Interstate Hotels & Resorts to Manage Luxury Condo Hotel Resort in Costa Rica
2009年1月26日 - 10:00PM
PRニュース・ワイアー (英語)
Four-Star Condo Hotel Project Has Begun Pre-Construction Sales
Process ARLINGTON, Va., Jan. 26 /PRNewswire-FirstCall/ --
Interstate Hotels & Resorts (NYSE:IHR), a leading hotel real
estate investor and the nation's largest independent management
company, today announced that it has entered into a long-term
contract to manage a to-be-developed, world-class luxury condo
hotel resort and beach club in Manuel Antonio, Costa Rica. The
project by Space Source Inc., owner and developer, is called Jade
Condo Hotel Residences and Beach Club and will consist of 190 condo
hotel residences coupled with 50 villas for sale. Construction is
expected to begin this spring with a projected 2010 opening. The
project will be managed by Interstate's Latin American affiliate,
IHR de Mexico, and marks the company's entree into the vibrant
Costa Rican market. "The expansion of our international portfolio
continues to be an important priority for us," said Thomas F.
Hewitt, Interstate's chief executive officer. "With the formation
of our Mexico-based management platform, we established a solid
foundation for expanding our presence in Mexico and Latin America,
regions where we see significant opportunities for growth. Space
Source is a dynamic and innovative owner/developer, and we look
forward to building on our relationship with them." "Costa Rica is
ranked as one of the top five tourist destinations in the world,
and the eco-friendly area of Manuel Antonio offers an incredible
setting for this project," said Leslie Ng, Interstate's chief
investment officer. "The property is adjacent to a botanical garden
and wildlife refuge, a mile away from the world-renowned Manuel
Antonio National Park, and is surrounded by abundant wildlife and
tropical rain forests. The town of Manuel Antonio offers quality
dining and entertainment venues, and the area with all its natural
assets appeals to families, couples and eco-tourists." The $70
million resort project is being developed by Space Source Inc. of
Grand Rapids, Mich. Interstate also operates the Crowne Plaza
Charlotte, N.C. for Space Source. "Interstate was a compelling
choice for a number of reasons," said Ken Long, Space Source vice
president of acquisitions. "They are one of only a handful of hotel
management companies that have experience in both condo hotels and
resorts, as well as a demonstrated ability to operate properties
internationally. They also have in place a strong network of local
partners to work with who are familiar with the local markets and
culture." The resort development sits on approximately 7.5 acres in
Manuel Antonio and offers rain forest and spectacular views of the
Pacific coast. The condo hotel complex and private beach club will
feature two on-site restaurants offering formal and casual dining,
infinity-edge pools, multiple hot tubs, world-class spa, fitness
center, open-air event pavilion, outdoor barbeque facilities, rain
forest walking trails, state-of-the-art deep water marina less than
three miles away and white sand beaches within one mile. The
property is 15 minutes from the Quepos regional airport, where 11,
20-minute flights from San Jose International Airport arrive daily.
"With this contract, we will add the seventh country to our
expanding international portfolio, which also includes Russia,
Mexico, India, Canada, Belgium and Ireland," Ng said. "Our
international pipeline remains robust, and we are actively pursuing
additional management and investment opportunities in all of these
regions." About Space Source Inc. Space Source Inc., based in Grand
Rapids, Mich., focuses exclusively on commercial/industrial real
estate and development. The company has purchased, renovated,
built, managed and/or sold more than 275 properties in the U.S., as
well as internationally, and remains open to individuals who are
interested in investing in commercial property transactions. For
information about the Jade Condo Hotel Residences and Beach Club,
visit http://www.jademanuelantonio.com/. About Interstate
Interstate Hotels & Resorts has ownership interests in 57
hotels and resorts, including seven wholly owned assets. Together
with these properties, the company and its affiliates manage a
total of 226 hospitality properties with approximately 46,500 rooms
in 37 states, the District of Columbia, Russia, Mexico, Belgium,
Canada and Ireland. Interstate Hotels & Resorts also has
contracts to manage 16 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: Bruce Riggins Chief Financial Officer (703) 387-3344
DATASOURCE: Interstate Hotels & Resorts CONTACT: Bruce Riggins,
Chief Financial Officer, Interstate Hotels & Resorts,
+1-703-387-3344 Web Site: http://www.ihrco.com/
http://www.jademanuelantonio.com/
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Interstate Hotels (NYSE:IHR)
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