Interstate Hotels & Resorts to Manage Ravallo Resort & Conference Center in Orlando, Fla.
2007年3月6日 - 10:28PM
PRニュース・ワイアー (英語)
Four-Star Condo Hotel Project to Break Ground in Fall 2007
ARLINGTON, Va., March 6 /PRNewswire-FirstCall/ -- Interstate Hotels
& Resorts (NYSE:IHR), one of the nation's largest independent
hotel management companies, today announced that it has been
selected to manage the Ravallo Resort & Conference Center, a
to-be-built luxury condo hotel in the Lake Buena Vista area of
Orlando, Florida. The twin-tower, 23-story, environmentally
friendly (a green building), lakeside resort, currently in
pre-sale, will feature 900 condo hotel suites and an adjoining
100,000 square-foot conference center. Condominium owners will have
the opportunity to place their units into a rental arrangement.
Construction is scheduled to begin in the fall of 2007, with a
December 2008 projected opening. The $800 million condo resort
project is being developed by Ravallo Resort Development Company.
"We have a substantial history in the management of condo hotels
and are quite familiar with this business model and its unique
needs and requirements," said Thomas F. Hewitt, Interstate chief
executive officer. "David Townsend with Ravallo Resort Development
is a highly regarded developer with a proven track record in this
particular niche-segment, and we look forward to working with him."
To be situated on 11 lushly landscaped acres on Palm Parkway, south
of Central Florida Parkway, the four-star Ravallo Resort will
appeal to both business and leisure travelers, with its location
just minutes away from some of the world's best theme parks, 20
million square feet of world-class shopping and the 2.5 million
square foot Orange County Convention Center. The
Mediterranean-style buildings with elegant Corinthian-style columns
and arches, granite and marble accents, spacious terraces and
spectacular picture windows, will feature 900 lavishly appointed
hotel suites in one- and two- bedroom configurations at prices
ranging from $652,000 to $1.7 million. The resort's top-of-the-line
amenities include a tropical sandy beach, two pools, world-class
restaurants, gourmet bakery and cafe, valet service, full- service
salon and spa, state-of-the-art fitness center, a promenade of
upscale retail stores and cafes and complimentary shuttle to area
attractions and convention center. The Ravallo is within a short
drive of Walt Disney World, Universal Studios and Sea World and
offers convenient access to area golf courses. "We continue to be
selective in our choice of successful, experienced developers, like
David Townsend's group, with whom we seek to work on the condo
hotel front," said Leslie Ng, chief investment officer. "Condo
hotels are a growing sub-specialty of ours, which also provide some
diversity in our management contract base." "There are few
management companies with experience in this sector, and
Interstate's proven track record with condo hotels, together with
their size, which translates into operating and purchasing
economies of scale, made them a pretty compelling candidate," said
David Townsend of Ravallo Resort Development Company. As of
February 28, 2007 Interstate Hotels & Resorts operated 204
hospitality properties with more than 46,000 rooms in 36 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: Jerry Daly,
Carol McCune Carrie McIntyre Daly Gray Public Relations SVP,
Treasurer (703) 435-6293 (703) 387-3320 DATASOURCE: Interstate
Hotels & Resorts CONTACT: Jerry Daly or Carol McCune of Daly
Gray Public Relations, +1-703-435-6293, for Interstate Hotels &
Resorts; or Carrie McIntyre, SVP, Treasurer of Interstate Hotels
& Resorts, +1-703-387-3320 Web site: http://www.ihrco.com/
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