Interstate Hotels & Resorts to Manage Fifth Property in Moscow
2007年2月7日 - 10:58PM
PRニュース・ワイアー (英語)
Monarch Construction to Build Hotel Scheduled for Spring 2008
Opening ARLINGTON, Va., Feb. 7 /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 a new, under-construction hotel
in Moscow, Russia, scheduled to open in Spring 2008. The company
has signed a long-term contract with Monarch Construction, the
builder, to manage the 300-room hotel. "This will be the fifth
hotel we manage in Moscow, which continues our push into Europe,
having recently added properties in Dublin, Ireland and Ghent,
Belgium, both of which are scheduled to open in the first half of
2007," said Thomas F. Hewitt, Interstate chief executive officer.
"Monarch Construction is one of the largest construction companies
in Moscow and has built more than 100 projects over the last
decade, ranging from large commercial skyscrapers to large
residential developments. They are a premier partner with a proven
record of success, and being a local company, are very
knowledgeable about the local economy. We have more than 12 years
experience operating hotels in Moscow and believe this is an
outstanding project." "The growing interest in Russia as a tourist
and business destination, coupled with a minimal supply of
high-quality and middle-class hotels, makes this opportunity
particularly attractive," said Henry L. (Hank) Ciaffone, president
of international operations and development at Interstate. "We are
in the process of exploring a number of franchise alternatives,
with a goal of having the hotel affiliated with an internationally
known brand," he added. "We continue to seek additional growth
opportunities in Europe for both branded and independent hotels."
In addition to 300 guest rooms, the property will feature a
restaurant, lounge, pool, fitness center, spa, gift shop, and
approximately 15,000 square feet of function space. About
Interstate As of January 31, Interstate Hotels & Resorts
operated 223 hospitality properties with more than 50,000 rooms in
38 states, the District of Columbia, Canada, and Russia. 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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