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, http://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:
http://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
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[Via Real Estate Newswire]
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