Interstate Hotels & Resorts to Manage 1,100-unit Pinnacle Condominium Resort in Las Vegas
2006年5月26日 - 10:26PM
PRニュース・ワイアー (英語)
ARLINGTON, Va., May 26 /PRNewswire-FirstCall/ -- Interstate Hotels
& Resorts (NYSE:IHR), the nation's largest independent hotel
management company, today announced that it has been selected to
manage the 1,100-unit Pinnacle Condominium Resort in Las Vegas. The
twin-tower, 36-story structure, currently in pre-sale, is expected
to break ground in the fall of 2006 and open in the second quarter
of 2009. The resort may offer its condominium owners the
opportunity to place their units in a rental arrangement. The $850
million condo resort project is being developed by The Falcon
Group, which also owns the land. "We have significant experience in
the condominium hotel niche and are well versed in the operation of
these complex, lifestyle destination resorts that have a mix of
resident owners, vacation and second residence owners and resort
guests," said Thomas F. Hewitt, Interstate's chief executive
officer. "As a current operator of condo hotels, we fully
understand the service, operations and marketing aspects of these
unique projects." Situated on 12 acres off Las Vegas' West Strip,
Pinnacle will be an architecturally unique "vertical neighborhood,"
consisting of two curvilinear, 36-story condominium resort towers
connected by three "Sky Bridge" suites, ultra-luxurious two-story,
glass-clad residences, each with their own rooftop gardens and
panoramic views. In addition to the 1,100 residences, the luxury
development will feature a three-acre amenity pool deck on the
sixth floor that includes a pool with island; poolside snack bar;
private cabanas; lounge with full bar, dining, banquet and meeting
space; one-quarter-mile jogging track; movie theater; fully
equipped health and fitness center; and full- service spa. The
hotel will offer multiple food and beverage outlets, as well as a
gourmet market and coffee bar and ground-floor retail and executive
office space. "While we have owned the land for years, we believe
that now is the right time to develop this unique project," said
Michael Bellon, development director of Pinnacle and a partner of
the Falcon Group, a consortium of Pennsylvania and Las Vegas-based
businessmen. "We realize that this is a very complex undertaking,
and we sought out an experienced operator that has a proven track
record in this very specialized segment. Interstate has the size
and scale that translates into strong operational management and
synergies in such areas as marketing and purchasing. Perhaps more
important, we believe they have the ability to transform this
project into a one-of-a-kind lifestyle destination." The Falcon
Group is a strategic alliance of developers and investors
consisting of the Falconi Group, Praxis Resources, Inc. and Elysium
Enterprises. The Falconi Group has been operating for many years in
the Las Vegas market and has a long history of residential
development throughout the U.S. Praxis Resources, Inc. is a real
estate development company whose management has been associated
with many prominent retail projects throughout the country. Elysium
Enterprises is led by Las Vegas resident Mike Bellon, a successful
real estate developer and entrepreneur. For more information, visit
http://www.thepinnaclelasvegas.com/, or contact the Pinnacle sales
center at (877) 889-4144. As of April 30, 2006, Interstate Hotels
& Resorts operated 266 hospitality properties with more than
60,000 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 8,900 corporate apartments located in more than 90 MSAs
throughout the United States and internationally. 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 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, 2005. Contact: Jerry Daly,
Carol McCune (media) Daly Gray Public Relations (703) 435-6293
DATASOURCE: Interstate Hotels & Resorts CONTACT: Jerry Daly or
Carol McCune of Daly Gray Public Relations, +1-703-435-6293, , both
for Interstate Hotels & Resorts Web site: http://www.ihrco.com/
http://www.thepinnaclelasvegas.com/
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