Leslie Ng to Join Interstate Hotels & Resorts as Chief Investment Officer
2005年9月21日 - 5:30AM
ビジネスワイヤ(英語)
Interstate Hotels & Resorts (NYSE: IHR), the nation's largest
independent hotel management company, today announced that Leslie
Ng, a veteran in hotel investments, will join the company as chief
investment officer, effective September 26. In his new position, he
will be responsible for all acquisition activity, including
sourcing and negotiating new investment opportunities, as well as
managing joint venture relationships and identifying new management
opportunities. "Acquisitions are a key element of our future growth
plans, as we seek to further diversify our core management earnings
stream," said Thomas F. Hewitt, chief executive officer. "Leslie
brings a wealth of experience in this area -- with both
single-asset acquisitions and multi-property portfolios -- in
addition to an excellent reputation and extensive industry
contacts. He also provides us with additional depth in the areas of
financing and capital markets and is eminently qualified to
spearhead our acquisition efforts." A 20-year hospitality industry
veteran, Ng has more than 25 years of experience in real estate
investment and finance and has consummated more than $5 billion in
hotel acquisitions and dispositions. Prior to joining Interstate,
he was senior managing director at Cushman & Wakefield, the
world's largest privately held real estate services firm, where he
was responsible for the firm's overall lodging initiatives,
including transactions and capital formation on behalf of the
firm's clients. Previously, Ng was senior vice president of mergers
and acquisitions for Wyndham International and its predecessor,
Patriot American Hospitality. As head of acquisitions, he played an
instrumental role in expanding the company's portfolio from 20
hotels at the time of Patriot's IPO in 1995, to 489 hotels with
more than 100,000 rooms in 1999. Earlier in his career, he served
as senior vice president of development for Carnival Hotels &
Resorts, responsible for acquisitions, development and asset
financing, and as vice president of real estate, responsible for
the acquisition and asset management of more than $1.0 billion in
real estate assets at Tobishima Associates Ltd., a multinational
real estate investment and development subsidiary of a major Tokyo
Stock Exchange-listed company. Ng holds a bachelor's degree in
civil engineering from The Cooper Union and an M.B.A. in real
estate finance from The Wharton School, University of Pennsylvania.
Interstate Hotels & Resorts operates more than 300 hospitality
properties with nearly 69,000 rooms in 41 states, the District of
Columbia, Canada, and Russia. BridgeStreet Worldwide, an Interstate
Hotels & Resorts' subsidiary, is one of the world's largest
corporate housing providers. BridgeStreet and its network of Global
Partners offer more than 8,700 corporate apartments located in 91
MSAs throughout the United States and internationally. 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 aftermath of the war with
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 as
amended for the year ended December 31, 2004.
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