Additions Expand Interstate’s Managed Portfolio by 2,096 Rooms
ARLINGTON, Va., 2012-09-20 — /travelprnews.com/ — Interstate Hotels & Resorts today announced it has transitioned management of an eight-hotel portfolio owned by an affiliate of Investcorp International, Inc., a leading provider and manager of alternative investment products. The portfolio aggregates to 2,096 rooms and consists of one Hilton, five DoubleTree by Hilton hotels, one Marriott and one Sheraton located throughout the United States.
“It is extremely gratifying to earn new business from an existing owner,” said Jim Abrahamson, Interstate’s chief executive officer. “Our depth of experience operating upper upscale hotel brands will enable us to maximize Investcorp’s investment in these outstanding hotels.”
“Most are located in markets where Interstate already has a strong presence and extensive market experience, creating economies of scale that will benefit each property’s bottom line,” said Leslie Ng, Interstate’s chief investment officer. “We look forward to building on our relationship with Investcorp and for further opportunities to work with them.”
About Interstate Hotels & Resorts
Interstate Hotels & Resorts, Inc., a wholly-owned subsidiary of a 50/50 joint venture between subsidiaries of Thayer Lodging and Jin Jiang, is the leading U.S.-based global hotel management company, operating branded full- and select-service hotels and resorts, convention centers and independent hotels worldwide. Interstate and its affiliates manage 367 hotels with 69,000 rooms in North America, Europe and Asia-Pacific, including seven wholly owned hotels. In addition, Interstate has executed agreements to manage 36 hotels with more than 7,600 rooms under construction or development throughout the world.
For more information, visit www.interstatehotels.com. Connect with Interstate at
www.linkedin.com/company/interstate-hotels-resorts, www.facebook.com/InterstateHotels, and
http://jobs.interstatehotels.com.
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Contact:
Jerry Daly/Lauralee Dobbins
Daly Gray, Inc.
703-435-6293
Lauralee@dalygray.com