Interstate Hotels Sells Interests In The Charles Hotel Complex And Extends Management Contract For H

Interstate Hotels Corporation (Nasdaq: IHCO) today announced that it has sold its equity interests in The Charles Hotel Complex (a hotel, retail and office complex located in Cambridge, Massachusetts) for $19.25 million, pursuant to a contract for sale entered into prior to Interstate’s spin-off from Patriot American Hospitality, Inc./Wyndham International, Inc. (NYSE: PAH).
Interstate has managed The Charles Hotel in Harvard Square since the hotel’s opening in 1985 and has agreed to manage the hotel for an additional ten year term.

Thomas F. Hewitt, Chairman and Chief Executive Officer of Interstate Hotels, said, “We are very pleased to continue our long-term relationship with one of the premiere independent luxury hotels in the Northeast.”

Interstate Hotels Corporation, one of the largest independent hotel management companies in the United States, operates approximately 165 hotels with more than 31,000 rooms in 37 states in the United States as well as Canada, the Caribbean and Russia.