Interstate Hotels Corporation (Nasdaq:IHCO) today announced that its stockholders overwhelmingly voted to approve the proposed $30 million investment in Interstate and establishment of a joint venture partnership with an investor group led by Lehman Brothers. At a stockholders’ meeting held today, approximately 90% of the shares present or represented by proxy voted to approve the Lehman transaction.
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 Interstate 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 Interstate’s reports filed with the SEC.