Interstate Hotels Corporation (Nasdaq:IHCO), one of the largest independent hotel management companies in the United States, today announced that its Board of Directors has approved a stock repurchase program, providing for the purchase of shares of its common stock, with an aggregate purchase of up to $2 million.
Under the program, the Company may repurchase shares from time to time in open market transactions. The timing and terms of the purchases will be determined by management based on market and business conditions at the time subject to applicable securities laws. This announcement is not a request or offer for tender of shares to the Company.
Interstate Hotels Corporation operates approximately 140 hotels with more than 28,000 rooms in 38 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. ####