Helter Skelter
14 years ago
Interstate Hotels & Resorts Agrees to be Acquired by Joint Venture Between Thayer Lodging Group and Jin Jiang Hotels
ARLINGTON, Va., Dec. 18 /PRNewswire-FirstCall/ -- Interstate Hotels & Resorts (NYSE:IHR), a leading hotel real estate investor and the nation's largest independent hotel management company, today announced that it has signed a definitive merger agreement to be acquired by Hotel Acquisition Company, LLC, a 50/50 joint venture between subsidiaries of Thayer Hotel Investors V-A LP, a private equity fund sponsored by Thayer Lodging Group, and Shanghai Jin Jiang International Hotels (Group) Company Limited ("Jin Jiang Hotels") in a transaction valued at approximately $307 million. Under the agreement, Hotel Acquisition Company, LLC would acquire all of the outstanding common stock and operating partnership units of Interstate for $2.25 per share in an all cash transaction. The price represents a premium of 77 percent over yesterday's closing stock price. Interstate's lenders have approved the transaction subject to certain pay downs at closing on its senior credit facility and on one of its non-recourse mortgage loans. The transaction is not contingent upon obtaining any additional financing
Annapolis, Md.-based Thayer Lodging Group is a privately held real estate investment company focused on hospitality assets; Shanghai, China based Jin Jiang Hotels is a subsidiary of Jin Jiang International Holdings Company Limited, and is China's largest hotel group
Interstate's board of directors has unanimously approved the merger agreement and has recommended approval of the transaction by Interstate's stockholders. Stockholders will be asked to vote on the proposed transaction at a special meeting that will be held on a date to be announced. The merger is expected to close in the first quarter of 2010, pending stockholder approval and satisfaction or waiver of other customary closing conditions
"Our priority, as always, is to maximize shareholder value," said Thomas F. Hewitt, Interstate's chairman and chief executive officer. "This is a very compelling offer at a significant premium. The hotel industry remains in deep recession, and we believe this transaction offers the highest and best value to our shareholders."
"Interstate offers a unique platform with in-depth industry expertise, international operations, and scope of experience gained over 50 years, along with a stellar reputation as a first-rate operator," said Leland C. Pillsbury, chief executive officer and co-chairman, Thayer Lodging Group. Frederic V. Malek, Thayer's co-chairman added, "We look forward to working with Interstate's management team and associates, their owners and partners as we build on the company's impressive legacy of success."
"Interstate has a global reputation as a world-class, independent hotel operator. This acquisition significantly accelerates our ability to expand internationally, giving us immediate access to a worldwide platform. We also expect to mutually benefit from our global relationships in the hospitality industry, making both Jin Jiang and Interstate stronger," said Mr. Yu Minliang, Jin Jiang Hotels' Chairman
Barclays Capital served as financial advisor to Interstate, BofA Merrill Lynch served as financial advisor to Thayer, and UBS Investment Bank served as financial advisor to Jin Jiang Hotels. Paul Weiss, Rifkind, Wharton & Garrison LLP served as legal advisor for Interstate. Hogan & Hartson LLP served as Thayer's legal advisor and Baker & McKenzie LLP served as Jin Jiang Hotels' legal advisor
About Thayer Lodging Group
Thayer Lodging Group is a sponsor of real estate investment funds with a track record in the top 5% of all fund sponsors for the past 19 years. Its clients include a select group of large, international institutional investors, the majority of which have been investors with Thayer for most of its 19-year history. The company is a value-add investor that works with major lodging brands to acquire and reposition hotels. Thayer sold $1.7 billion of hotels and resorts, which represented 85% of its real estate portfolio in 2006-2007, and retained a small group of 15 properties, which have been recently renovated and repositioned. It recently announced the closing of its fifth investment fund, Thayer Hotel Investors V LP, and its parallel fund, V-A LP, together totaling $280 million. Additionally, Thayer Lodging Group recently placed another $100 million under management in a separate vehicle. More information about the company can be found on its website: http://www.thayerlodging.com/
About Jin Jiang Hotels
Shanghai Jin Jiang International Hotels (Group) Company Limited is one of the leading hotel operators and managers in China. The Group is licensed to use the well-regarded "Jin Jiang" and "Jin Jiang Inn" brands. As of 30 June 2009, the Group operated and was developing 493 hotels including star-rated hotels and Jin Jiang Inn budget hotels, providing close to 82,700 rooms in aggregate. With a solid home base in Shanghai and Beijing, the Group has also successfully spanned its hotel network across 124 cities and towns in 31 provinces, autonomous regions and municipalities throughout the PRC. In June 2009, the Group was ranked the 13th in the world in terms of number of rooms according to HOTELS Magazine, the official publication of the International Hotel & Restaurant Association. For information about Jin Jiang Hotels, visit the company's website: http://www.jinjianghotels.com.cn/
About Interstate Hotels & Resorts
Interstate Hotels & Resorts, Inc. and its affiliates manages and/or has ownership interests in a total of 232 hospitality properties with more than 46,000 rooms in 37 states, the District of Columbia, Russia, India, Mexico, Belgium, Canada, Ireland and England. The company has ownership interests in 56 of those properties, including six wholly owned assets. Interstate Hotels & Resorts also has contracts to manage 13 to be built hospitality properties with approximately 3,000 rooms which includes the company's entry into new markets such as Costa Rica. For more information about Interstate Hotels & Resorts, visit the company's Web site: http://www.ihrco.com/
dav1234
15 years ago
Interstate Hotels & Resorts to Hold Third-Quarter 2009 Earnings Call on November 4
ARLINGTON, Va., Oct. 8 /PRNewswire-FirstCall/ -- Interstate Hotels & Resorts (NYSE:IHR), a leading hotel real estate investor and the nation's largest independent management company, today announced that the company will release third-quarter 2009 financial results on Wednesday, November 4, 2009, before the market's opening. Management will hold a conference call at 9 a.m. ET to discuss those results.
The call will be hosted by Chairman and Chief Executive Officer Thomas F. Hewitt and Chief Financial Officer Bruce Riggins. Stockholders and other interested parties may listen to a simultaneous webcast of the conference call on the Internet by logging onto Interstate's Web site, http://www.ihrco.com/, or http://www.streetevents.com/, or may call 1-877-941-2928, reference number 4170333. (International investors may call 1-480-629-9726.) A recording of the call will be available by telephone until midnight on Wednesday, November 11, 2009, by dialing 1-800-406-7325, reference number 4170333. (International investors may call 1-303-590-3030.) A replay of the conference call will be posted on Interstate Hotels & Resorts' Web site through December 4, 2009.
About Interstate Hotels & Resorts
Interstate Hotels & Resorts, Inc. has ownership interests in 56 hotels and resorts, including seven wholly owned assets. Including those properties, the company and its affiliates manage a total of 227 hospitality properties with more than 46,000 rooms in 37 states, the District of Columbia, Russia, India, Mexico, Belgium, Canada and Ireland. Interstate Hotels & Resorts also has contracts to manage 13 to be built hospitality properties with approximately 3,000 rooms. For more information about Interstate Hotels & Resorts, visit the company's Web site: http://www.ihrco.com/.
DATASOURCE: Interstate Hotels & Resorts
CONTACT: Carrie McIntyre, SVP, Treasurer, of Interstate Hotels &
Resorts, Inc., +1-703-387-3320
RonnieD
15 years ago
Interstate Hotels & Resorts/JHM Hotels' JV Management Company to Open Four Points(R) by Sheraton in Jaipur, India
First Duet India Hotels' Investment Property in India, JHM Interstate Hotels India to Manage
ARLINGTON, Va., Sept. 21 /PRNewswire-FirstCall/ -- Interstate Hotels & Resorts (NYSE: IHR), a leading hotel real estate investor and the nation's largest independent hotel management company, today announced that its India-based joint venture management company, JHM Interstate Hotels India, will open its first managed hotel in India, the 115-room Four Points(R) by Sheraton Jaipur, City Square, in October. It will be the second Four Points hotel to open in the country and the first project developed by Duet India Hotels Limited, a U.K.-based, real estate investment group dedicated solely to hotel investment and development in India. Interstate and JHM Hotels, its JV partner, have an equity interest in Duet, which provides JHM Interstate Hotels India the first opportunity to manage the hotels developed or acquired by Duet.
"With the opening of this hotel, we will add a sixth country outside of the United States, our first in the Asia Pacific region, to our management portfolio as we continue to extend our reach internationally," said Thomas F. Hewitt, chairman and chief executive officer. "India remains one of the world's fastest growing economies, with projected growth of 5 to 6 percent this year despite the global economic downturn."
Jaipur is part of India's Golden Triangle, along with Delhi and Agra, site of the Taj Mahal, and has long been a major tourist mecca. More recently, the city, which is the capital of the state Rajasthan, has become a hotbed of economic development activity, which is decreasing its reliance on leisure business alone and attracting growing numbers of business travelers with a need for lodging. In June, Jaipur opened a new international airport, dramatically improving domestic and international access to the city. "We believe the Four Points brand will appeal to both travel groups, with its exceptional amenities, comfortable and stylish decor and value pricing," he added.
H. P. Rama, founder and chief executive officer of JHM Hotels, noted that the combined strength, depth of resources and international and in-country experience of the joint venture management company were major factors in Starwood's support of JHM Interstate Hotels India. "Our strong relationship with Starwood and other brands and proven track record in multiple countries have given us a competitive edge in securing premium flags for our hotels in new markets, such as India. We have significant hotel and food and beverage operations strength in place that fully understands the markets in India, and we look forward to rapidly ramping up this property and aggressively expanding to become the leading third-party operator in the country."
"We are very pleased to be opening our first hotel in India in partnership with a premier lodging brand and a management company internationally known for excellence," said Henry Gabay, chairman of the UK-based Duet group.
Located in the new City Square, at Vasundhara Colony, Tonk Road, the newly built, four-story, upscale hotel is situated near M1 Road, the city's commercial hub, convenient to major government and business organizations, universities and the new international airport. The City Palace, Amber Fort, Hawa Mahal and other popular tourist attractions are within easy access of the hotel. The property also is a short walk from the city's most notable shopping, restaurants, bars and movie theaters.
"This is the first of more than 20 projects Duet India Hotels intends to develop throughout India over the next few years, which represents a significant and reliable pipeline of management contracts for us," said Leslie Ng, Interstate's chief investment officer. "Duet is targeting secondary and tertiary cities, areas where we believe the need for hotel rooms is most acute."
JHM Interstate Hotels India has a full corporate office located in Gurgaon, a major international corporate hub in India and a suburb of New Delhi. The corporate executives in Gurgaon are from India and the United States, with expertise in all aspects of hotel operations including sales and marketing, food and beverage, information technology, human resources, construction and design, and finance.
The Four Points(R) by Sheraton Jaipur, City Square amenities include a full-service restaurant, The Eatery, featuring both continental favorites and regional specialties, lounge, business center, free high-speed Internet access, health club, spa, outdoor pool, and 2,500 square feet of flexible meeting space. The 115 guestrooms and suites provide flat screen LCD TVs and the Sheraton Four Comfort(SM) Bed.
About JHM Interstate Hotels (India) Private Limited
JHM Interstate Hotels (India) Private Limited is a joint venture partnership between JHM Hotels, Inc. and Interstate Hotels & Resorts, Inc., formed to operate and invest in hotels in India. The company's corporate office is located in Gurgaon, India, a suburb of New Delhi. For more information about JHM Interstate Hotels India, visit the company's Web site: www.jhminterstate.com.
JHM Hotels, Inc., 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 36 years. The company currently owns and operates 42 U.S. hotels with more than 6,500 guestrooms and has over 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: www.jhmhotels.com.
Interstate Hotels & Resorts, Inc. has ownership interests in 56 hotels and resorts, including seven wholly owned assets. Together with these properties, the company and its affiliates manage a total of 223 hospitality properties with more than 45,500 rooms in 37 states, the District of Columbia, Russia, India, Mexico, Belgium, Canada and Ireland. Interstate Hotels & Resorts also has contracts to manage 13 to be built hospitality properties with approximately 3,000 rooms. For more information about Interstate Hotels & Resorts, visit the company's Web site: 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, 2008.
Contact:
Carrie McIntyre
SVP, Treasurer
(703) 387-3320
SOURCE Interstate Hotels & Resorts
di4
15 years ago
Interstate Hotels & Resorts Reports First-Quarter 2009 Results
May 6, 2009 8:00:00 AM
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View Additional ProfilesARLINGTON, Va., May 6 /PRNewswire-FirstCall/ -- Interstate Hotels & Resorts (OTC Bulletin Board: IHRI), a leading hotel real estate investor and the nation's largest independent hotel management company, today reported operating results for the first quarter ended March 31, 2009. The company's performance for the first quarter includes the following (in millions, except per share amounts):
First Quarter
2009(4) 2008(5)
------------- -------------
Total revenue(1) $30.5 $38.9
Net loss $(12.5) $(0.3)
Diluted loss per share $(0.39) $(0.01)
Adjusted EBITDA(2)(3) $5.9 $7.7
Adjusted net loss (2) $(2.0) $(1.1)
Adjusted diluted EPS (2) $(0.06) $(0.03)
(1) Total revenue excludes other revenue from managed properties
(reimbursable costs).
(2) Adjusted EBITDA, Adjusted net loss and Adjusted diluted EPS are non-
GAAP financial measures and should not be considered as an alternative
to any measures of operating results under GAAP. See the definition
and further discussion of non-GAAP financial measures and
reconciliation to net loss later in this press release.
(3) Includes the company's share of adjusted EBITDA from investments in
unconsolidated entities in the amounts of $1.2 million and $1.6
million in the first quarter of 2009 and 2008, respectively.
(4) The first quarter 2009 results include a $0.8 million charge for
restructuring primarily related to severance costs as a part of the
company's 2009 cost reduction program, and $8.9 million of tax expense
relating to the company's global tax planning strategy. These charges
are excluded from the calculation of Adjusted EBITDA, Adjusted net
loss and Adjusted diluted EPS.
(5) The first quarter 2008 results include (i) a $2.4 million gain on the
sale of the Doral Tesoro Hotel & Golf Club, and (ii) $1.1 million of
write-offs of intangible assets related to the sale of certain hotels
in 2008. Each of these items has been excluded from the calculation
of Adjusted EBITDA, Adjusted net loss and Adjusted diluted EPS.
"The first quarter was an extremely difficult operating period, a trend that we anticipate will continue through most of 2009, and possibly into 2010," said Thomas F. Hewitt, chief executive officer. "While our visibility remains limited, we expect to see the decline in RevPAR begin to moderate in the second half of the year."
Hotel Management
Same-store(6) RevPAR for all managed hotels in the first quarter declined 19.1 percent to $74.25. Average daily rate (ADR) was $123.01, down 9.8 percent, and occupancy fell 10.3 percent to 60.4 percent.
Same-store RevPAR for all full-service managed hotels declined 19.7 percent to $84.94. ADR was off 9.9 percent to $134.57, while occupancy decreased 10.9 percent to 63.1 percent.
Same-store RevPAR for all select-service managed hotels declined 17.2 percent to $54.01, led by a 9.2 percent decline in occupancy to 55.1 percent and an 8.9 percent drop in ADR to $97.98.
"The severe condition of the economy continues to present challenges to the hotel industry," Hewitt said. "However, we remain focused on optimizing returns for our owners and shareholders. As lodging demand weakened in the first quarter, we adapted our cost reduction programs to make every effort to optimize our owners' and shareholders' returns.
"In addition to the cost reduction plans at the property level, we implemented an extensive corporate cost savings program in January, which resulted in a decrease of $4.6 million in corporate G&A expense in the first quarter, a reduction of 29 percent from last year.
"Our portfolio count remained steady in the 2009 first quarter," Hewitt added. "We continue to focus on growing our managed portfolio and have several properties scheduled to come on line in the second quarter. We also have reached out to lenders and loan servicers to offer our expertise in taking over distressed assets. There has not been much movement in this area to date, but we expect activity to pick up later this year and next year, and we are well positioned to respond quickly when opportunities arise."
Wholly Owned Hotel Results
EBITDA from the company's seven owned hotels was $4.5 million in the 2009 first quarter as outlined below (in millions):
Owned Hotels First Quarter
2009 2008
---- ----
Net income (loss) $(1.3) $0.1
Interest expense, net $2.9 $3.6
Depreciation and amortization. $2.9 $3.2
---- ----
EBITDA $4.5 $6.9
==== ====
"RevPAR for the owned portfolio decreased 16.0 percent, stemming from an 8.7 percent slide in occupancy and an 8.1 percent decrease in rate," Hewitt said. "Our newly renovated Sheraton Columbia (Md.) hotel performed exceptionally well during the quarter with a 5.2 percent RevPAR increase over last year.
"Our newly renovated Westin Atlanta Airport hotel performed well compared to its competitive set and the overall industry with a RevPAR decline of 13.1 percent. Both of these properties have received an overwhelmingly positive response from customers that are now returning to the hotels following their comprehensive renovations.
"We saw significant weakness in Arlington, Texas, and Concord, Calif., as our hotels in those markets suffered RevPAR declines in excess of our portfolio average due to local market conditions. While total revenue for our owned hotels decreased $4.9 million, we were able to control expenses, leading to an overall expense reduction of $2.4 million."
Balance Sheet
On March 31, 2009, Interstate had:
-- Total unrestricted cash of $13.0 million.
-- Total debt of $244.0 million, consisting of $161.5 million of senior
debt and $82.5 million of non-recourse mortgage debt.
"We have engaged Bank of America to be the lead arranger for the extension of our credit facility, which has a March 2010 maturity," said Bruce Riggins, chief financial officer. "We continue to have productive discussions with our bank group regarding this extension, and our goal is to have this extension in place by June 30.
"In late March, we received a waiver from our bank group related to our potential NYSE delisting, pending an appeal process with the Exchange," said Riggins. "As part of the waiver agreement, the facility size was permanently reduced to $173.3 million from $198.0 million and the interest rate was increased to LIBOR plus 350 basis points from LIBOR plus 275 basis points. The new facility size provides for $10 million of borrowing capacity, of which $6 million is available through June 30. We do not expect that we will need to draw on our revolving facility during the waiver period."
Outlook and Guidance
The company has updated its 2009 guidance to reflect a RevPAR decline scenario of 17 percent for all managed properties and 14 percent for owned hotels:
-- Total Adjusted EBITDA of $37 million which includes the following:
-- EBITDA from wholly owned hotels of $19 million;
-- The company's share of EBITDA from unconsolidated joint ventures of
$6 million; and
-- EBITDA from the hotel management business of $12 million.
-- Adjusted net loss of $(1.9) million or $(0.06) per share.
Earnings Conference Call
Interstate will hold a conference call to discuss its first-quarter results today, May 6, at 10 a.m. Eastern Time. To hear the webcast, interested parties may visit the company's Web site at www.ihrco.com and click on Investor Relations and then First-Quarter Conference Call. A replay of the conference call will be available until midnight on Wednesday, May 13, 2009, by dialing (800) 405-2236, reference number 11130289, and an archived webcast of the conference call will be posted on the company's Web site through June 6, 2009.
Interstate Hotels & Resorts has ownership interests in 56 hotels and resorts, including seven wholly owned assets. Together with these properties, the company and its affiliates manage a total of 224 hospitality properties with more than 45,000 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: www.ihrco.com.
Non-GAAP Financial Measures
Included in this press release are certain non-GAAP financial measures, which are measures of our historical or estimated future performance that are different from measures calculated and presented in accordance with generally accepted accounting principles in the United States of America (or GAAP), within the meaning of applicable Securities and Exchange Commission rules, that we believe are useful to investors. They are as follows: (i) Earnings before interest, taxes, depreciation and amortization (or "EBITDA") and (ii) Adjusted EBITDA, Adjusted net loss and Adjusted diluted loss per share. The following discussion defines these terms and presents the reasons we believe they are useful measures of our performance.
EBITDA
A significant portion of our non-current assets consists of intangible assets, related to some of our management contracts, and long-lived assets, which include the cost of our owned hotels. Intangible assets, excluding goodwill, are amortized over their expected term. Property and equipment is depreciated over its useful life. Because amortization and depreciation are non-cash items, management and many industry investors believe the presentation of EBITDA is useful. We also exclude depreciation and amortization and interest expense from our
unconsolidated joint ventures. We believe EBITDA provides useful information to investors regarding our performance and our capacity to incur and service debt, fund capital expenditures and expand our business. Management uses EBITDA to evaluate property-level results and as one measure in determining the value of acquisitions and dispositions. It is also widely used by management in the annual budget process. We believe that the rating agencies and a number of lenders use EBITDA for those purposes and a number of restrictive covenants related to our indebtedness use measures similar to EBITDA presented herein.
Adjusted EBITDA, Adjusted Net Loss and Adjusted Diluted EPS
We define Adjusted EBITDA as, EBITDA excluding the effects of certain recurring and non-recurring charges, transactions and expenses incurred in connection with events management believes do not provide the best indication of our ongoing operating performance. These charges include restructuring and severance expenses, asset impairments and write-offs, gains and losses on asset dispositions for both consolidated and unconsolidated investments, and other non-cash charges. We believe that the presentation of Adjusted EBITDA will provide useful supplemental information to investors regarding our ongoing operating performance and when combined with the primary GAAP presentation of net loss, is beneficial to an investor's complete understanding of our operating performance. We also use Adjusted EBITDA in determining our incentive compensation for management.
Similarly, we define Adjusted net loss and Adjusted diluted loss per share ("EPS") as net loss and diluted EPS, without the effects of those same charges, transactions and expenses described earlier. We believe that Adjusted EBITDA, Adjusted net loss and Adjusted diluted EPS are useful performance measures because including these expenses, transactions, and special charges may either mask or exaggerate trends in our ongoing operating performance. Furthermore, performance measures that include these charges may not be indicative of the continuing performance of our underlying business. Therefore, we present Adjusted EBITDA, Adjusted net loss and Adjusted diluted EPS because they may help investors to compare our performance before the effect of various items that do not directly affect our ongoing operating performance.
Limitations on Use of EBITDA, Adjusted EBITDA, Adjusted Net Loss and Adjusted Diluted EPS
We calculate EBITDA, Adjusted EBITDA, Adjusted net loss and Adjusted diluted EPS as we believe they are important measures for our management's and our investors' understanding of our operations. These may not be comparable to measures with similar titles as calculated by other companies. This information should not be considered as an alternative to net income, operating profit, cash from operations or any other operating performance measure calculated in accordance with GAAP. Cash receipts and expenditures from investments, interest expense and other non-cash items have been and will be incurred and are not reflected in the EBITDA and Adjusted EBITDA presentations. Adjusted net loss and Adjusted diluted EPS do not include cash receipts and expenditures related to those same items and charges discussed above. Management compensates for these limitations by separately considering these excluded items, all of which should be considered when evaluating our performance, as well as the usefulness of our non-GAAP financial measures. Additionally, EBITDA, Adjusted EBITDA, Adjusted net loss and Adjusted diluted EPS should not be considered a measure of our liquidity. Adjusted net income and Adjusted diluted EPS should also not be used as a measure of amounts that accrue directly to our stockholders' benefit.
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, 2008.
(6) Please see footnote 9 to the financial tables within this press release for a detailed explanation of "same-store" hotel operating statistics.
Contact:
Carrie McIntyre
SVP, Treasurer
(703) 387-3320
SOURCE Interstate Hotels & Resorts
----------------------------------------------
Carrie McIntyre
SVP
Treasurer
+1-703-387-3320
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