ARLINGTON, Va., Aug. 5 /PRNewswire-FirstCall/ -- Interstate Hotels &
Resorts (NYSE: IHR), a leading hotel real estate investor and the nation's
largest independent operator of full- and select-service hotels, today
announced that it has signed agreements to manage four Hyatt Place hotels in
Texas. The former AmeriSuites hotels were converted to Hyatt Place hotels in
December 2007 by the ownership group, FFC Capital Corporation, with whom
Interstate has a long-standing relationship.
The hotels, aggregating 513 rooms, are the first Hyatt Place hotels
Interstate will manage. They include the Hyatt Place Hotel Austin Arboretum,
Texas (127 rooms); Hyatt Place Hotel Grand Prairie, Texas (134 rooms); Hyatt
Place Hotel Houston/Greenspoint, Texas (126 rooms); and Hyatt Place San
Antonio Airport-South, Texas (126 rooms).
"With these four contracts, we continue to expand our relationship with
FFC Capital, for whom we now manage 29 properties," said Thomas F. Hewitt,
Interstate's chief executive officer. "The addition of the Hyatt Place brand
to our portfolio allows us to establish a new relationship with another major
hotel franchisor, a relationship we look forward to building on. The
properties are located in four major Texas markets that have held up well in
these challenging economic times -- Dallas, Houston, Austin and San Antonio.
Together with the 22 properties we already manage in the state, we expect to
take advantage of operating synergies and purchasing economies of scale."
"We value our relationship with Interstate and have the utmost confidence
in their ability to maximize results at these newly rebranded hotels," said
Fred Branovan, president of FFC Capital Corporation. "Hyatt Place is a
leading lifestyle hotel brand and plays to Interstate's proven strength in the
upscale select service segment."
With more than 100 properties expected to open by the end of the year,
Hyatt Place was inspired by the changing landscape of contemporary, multi-
tasking business travelers and offers an atmosphere of casual hospitality with
a balanced mix of comfortable and functional amenities. In addition to free
wireless connectivity throughout the hotel, guestrooms feature 42-inch flat
panel televisions, an oversized desk and ergonomic chair, the signature Hyatt
Grand Bed(TM), and the facilities to allow guests to integrate laptops, DVD
players, and MP3 players with the high-definition TVs. A complimentary
hot/cold breakfast buffet is available. Hyatt Place offers Starbucks Coffee
and has fresh food available made to order, 24 hours a day.
About FFC Capital Corporation
FFC Capital Corporation is a privately held company affiliated with Milton
Fine, specializing in investment management across various asset classes,
including marketable securities, bonds, stocks, private equities, derivatives,
hedge funds, venture capital funds and direct ownership of real estate
investments. For more information about FFC Capital Corporation, visit the
company's Web site, www.ffccapital.net.
About Interstate
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 approximately 46,000 rooms in 36 states, the District of Columbia,
Russia, Mexico, Belgium, Canada and Ireland. Interstate Hotels & Resorts also
has contracts to manage 16 to be built hospitality properties with
approximately 3,800 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, 2007.
Contact:
Carrie McIntyre
SVP, Treasurer
(703)387-3320
SOURCE Interstate Hotels & Resorts