Interstate inks big management deal

Interstate Hotels & Resorts has signed management agreements with affiliates of Inland American Lodging Corporation for nine hotels recently acquired by Inland American Real Estate Trust.Interstate has assumed management of the hotels.

“These are our first contracts with Inland American, which recently has been one of the industry’s most active buyers of hotel real estate,” said Thomas F. Hewitt, Interstate’s chief executive officer.  “The hotels are in excellent physical condition and in strong markets.  We believe we can add value through our in-depth knowledge and expertise in these markets,through the implementation of our proprietary management and marketing systems and by taking advantage of our size and economies of scale.  We look forward to exploring other opportunities with Inland American.”
“We reviewed several management companies, and Interstate was a compelling choice for a variety of reasons,” said Craig Lambert, senior vice president of asset management of Inland American Lodging Corporation.  “They have significant management expertise and a proven track record, both nationally and in the Texas markets.  Interstate has strong existing relationships with our hotel brand companies, and a results-oriented, hands-on management team.  We anticipate a seamless transition..”