Interstate Hotels & Resorts Assumes Management of 30-Hotel Portfolio Owned by Inland (United States)
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Interstate Hotels & Resorts Assumes Management of 30-Hotel Portfolio Owned by Inland (United States)
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Category: Central and South America - United States - Industry economy
- New brands / Affiliations
This is a press release selected by our editorial committee and published online for free on 2011-04-05
Interstate Hotels & Resorts, the United States’ largest independent hotel management company, today announced that, effective April 1, 2011, the company has assumed management of 30 premium-brand, select-service and extended-stay hotels. The properties continue to be owned by affiliates of Inland American Real Estate Trust, Inc. The hotels aggregate 4,060 rooms and are located in 12 states. Including this portfolio, Interstate has grown to 337 properties with more than 62,000 rooms worldwide.
“This is our second major portfolio transition in the past 60 days, ” said Thomas F. Hewitt, Interstate’s chairman and chief executive officer. “We are one of only a handful of hotel operators with the infrastructure, operating systems and personnel capable of absorbing this kind of volume. What makes this assignment particularly gratifying is that it comes from a current owner, Inland American, for whom we already manage 12 hotels.”
“Interstate has achieved very competitive results for us even in the most challenging economic climate, and we are confident in their ability to take on these additional properties and generate excellent returns,” said Craig Lambert, executive vice president of asset management of Inland American Lodging Advisor, Inc.
“These are upscale, premium-branded select-service properties, located primarily in major secondary/suburban markets, and will be managed by our Crossroads Division, which specializes in this niche,” said Leslie Ng, Interstate’s chief investment officer. “We have a strong track record working with institutional investors, like Inland American, as well as publicly held companies and individual owners.”
About Inland American Real Estate Trust, Inc.
Inland American Real Estate Trust, Inc. is a publicly registered non-listed real estate investment trust focused on the acquisition, development and management of a diversified portfolio, including retail, office, multi-family, industrial/distribution properties and lodging facilities, located in the United States and Canada. As of December 31, 2010, Inland American’s consolidated portfolio, owned directly or indirectly, totaled 980 properties, encompassing 48.2 million square feet of leasable space, and 99 lodging properties representing over 15,000 rooms. Inland American is one of five REITs that are, or have been, sponsored by affiliates of The Inland Real Estate Group of Companies, Inc.
About Interstate Hotels & Resorts, Inc.
Interstate Hotels & Resorts, Inc., a wholly owned subsidiary of a 50/50 joint venture between subsidiaries of Thayer Lodging and Jin Jiang, is the nation’s largest independent hotel management company based on revenue managed. The company and its affiliates manage and/or have ownership interests in 337 properties with 62,272 rooms in 39 states, the District of Columbia, China, Russia, India, Mexico, Belgium, Canada, Ireland and England. The company has ownership interests in 56 of those properties, including six wholly owned assets. In 2010, Interstate Hotels & Resorts pioneered the first independent hotel management company in China, Interstate China Hotels & Resorts, when it formed a joint-venture partnership with Jin Jiang Hotels, China’s leading hotel operator and developer.
Interstate offers third-party hotel management on a global basis, providing the resources and infrastructure necessary for comprehensive hotel management operations, including sales and marketing, revenue management, food and beverage operations, e-commerce, accounting, procurement, and construction project management services for hotel owners and developers seeking a proven and experienced hotel management company.
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