Interstate Opens Hilton In Moscow
-- Hotels, 8/26/2008 8:28:00 AM
ARLINGTON, Va., August 26, 2008— Interstate Hotels & Resorts (NYSE: IHR), a leading hotel real estate investor and the nation’s largest independent operator of full- and select-service hotels, today announced that it has opened and is managing the 273-room Hilton Moscow Leningradskaya in Russia. The landmark hotel, which is owned by JSC Sadko, recently completed a two-year total restoration and is the first Hilton brand hotel in Russia. It is Interstate’s eighth property in Europe.
“The addition of this hotel to our portfolio is an excellent illustration of our continued focus on international expansion and our ability to build on the solid platform we established more than a decade ago,” said Thomas F. Hewitt, chief executive officer at Interstate. “Interstate was one of the first independent management companies to operate in Moscow, and after 13 years has developed strong local and regional relationships and contacts. We also have strong ties to all the major hotel franchisors and are delighted to have successfully negotiated the Hilton affiliation and to be managing the first Hilton hotel in Russia. We have a very strong pipeline of additional management contract opportunities in Russia, greater Europe, India, Mexico and Central America.”
“Moscow is one of the fastest-growing cities and strongest economies in the world today, and this is one of the most recognized hotels in the city, one of seven famous ‘Stalin’ towers that visually define the Moscow skyline,” said Henry L. Ciaffone, president of international operations and development at Interstate. “The restoration has successfully blended the property’s rich architectural heritage and today’s latest technology and amenities. With its highly desirable location just off Komsomolskaya Square and the power of the Hilton name, we expect Moscow’s first Hilton brand hotel to become a magnet for international business and leisure travelers.”
Originally constructed in 1954, the 28-story Hilton Moscow Leningradskaya, located at Kalanchevskaya Street 21/40, underwent a total renovation that touched virtually every part of the hotel while retaining many of its historic architectural features. Among the upscale hotel’s many amenities are an indoor heated swimming pool and sauna; 24-hour fitness center; business center; approximately 7,000 square feet of meeting space, including a 3,200 square-foot ballroom; and an elegant, first-class restaurant, Janus Restaurant, featuring sumptuous Russian cuisine. Guest rooms feature 32” LCD flat-panel TVs, and high-speed Internet access and Wifi.
About Interstate Hotels & Resorts
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 225 hospitality properties with approximately 46,000 rooms in 36 states, the District of Columbia, Russia, Mexico, Belgium, Canada and Ireland. Interstate Hotels & Resorts also has contracts to manage 15 to be built hospitality properties with approximately 3,600 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, 2007.
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