Interstate Hotels Corporation (Nasdaq:IHCO), one of the largest independent hotel management companies in the United States, today announced that it has signed a binding memorandum of understanding to transfer all 75 of the leases it has with Equity Inns, Inc. back to Equity Inns on January 1, 2001. Interstate Hotels will continue to manage 54 of the properties, covered by the leases, under new management contracts with Equity Inns entered into on that same day.
According to Thomas F. Hewitt, Interstate Hotels Chairman and Chief Executive Officer, “We are pleased to continue our outstanding working relationship with Equity Inns. Everyone is in agreement that this is a win-win situation for both Equity and Interstate since it will allow both companies to align our interests and to focus on the bottom line.”
The 54 management contracts will vary in duration, ranging from 2001 through 2005.
Interstate Hotels Corporation operates approximately 160 hotels with more than 30,000 rooms in 37 states in the United States as well as Canada, the Caribbean and Russia. For more information, visit www.interstatehotels.com.
NOTE: Certain matters discussed within this press release are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Although the Company believes the expectations reflected in such forward-looking statements are based on reasonable assumptions, it cannot give assurance that its expectations will be attained. Factors that could cause actual results to differ materially from expectations include financial performance, real estate conditions, execution of hotel development programs, changes in the availability of additional management contracts, leases or acquisitions, changes in local or national economic conditions and other risks detailed from time to time in the Company’s reports filed with the SEC.