�These are our first new contracts since our spin-off from Hilton earlier this year,� said Angie Mock, Flagstone president and chief executive officer.  �We have successfully completed our transition to a stand-alone operation and now are wholly focused on improving operations for our existing owners and the planned strategic growth of our company.  We have achieved national distribution with these three new hotel contracts, which give us a solid base in the Northeast to complement our existing strength on the West Coast and Mountain, Midwest, Southeast and Southwest regions.�

Mock said that Flagstone plans to significantly step up its management contract business development activities in the next 12 months.  �Flagstone has a strong senior management team with more than 130 years� combined experience,� she noted.  �We believe that the current difficult economic climate in the hotel industry will lead to increased opportunities for larger, more experienced management companies, like Flagstone, that can bring economies of scale in purchasing and marketing, yet provide the personal attention that sophisticated hotel investors expect.�

Flagstone�s current management portfolio is comprised of full-service (47 percent), extended-stay (30 percent) and limited-service (23 percent) properties.  The company presently manages 12 different flags and has strong relationships with all major hotel brands.  �As an independent, third-party operator, we are well positioned to help owners select, negotiate and obtain the best possible franchise for their properties,� Mock said.   

The company manages for several different ownership groups and will seek to expand its business by building relationships with both existing and new institutional and individual owners.  �Our company and its core management team has been in operation for more than a decade and has in-depth expertise in all segments and markets,� she commented.   �We have the experience and infrastructure in place to manage orderly growth.� 

The three new Residence Inns properties managed by Flagstone are located in Fishkill, N.Y., 136 rooms; Warwick /Providence, R.I., 96 rooms; and Wilmington, Del., 120 rooms.  �We currently manage eight other Residence Inns and have a comprehensive understanding of what drives the brand�s bottom line,� said Frank Garrett, Flagstone chief financial officer.

Flagstone Hospitality Corporation is ranked as the nation�s 15th largest independent hotel management company by industry publications.  The company traces its roots to 1975 and currently manages 52 hotels under the Sheraton, Sheraton Four Points, Hilton, Doubletree, Homewood Suites by Hilton, Hampton Inn, Residence Inn by Marriott, TownePlace Suites by Marriott, Courtyard by Marriott, Holiday Inn, Holiday Inn Express and Comfort Inn brands, as well as one upscale, non-branded property.  Flagstone is jointly owned by a subsidiary of MeriStar Hotels & Resorts and Angie Mock.