Interstate Hotels & Resorts Joint Venture Signs First Management Contract in India
2008年4月29日 - 10:30PM
PRニュース・ワイアー (英語)
ARLINGTON, Va., April 29 /PRNewswire-FirstCall/ -- Interstate
Hotels & Resorts (NYSE:IHR), a leading hotel real estate
investor and the nation's largest independent operator of full- and
select-service hotels, today announced that its joint venture
management company, JHM Interstate Hotels India, has signed a
contract to manage its first property in India. The 50-50 joint
venture was formed between Interstate and JHM Hotels, one of the
largest independent developers and owners of hotels in the U.S., to
operate and selectively invest in hotels in India. The joint
venture was announced in late February 2008. The venture's first
executed contract is for a 124-room, under construction hotel
located in Vizag (Visakhapatnam), India, a coastal city in the
state of Andhra Pradesh on India's eastern shore. Interstate is in
the process of securing a major U.S. brand for the hotel and
expects to announce an affiliation shortly. The hotel, owned by
Vishnupriya Hotels Resorts Private Limited, broke ground in July
2007 and is expected to open in the fourth quarter of 2008. "This
contract marks our official entry into India's fast-growing lodging
market and establishes JHM Interstate Hotels India as one of the
first independent, international hotel management companies to be
located there," said Thomas F. Hewitt, chief executive officer of
Interstate. "This five-star, business-class hotel is typical of the
properties the partnership seeks. It is situated in an upscale
neighborhood of Vizag, which has the largest port in India. It is
strategically located between Kolkata and Chennai and is one of the
fastest growing cities in the world, according to a recent United
Nations study. We look forward to expanding our relationship with
Vishnupriya Hotels Resorts, which is exploring additional hotel
opportunities." "We sourced the hotel through our strategic
partner, JNB Hotels and Resorts Private Limited, a subsidiary of
JNB LLC, a U.S.-based real estate investment group with strong ties
to India. JNB has developed a robust pipeline of hotel management
opportunities throughout the country for us," said Leslie Ng,
Interstate chief investment officer. "The joint venture also is
actively sourcing other management opportunities throughout key
markets in India." Located at 10-28-3, Uplands, Waltair Main Road,
Visakhapatnam, India, the upscale, full-service hotel is nestled
among the hills of the Eastern Ghats and faces the Bay of Bengal to
the east. The property features panoramic ocean and city views and
includes three restaurants, a spa/gym and two presidential suites.
The hotel is being designed by D.M. Upasni, a prominent India based
architect specializing in the hospitality industry with significant
experience throughout the world. His unique approach to the Vizag
project combines an architecturally distinctive design and the
natural beauty of the site in a property destined to become a new
landmark in Vizag. About JHM Interstate Hotels India JHM Interstate
Hotels India is a joint venture partnership between JHM Hotels and
Interstate Hotels & Resorts, Inc, formed to operate and invest
in hotels in India. JHM Hotels, a premier lodging company based in
Greenville S.C., with offices in Mumbai and Surat, India, has
developed, acquired, owned and operated hotels throughout the
United States for more than 34 years. The company currently owns
and operates 30 U.S. hotels with more than 5,000 guestrooms and has
over 1,500 additional rooms under development/construction,
operating under such well-known brands as Marriott, Hilton,
Starwood and Hyatt. For more information about JHM Hotels, visit
the company's Web site: http://www.jhmhotels.com/. As of March 31,
2008, Interstate Hotels & Resorts has ownership interests in 54
hotels and resorts, including seven wholly owned assets. Together
with these properties, the company and its affiliates manage a
total of 217 hospitality properties with approximately 45,000 rooms
in 36 states, the District of Columbia, Russia, Mexico, Belgium,
Canada and Ireland. Interstate Hotels & Resorts also has
contracts to manage 17 to be built hospitality properties with
approximately 4,000 rooms. 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 for the year ended December 31, 2007.
Contact: Carrie McIntyre SVP, Treasurer (703) 387-3320 DATASOURCE:
Interstate Hotels & Resorts CONTACT: Carrie McIntyre, SVP,
Treasurer, +1-703-387-3320 of Interstate Hotels & Resorts Web
site: http://www.ihrco.com/
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