Interstate Hotels & Resorts Signs Agreement to Manage Its First Cambria Suites
April 16 2008 - 9:30AM
PR Newswire (US)
ARLINGTON, Va., April 16 /PRNewswire-FirstCall/ -- 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 signed an
agreement to manage the to-be-built, 143-room Cambria Suites near
Atlanta's Hartsfield Jackson International Airport. The hotel is
being developed by CQ Capital Partners for Charania Hospitality
Group, both subsidiaries of Charania Group of Companies, an
independent global real estate fund based in Clarkston, Ga.
Construction of the property is expected to begin next month, with
a scheduled opening in the first quarter of 2009. "This transaction
introduces a dynamic new brand to our management portfolio, as well
as a new owner," said Thomas F. Hewitt, Interstate's chief
executive officer. "The Charania Group of Companies is a proven and
experienced developer/owner, who has plans to build additional
Cambria Suites product by Choice Hotels. We are exploring other
projects with the Charania Group of Companies, primarily in the
southeastern region of the U.S." The Cambria Suites brand is
designed to take advantage of new trends in lodging, reflecting the
expectations of guests who want to carry their lifestyle with them
when they travel. The hotel will offer the latest technology
surrounded by a sophisticated, contemporary design that is both
stylish and comfortable. "Cambria Suites is a new, upscale,
select-service brand that plays to Interstate's strengths in the
select-service segment," said Barkat Charania, chief executive
officer of Charania Group of Companies. "With their operating and
marketing strengths and size advantages, we feel Interstate is the
best qualified to help us optimize the returns of this new hotel
brand. We are excited about the collaboration between our groups
and look forward to building a long-standing relationship." The
Cambria Suites Atlanta Airport is only the second LEED certified
hotel in Georgia and is located within minutes of one of the
world's busiest airports, which currently is undergoing a $5.4
billion expansion, and the Georgia International Convention Center,
adjacent to the airport. Metro Atlanta, with more than 125 million
square feet of office space, ranks third in the nation among cities
with the most Fortune 500 headquarters. "This continues our
strategy of broadening our ownership universe, which now includes
more than 60 owners," said Leslie Ng, Interstate chief investment
officer. "We look forward to building on our relationship, both
with Charania Group of Companies and the emerging Cambria Suites
brand." About Charania Group of Companies Charania Group of
Companies is a global real estate fund that invests in its
subsidiaries for the creation of a portfolio of sustainably
designed and LEED certified real estate projects. The Charania
Group of Companies family includes CQ Capital Partners, the
development company; CQ Construction, the construction company;
B.C. Investments & Realty, the brokerage and asset management
division; and Charania Hospitality Group, the hotel ownership
entity. Charania Group of Companies is led by Barkat Charania and
Rahim Charania, who along with their team have more than 50 years
of combined experience in global real estate acquisitions and
development. About Interstate As of today, Interstate Hotels &
Resorts has ownership interests in 54 hotels and resorts, including
seven wholly owned assets. Together with these properties, the
company and its affiliates manage a total of 217 hospitality
properties with more than 45,000 rooms in 36 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 3,800 rooms. 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 for the
year ended December 31, 2007. Contact: Carrie McIntyre SVP,
Treasurer (703) 387-3320 DATASOURCE: Interstate Hotels &
Resorts CONTACT: Carrie McIntyre, SVP, Treasurer of Interstate
Hotels & Resorts, +1-703-387-3320 Web site:
http://www.ihrco.com/
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