Interstate Hotels & Resorts to Manage Shanghai Tower J-Hotel

(Hospitality Business News)  SHANGHAI, Dec. 20, 2010 Today, Interstate (China) Hotels & Resorts Company Limited ("Interstate China"), a wholly owned subsidiary of a joint venture between Thayer Lodging Group ("Thayer"), a US-based private equity real estate firm, and Shanghai Jin Jiang International Hotels (Group) Company Limited ("Jin Jiang Hotels") China's leading hotel group, has been appointed by Shanghai Tower Group to manage the world's highest luxury hotel – Shanghai Tower J-Hotel.
Due to open in 2014, the new Shanghai Tower J-Hotel is the centerpiece of the stunning Shanghai Tower being constructed in the hub of the central business district of Lujiazui, Pudong, neighboring the Shanghai World Financial Center and Jin Mao Tower. Upon completion, Shanghai Tower will be China's tallest building and the second tallest in the world rising 121 stories (2,073 feet) with a GFA of more than six million square feet.

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Interstate to run Blackstone hotels

Arlington-based Interstate Hotels & Resorts, taken private by investors including China's largest hotel group this year, will manage more hotels owned by New York-based investment firm The Blackstone Group.

Interstate Hotels, will add 13 Blackstone-owned properties to its portfolio, including the Westin Washington D.C. City Center and the Sheraton Baltimore City Center Hotel.

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Interstate Hotels & Resorts Forms Strategic Alliance with International Hotel Investments Ltd

ARLINGTON, Va., April 21 /PRNewswire/ -- Interstate Hotels & Resorts, the United States' largest independent hotel management company, today announced that it has formed a strategic alliance with IHI Ltd, an affiliate of Harte Holdings, to operate and selectively invest in hotels in Europe. Interstate already manages six hotels for affiliates of Harte Holdings in the U.S. and Europe, four of which are owned by a joint venture between the two organizations. The new alliance will expand Interstate's third-party hotel management platform throughout the EU.


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Interstate Hotels & Resorts Signs Joint Venture Agreement with Jin Jiang Hotels to Manage Hotels in China

ARLINGTON, Va., April 15 -- /PRNewswire/ -- Interstate Hotels & Resorts, the nation's largest independent hotel management company, today announced that it has signed a joint venture agreement with Shanghai Jin Jiang International Hotels Company Limited ("Jin Jiang Hotels"), China's leading hotel operator and developer, to create a platform to pioneer third-party hotel management in China. The joint venture, called Interstate China Hotels & Resorts, has already entered into discussions with prospective clients.


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Interstate Acquired By Thayer Lodging, Jin Jiang

ARLINGTON, Va., December 18, 2009-Interstate Hotels & Resorts (NYSE: IHR), a leading hotel real estate investor and the nation's largest independent hotel management company, today announced that it has signed a definitive merger agreement to be acquired by Hotel Acquisition Company, LLC, a 50/50 joint venture between subsidiaries of Thayer Hotel Investors V-A LP, a private equity fund sponsored by Thayer Lodging Group, and Shanghai Jin Jiang International Hotels (Group) Company Limited ("Jin Jiang Hotels") in a transaction valued at approximately $307 million. Under the agreement, Hotel Acquisition Company, LLC would acquire all of the outstanding common stock and operating partnership units of Interstate for $2.25 per share in an all cash transaction. The price represents a premium of 77 percent over yesterday's closing stock price. Interstate's lenders have approved the transaction subject to certain pay downs at closing on its senior credit facility and on one of its non-recourse mortgage loans. The transaction is not contingent upon obtaining any additional financing.

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Interstate Hotels & Resorts Reports Third-Quarter 2009 Results

Same-store(4) RevPAR for all managed hotels in the third quarter of 2009 decreased 20.8 percent to $78.97. Average daily rate (ADR) declined 15.1 percent to $115.29, and occupancy was off 6.7 percent to 68.5 percent.

Same-store RevPAR for all full-service managed hotels dropped 22.2 percent to $87.75, based on a 17.1 percent fall in ADR to $125.35, and a 6.3 percent decline in occupancy to 70.0 percent.

Same-store RevPAR for all select-service managed hotels fell 16.6 percent to $62.09, reflecting a 9.7 percent decrease in ADR to $94.63, and a 7.6 percent decline in occupancy to 65.6 percent.

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Interstate Hotels & Resorts Reports Second-Quarter 2009 Results

Highlights for the second quarter and through today include:
-- Maintained year over year Adjusted EBITDA in a difficult economy; generated growth in Adjusted Net Income;
-- Extended senior secured credit facility to March 2012;
-- Added seven properties to third-party management portfolio, including three hotels from its signed management contract pipeline of properties under development or construction; -- Signed first management contract with the Duet Hotel Fund in India; the second contract for JHM Interstate Hotels India

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http://www.ihrco.com/Default.aspx?tabid=56

Interstate Hotels & Resorts Successfully Appeals NYSE Ruling

ARLINGTON, Va., July 27, 2009 /PRNewswire-FirstCall via COMTEX/ -- Interstate Hotels & Resorts (OTC Bulletin Board: IHRI), a leading hotel real estate investor and the nation's largest independent hotel management company, today announced that the company has successfully appealed a NYSE ruling in March under which Interstate's stock was suspended from trading for failing to meet the minimum $15 million market capitalization requirement. The NYSE has now determined that Interstate's stock will resume trading on Wednesday, July 29 under its previous symbol IHR

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http://www.ihrco.com/INVESTORRELATIONS/PressReleases/tabid/81/Default.aspx

Interstate Hotels & Resorts Extends Senior Credit Facility to March 2012

ARLINGTON, Va., July 14 /PRNewswire-FirstCall/ -- Interstate Hotels & Resorts (OTC Bulletin Board: IHRI), a leading hotel real estate investor and the nation's largest independent management company, today announced that it has extended the maturity of its senior credit facility to March 2012 by converting the facility's outstanding balance of $161.2 million to a new term loan. The agreement also provides the company with an $8 million revolving credit line. The revised facility carries an interest rate of LIBOR plus 550 bps, with a 2.0 percent LIBOR floor plus additional PIK interest (payment-in-kind) of 2.0 percent through March 2011 and 3.0 percent thereafter. The accrued PIK interest is payable at maturity.

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http://news.prnewswire.com/ViewContent.aspx?ACCT=109&STORY=/www/story/07-14-2009/0005059899&EDATE=

Interstate Hotels & Resorts Receives Credit Facility Waiver

This article is interesting

" a leading hotel real estate investor and the nation's largest independent management company, today announced that the company had received a waiver through June 30 related to the requirement under its senior credit facility to maintain listing on the New York Stock Exchange (NYSE). The NYSE suspended trading of Interstate's stock on March 12 after the company failed to meet the minimum $15 million market capitalization requirement"

So the largest independant management company in the US only has a capitalization of $15M?