ARLINGTON, Va., Oct. 22 /PRNewswire-FirstCall/ -- Interstate Hotels &
Resorts (NYSE: IHR), a leading hotel real estate investor and the nation's
largest independent hotel management company, today announced that it has
opened and will operate the 106-room TownePlace Suites/Albany Empire State
Plaza in New York. The newly built, extended-stay hotel is owned and was
developed by True North Development Group, Lake Ronkonkoma, N.Y.
"This is our first contract with True North Development Group," said
Thomas F. Hewitt, Interstate's chief executive officer. "It also is our first
TownePlace Suites hotel, bringing to 70 the number of Marriott branded hotels
in our managed portfolio, aggregating more than 13,000 rooms. Including this
hotel, Interstate has opened five under construction properties in 2008 and
has management contracts for an additional 15 currently under development or
construction. It's also our 15th managed hotel in the state, and we believe
our deep knowledge of this market will benefit our new owners.
"The hotel is well located, to appeal to a broad range of business,
government and leisure travelers," he added. "It's a short walk from Empire
State Plaza, one of Albany's prime tourist attractions, which features the
landmark EGG performing arts center and the New York State Museum, as well as
the state capitol building and government offices. It also is close to the
SUNY-Albany campus and the NanoTech complex. In addition, the extended-stay
hotel will appeal to guests visiting or being treated at any of the numerous
medical facilities nearby, including the Albany Medical Center and the V.A.
Medical Center. We believe that when this new property is fully ramped up, it
will be extremely competitive in this market."
"We wanted this new hotel to get a running start operationally and
selected Interstate because of their vast experience in extended stay, their
size advantages and their proven ability to deliver solid results in all
phases of the economic cycle," said Lee Browning, Jr., principal, True North
Development Group.
Located at 22 Holland Avenue, the seven-story, stucco and brick property
features an indoor pool, wired and wireless Internet access, complimentary
parking, a pet-friendly policy, as well as 400 square feet of total meeting
space. Each two-room suite features separate living and sleeping areas, a
fully equipped kitchen, work station with complimentary Internet access, and
premium bedding. Guests also may enjoy a free continental breakfast in the
hotel's lobby/social area.
In addition to the Empire State Plaza, other nearby education and medical
facilities include the Albany Law School, Albany College of Pharmacy, Albany
Medical College, Wadsworth Laboratories, The Junior College of Albany and St.
Peter's Hospital.
About Interstate Hotels & Resorts
Interstate Hotels & Resorts has ownership interests in 57 hotels and
resorts, including seven wholly owned assets. Including these properties, the
company and its affiliates manage a total of 228 hospitality properties with
more than 46,000 rooms in 36 states, the District of Columbia, Russia, Mexico,
Belgium, Canada and Ireland. Interstate Hotels & Resorts also has contracts
to manage 15 to be built hospitality properties with nearly 3,900 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