Interstate Hotels & Resorts Successfully Appeals NYSE Ruling
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Interstate Hotels & Resorts Successfully Appeals NYSE Ruling
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Category: Worldwide
This is a press release selected by our editorial committee and published online for free on 2009-07-28
Scheduled to Resume Trading on Wednesday, July 29
Interstate Hotels & Resorts (OTC Bulletin Board: IHRI), a leading hotel real estate investor and the nation's largest independent hotel management company, today announced that the company has successfully appealed a NYSE ruling in March under which Interstate's stock was suspended from trading for failing to meet the minimum $15 million market capitalization requirement. The NYSE has now determined that Interstate's stock will resume trading on Wednesday, July 29 under its previous symbol IHR.
Interstate's stock has been trading on the OTC market since March 12, during which time the company's share price increased 185 percent and the company successfully extended its senior credit facility maturity. The market capitalization is now well in excess of the $15 million minimum capitalization required for NYSE listing.
"We appreciate the NYSE's consideration of the unprecedented market conditions and our rapid return to compliance with the minimum market cap requirement," said Thomas F. Hewitt, Interstate's chairman and chief executive officer. "We look forward to continuing our long-standing relationship with the NYSE."
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