Interstate Hotels & Resorts (NYSE:IHR), the nation`s largest independent hotel management company, today announced that Henry L. (Hank) Ciaffone has been promoted from senior executive vice president of international operations and development to president of that division. Additionally, the company announced that C.A. Anderson has been promoted to executive vice president of development and will oversee the company`s expanded development and acquisitions initiatives.
“Hank and C.A. both have proven track records with Interstate and have made significant contributions to our success,” said Steve Jorns, chief executive officer. “Hank, a 32-year industry veteran, has in-depth international experience and will play a key role in our continuing growth in Europe, where we currently manage four properties. C. A. joined us six months ago and has done a superb job as we have ratcheted up our development activity. His lodging and real estate expertise will play an important role as we pursue our growth initiatives.”
Ciaffone joined Interstate Hotels in 1989 as vice president and corporate controller. He later was promoted to senior vice president and treasurer. Ciaffone, who is based in Moscow, Russia, has led international operations and development since 1995 when Interstate`s first hotel in Moscow opened.
Prior to joining Interstate, he was chief operating officer and chief financial officer of Koala Inns of America; group vice president-real estate for Howard Johnson; and held a number of financial and real estate development positions with Sheraton Corporation.
C. A. Anderson
C. A. Anderson joined the company in May as senior vice president, development and acquisitions. Prior to joining Interstate, Anderson 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 $1.2 billion. A 25-year hospitality industry veteran, he has held a variety of senior-level positions within the industry, including vice president of development for Vancouver, Wash.-based Red Lion Hotels, Inc. and chief development officer for Hotel Nikko, Inc., a subsidiary of Japan Airlines Group of Companies. Additionally, Anderson is a certified hotel administrator (CHA), past board member of the Hospitality Asset Managers Association (HAMA) and currently serves on the ULI Hotel Development Council.
Interstate Hotels & Resorts operates more than 300 hospitality properties with nearly 67,000 rooms in 42 states, the District of Columbia, Canada and Russia. 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 Interstate`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.