News for the Hospitality Executive
Blackstone Group Names Interstate
Hotels & Resorts to
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.The 13 hotels are:
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.
Jerry Daly, Carol McCune
A. Reid Joins Interstate Hotels & Resorts as EVP Development &
Acquisitions / November 2010
Hotels & Resorts Promotes Sean McCurdy to Vice President-Strategic
Accounts & Global Sales / June 2010
|Interstate Hotels & Resorts Reports Third-Quarter 2009 Net Loss of $10.3 million; Adds 10 properties to third-party management portfolio / Hotel Operating Statistics / November 2009|
|Interstate Hotels & Resorts Reports Fourth-Quarter 2009 Net Loss of $16.5 million; Receives Notice of Suspension of Trading from NYSE, Last Close on March 11, 2009 was 30 cents / March 2009|