ARLINGTON, Va., Aug. 25 /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 a contract to manage the 102-room Best Western
Bowery Hanbee Hotel in Lower Manhattan/Chinatown in New York City. The newly
built property is owned by Ben Wong, founder and principal owner of New York-
based Wok and Roll Restaurants, a major fast food operator with restaurant
locations nationwide. Interstate now manages a total of nine hotels in New
York City.
"New York is a critically important U.S. market, and we continue to expand
our presence there," said Thomas F. Hewitt, chief executive officer at
Interstate. "The Best Western is our first hotel on the vibrant Lower East
Side and our first project with Ben Wong, a well respected and progressive
entrepreneur. Our management pipeline remains quite active, with current
owners being an important source of new business."
"Our growing New York portfolio also includes five hotels that we operate
elsewhere in the state, bringing our total to 14 hotels statewide," said
Leslie Ng, chief investment officer. "This cluster strategy allows us to take
advantage of significant operating synergies and economies of scale. New York
remains one of the most robust markets in the nation, and we continue to drive
performance for our owners."
Located at the intersection of the Bowery and Grand Street in the heart of
Chinatown and Little Italy, the eight-story Best Western hotel is within
walking distance of SOHO, Tribeca, a short subway ride to Broadway theaters,
the Wall Street financial district and the Brooklyn Bridge. The hotel is also
proximate to several major city attractions, such as Trinity Church, the World
Trade Center memorial and Battery Park. Hotel amenities include a
complimentary continental breakfast, an exercise facility and a business
center. Guestrooms feature high-speed Internet access.
About Interstate Hotels & Resorts
As of today, 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 managed a total of 225 hospitality
properties with approximately 46,000 rooms in 36 states, the District of
Columbia, Russia, Mexico, Canada, Belgium and Ireland. Interstate Hotels &
Resorts also has contracts to manage 15 to be built hospitality properties
with approximately 3,600 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