Interstate Hotels & Resorts (NYSE: IHR), the nation`s largest independent hotel management company, today announced that hospitality real estate veteran C. A. Anderson will join the company as senior vice president, acquisitions and development.
In his role, he will be responsible for sourcing hotel acquisition and management contract candidates, successfully completing transactions and building and maintaining relationships with joint venture partners. He will report to Steve Jorns, Interstate Hotels & Resorts` chief investment officer.
“C. A. rounds out our development team, which includes Larry Shupnick, senior vice president, development and acquisitions; Bill Bagwill, senior vice president, development and acquisitions; Gary Wisinski, vice president of development; and Mark Purcell, director, business development and feasibility,” said Jorns. “Over the next few quarters, we expect the hotel real estate market to become much more dynamic, and we intend to be an active player, primarily through joint ventures. We currently are in discussions with several interested investment groups.”
A 17-year hospitality industry veteran, Anderson previously was managing director of the hotel group for Cornerstone Real Estate Advisers, Inc., where he was responsible for overseeing 32 hotels with a market value of $1.5 billion. He has held a variety of senior-level positions within the hospitality industry, including vice president of development for Vancouver, Wash.-based Red Lion Hotels, Inc. and vice president of development for Hotel Nikko, Inc., a subsidiary of Japan Airlines Group of Companies. Additionally, Anderson is a certified hotel administrator (CHA) and past board member of the Hospitality Asset Managers Association.
Interstate Hotels & Resorts operates more than 380 hospitality properties with nearly 82,000 rooms in 44 states, the District of Columbia, Canada and Russia, including 55 properties managed by Flagstone Hospitality Management, a subsidiary of Interstate Hotels & Resorts. BridgeStreet Corporate Housing Worldwide, an Interstate Hotels & Resorts subsidiary, is one of the world`s largest corporate housing providers, offering upscale, fully furnished corporate housing throughout the United States, Canada, the United Kingdom, France and 39 additional countries through its network partners. For more information about Interstate Hotels & Resorts, visit the company`s Web site: www.ihrco.com .
This press release contains “forward-looking statements,” within the meaning of the Private Securities Litigation Reform Act of 1995, about Interstate Hotels & Resorts, including those statements regarding future operating results and the timing and composition of revenues, among others, and statements containing words such as “expects,” “believes” or “will,” which indicate that those statements are forward-looking. Except for historical information, the matters discussed in this press release are forward-looking statements that are subject to certain risks and uncertainties that could cause the actual results to differ materially, including the current slowdown of the national economy, economic conditions generally and the real estate market specifically, the impact of the events of September 11, 2001, governmental actions, legislative and regulatory changes, availability of debt and equity capital, interest rates, competition, supply and demand for lodging facilities in our current and proposed market areas, and the company`s ability to manage integration and growth. Additional risks are discussed in Interstate Hotels & Resorts` filings with the Securities and Exchange Commission, including Interstate Hotels & Resorts` annual report on Form 10-K for the year ended December 31, 2002.