng, Interstate’s
chief investment
officer, the portfolio includes six Westins, two Hiltons, two
Sheratons, two
Marriotts, and a Wyndham, aggregating 5,466 rooms, located in nine
states, the
District of Columbia and Canada.
About
Interstate Hotels &
Resorts
Interstate Hotels & Resorts, Inc, a wholly owned subsidiary of a joint venture between subsidiaries of Thayer Lodging and Jin Jiang, is the nation’s largest independent hotel management company based on revenue managed. The company and its affiliates manage and/or have ownership interests in 243 properties with more than 51,000 rooms in 36 states, the District of Columbia, Russia, India, Mexico, Belgium, Canada, Ireland and England. The company has ownership interests in 54 of those properties, including six wholly owned assets. For more information about Interstate Hotels & Resorts, visit the company’s Web site: www.ihrco.com. |
Contact:
Jerry Daly, Carol McCune Media Daly Gray (703) 435-6293 [email protected] Carrie McIntyre |