Interstate Hotels & Resorts to Manage Two Boston-Area Hotels Acquired by CapStar
2007年1月19日 - 6:05AM
PRニュース・ワイアー (英語)
ARLINGTON, Va., Jan. 18 /PRNewswire-FirstCall/ -- Interstate Hotels
& Resorts (NYSE:IHR), one of the nation's largest independent
hotel management companies, today announced that the company has
been selected to manage two Boston-area hotels recently acquired by
affiliates of CapStar Hotel Company LLC, a newly formed hotel
investment company: the 143-room Copley Square Hotel in Boston and
the 148-room Hilton Garden Inn in Waltham. Interstate also will
oversee a major renovation of the Copley Square property to bring
it to four-star status. Paul Whetsell, founder and CEO of CapStar,
is chairman of the board of Interstate Hotels & Resorts. "We
are delighted to be working with Paul and his new company," said
Thomas F. Hewitt, Interstate's chief executive officer. "Paul has
more than 30 years of experience investing in hotel real estate and
is a savvy buyer with a proven record of success. We are very
optimistic about the future operating potential of both of these
hotels. We look forward to the opportunity to further build on our
relationship with CapStar." Copley Square Located at the corner of
Huntington Avenue and Exeter Street in Boston's fashionable Back
Bay district, the Copley Square is surrounded by numerous demand
generators including historical tourist sites, multiple
universities and upscale retail outlets, including The Shops at
Copley Place, featuring more than 100 upscale boutiques and
restaurants. The hotel also is proximate to the Hynes Convention
Center and Fenway Park, home of the Boston Red Sox. The seven-story
landmark hotel currently has a distinctly European feel. There are
143 guest rooms that include six family suites, as well as three
food and beverage outlets at the hotel: The Back Bay Cafe, Saint
and Domani. The renovation is scheduled to begin within the next
several months. Hilton Garden Inn-Waltham Located at 420 Totten
Pond Road, nine miles from downtown Boston, the 148- room, select
service Hilton Garden Inn Waltham is in the center of
Massachusetts' high technology and business corridor, surrounded by
many of the nation's top technology companies, such as Polaroid,
Verizon, Microsoft, IBM, and Lycos, and four miles from Hanscom Air
Force Base. It is also near the historic sites of Lexington and
Concord and the educational centers of Brandeis, Bentley and Boston
College. The hotel completed a major renovation approximately a
year ago when it converted to the Hilton Garden Inn flag. Hotel
amenities include a 24/7 business center, indoor/outdoor pool and
fitness center, as well as 5,800 square feet of function space.
About Interstate As of December 31, Interstate Hotels & Resorts
operated 223 hospitality properties with more than 50,000 rooms in
39 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
approximately 10,000 corporate apartments located in more than 100
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 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 as
amended for the year ended December 31, 2005. Contact: Carrie
McIntyre SVP, Treasurer (703) 387-3320 DATASOURCE: Interstate
Hotels & Resorts CONTACT: Carrie McIntyre, SVP, Treasurer, of
Interstate Hotels & Resorts, +1-703-387-3320 Web site:
http://www.ihrco.com/
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