Interstate has announced that Joseph A. Klam has been promoted to executive vice president, hotel finance. He previously served as senior vice president of hotel finance. In his new position, Klam will be responsible for all aspects of the financial operations of the company’s portfolio of 232 managed hotels and resorts. He will report to Bruce Riggins, Interstate’s chief financial officer.
A 30-year hotel industry veteran, Klam joined Interstate in 2003 from Millennium Hotels & Resorts, where he served as vice president of finance-North America. He began his career with Stouffers Hotels & Resorts where he served in a variety of operational and management positions. He later joined Renaissance Hotels International and rose through the executive ranks to vice president of field financial services, international lodging, and led the transition of Renaissance Hotel Group systems after its acquisition by Marriott.
“Joseph has an impressive and extensive background that encompasses finance, operations, accounting, systems and human resources initiatives,” said Bruce Riggins. “His wealth of finance-related experience at a variety of public and private hospitality companies prepares him to provide the essential financial leadership we will need as we continue to pursue our primary growth strategy of diversifying our earnings base with increased ownership participations.”
Klam received a Bachelor of Science degree at The American University in Washington, D.C., and earned an MBA at the University of Phoenix in Arizona. He is a former member of AH&LA Internal Audit subcommittee and a member of the Hospitality Financial & Technology Professionals.