Interstate Hotels & Resorts Names Larry Shupnick Senior VP, Development and Acquisitions
2006年7月5日 - 11:09PM
PRニュース・ワイアー (英語)
ARLINGTON, Va., July 5 /PRNewswire-FirstCall/ -- Interstate Hotels
& Resorts (NYSE:IHR), the nation's largest independent hotel
management company, today announced that Larry Shupnick has been
named senior vice president, development and acquisitions. Shupnick
will seek acquisition and development opportunities as part of the
company's announced strategy to diversify its earnings base through
increased ownership of hotel real estate through sliver
investments, joint ventures and whole ownership. He also will
pursue additional hotel management opportunities. Shupnick will
report to Leslie Ng, Interstate's chief investment officer. "Larry
is one of the industry's best and most well known real estate
specialists," Ng said. "A seasoned veteran, he has completed
transactions valued in excess of $5 billion over the last 25 years
and has a vast network of contacts, including brokers and
institutional owners. We fully expect that he will play a central
role in sourcing and completing acquisitions as we look to further
diversify our revenue streams with increased ownership
participations." A hospitality industry veteran, he previously
served as senior vice president, development and acquisitions, for
MeriStar Hospitality Corporation, a real estate investment trust,
which recently was acquired by The Blackstone Group. Shupnick first
joined Interstate in 1990, when he merged his company, Laral
Hotels, with CapStar Hotel Company, an Interstate predecessor
company. Laral was a hotel management and ownership company
Shupnick founded in 1970. Previously, he served in senior executive
positions at a number of hotel companies, including Sheraton
Corporation, Hilton Hotels Corporation, Schine Hotels and Recion
Corporation. As of May 31, Interstate Hotels & Resorts operated
264 hospitality properties with nearly 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 9,800 corporate
apartments located in more than 95 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,
although not all forward- looking statements will contain such
words. 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, changes in business and leisure travel patterns
or levels, fuel cost, economic conditions generally and the hotel
and real estate markets specifically, international and
geopolitical instability, health concerns, threatened or actual
terrorist attacks, governmental actions, legislative and regulatory
changes, availability of debt and equity capital, interest rates,
competition, weather conditions or natural disasters, changes in
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, , or Carol McCune, both of Daly Gray
Public Relations, +1-703-435-6293, for Interstate Hotels &
Resorts. DATASOURCE: Interstate Hotels & Resorts CONTACT: Jerry
Daly, , or Carol McCune, both of Daly Gray Public Relations,
+1-703-435-6293, for Interstate Hotels & Resorts Web site:
http://www.ihrco.com/
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