Bruce Riggins to Join Interstate Hotels & Resorts in April as Chief Financial Officer
February 10 2006 - 8:30AM
PR Newswire (US)
Current CFO Bill Richardson to Retire, Remain as Consultant to
Company ARLINGTON, Va., Feb. 10 /PRNewswire-FirstCall/ --
Interstate Hotels & Resorts (NYSE:IHR), the nation's largest
independent hotel management company, today announced that Chief
Financial Officer Bill Richardson will retire from the company on
April 17, 2006, but will remain as a consultant. Concurrently, the
company announced that Bruce Riggins will re-join the company as
chief financial officer on April 17, 2006. "Bill has done a
marvelous job for Interstate and its predecessor company," said
Thomas F. Hewitt, chief executive officer. "Fortunately, Bill has
agreed to remain in a consulting capacity, where we still will be
able to benefit from his expertise, contacts and experience as we
continue to implement our growth strategies. During his tenure here
the past two years, he played a key role in strengthening our
balance sheet and in helping us implement our strategy of
selectively owning hotel real estate as a new growth avenue. "Bruce
Riggins is well known to the company, having worked seven years for
Interstate and its predecessor companies," he noted. "Prior to
leaving the company in 2005, he was senior vice president and
treasurer. Because of his knowledge of the company and his industry
experience, we expect Bruce to have minimal transition time in his
new role." Riggins currently is chief financial officer of
Innkeepers USA Trust (NYSE:KPA). Prior to joining Interstate as
senior vice president and treasurer, he was vice president of
strategic planning and analysis for MeriStar Hospitality
Corporation and senior director of finance for both MeriStar and
Interstate, when the two companies shared a number of senior- level
executives in a paper-clipped REIT/C-Corp structure. A certified
public accountant, Riggins began his career with the accounting
firm of Deloitte & Touche, LLP. He is a graduate of Virginia
Tech with a bachelor's degree in accounting. Interstate Hotels
& Resorts operates nearly 300 hospitality properties with more
than 65,000 rooms in 41 states, the District of Columbia, Canada,
and Russia. BridgeStreet Worldwide, an Interstate Hotels &
Resorts' subsidiary, is one of the world's largest corporate
housing providers. BridgeStreet and its network of Global Partners
offer more than 8,900 corporate apartments located in more than 90
MSAs throughout the United States and internationally. 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 aftermath of the war with
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, 2004. Contact: Melissa
Thompson Jerry Daly, Carol McCune (media) Vice President, Corporate
Communications Daly Gray Public Relations (703) 387-3377 (703)
435-6293 First Call Analyst: FCMN Contact: julie@dalygray.com
DATASOURCE: Interstate Hotels & Resorts CONTACT: Melissa
Thompson, Vice President, Corporate Communications of Interstate
Hotels & Resorts, +1-703-387-3377, ; or media: Jerry Daly or
Carol McCune of Daly Gray Public Relations, +1-703-435-6293, , for
Interstate Hotels & Resorts Web site: http://www.ihrco.com/
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