Interstate Hotels & Resorts Signs Management Contracts for Two Holiday Inn Hotels in Moscow
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Interstate Hotels & Resorts Signs Management Contracts for Two Holiday Inn Hotels in Moscow
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Category: Europe
This is a press release selected by our editorial committee and published online for free on 2007-04-17
Company Adds Sixth and Seventh Hotel to Moscow Management Portfolio
Interstate Hotels & Resorts (NYSE: IHR), one of the nation's largest independent hotel management companies, today announced that the company has been selected to manage two Holiday Inn hotels in downtown Moscow, Russia: the 301-room Holiday Inn Moscow Lesnaya Hotel and the 312-room Holiday Inn Moscow Suschevsky Hotel. Both properties are owned by Mospromstoi, a major, Moscow-based construction and hotel ownership company.
"These two contracts represent our sixth and seventh hotel in Moscow, where we have established a major management presence, and bring our total number of management contracts in Europe to nine," said Thomas F. Hewitt, Interstate's chief executive officer. "We now have six hotels under contracts with Mospromstoi, and we look forward to continuing our relationship."
"We recently opened a branch office in Moscow with an executive team that provides the kind of hands-on, personalized service no other management company can match," said Henry L. (Hank) Ciaffone, president of international operations and development at Interstate. "We continue to seek opportunities to expand our operations in Russia and throughout Europe. We remain focused on first-class, full-service and select-service hotels affiliated with top- quality, internationally known brands like Marriott, Starwood, Holiday Inn and Hilton, as well as independent hotels and resorts."
Holiday Inn Moscow Lesnaya Hotel
Built in 2005, the Holiday Inn Moscow Lesnaya Hotel is located in the downtown area right off the central Tverskaya-Yamskaya street, within a 45- minute drive of the Moscow International Airport Sheremetyevo. The major tourist attractions of the city - the Kremlin, Red Square, St. Basil's Cathedral and the Bolshoi Theatre - are a 10-minute drive from the hotel.
The hotel features 301 rooms, including suites and executive floor rooms; all-day dining at the Red & White bar and restaurant serving international cuisine; 24-hour room service; 8,000 square feet of meeting space that can accommodate groups of up to 460; business center; and mini gym.
Holiday Inn Moscow Suschevsky Hotel
The Holiday Inn Moscow Suschevsky Hotel was opened in 2006 and is located in one of the central business areas of Moscow. The hotel is a short drive from the city's major tourist attractions and 30 minutes from the Moscow International Airport Sheremetyevo.
The hotel offers 312 guest rooms, including suites and executive floor rooms; the Fleur Cafe bar and restaurant serving international cuisine; 24- hour room service; six meeting rooms totaling 6,300 square feet of space with a maximum capacity of 350, reception-style; business center; and mini gym.
About Interstate
As of March 31, 2007, Interstate Hotels & Resorts operated 207 hospitality properties with more than 47,000 rooms in 36 states, the District of Columbia, Belgium, Canada, and Russia. In addition, Interstate Hotels & Resorts has contracts to manage 15 hospitality properties with nearly 4,300 rooms currently under development. 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 as amended for the year ended December 31, 2006.
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