Interstate Hotels & Resort

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International Guild of Hospitality & Restaurant Managers

Interstate Hotels & Resort (IHR)

Interstate Hotels Corp., incorporated in 1999, is an independent hotel management company in the United States. The Company manages or performs related services for 134 hotels with a total of 28,316 rooms in 37 states in the United States, as well as in Canada and Russia. Interstate wholly owns one of these properties, the 156-suite Pittsburgh Airport Residence Inn by Marriott, which it acquired in 1999, and has non-controlling equity interests in 12 of these hotels. The Company operates these hotels under a variety of major brand names, including AmeriSuites, Best Western, Clarion Hotels, Colony, Country Inn and Suites, Comfort Inn and Suites, Courtyard by Marriott, Embassy Suites, Fairfield Inn by Marriott, Hampton Inn, Hilton, Holiday Inn, Homewood Suites, Marriott, Radisson, Renaissance, Residence Inn by Marriott, Sheraton and Westin. In July 2002, the Company merged with MeriStar Hotels & Resorts.

The Company is an independent operator of upscale hotels in the Marriott system, operating 14 hotels with 4, 543 rooms bearing the Marriott flag, and manages 33 hotels with 6,015 rooms, which are operated under other brands owned by Marriott International, Inc. In addition, Interstate is an independent manager in the Hampton Inn system, operating 38 hotels with 4,814 rooms bearing the Hampton Inn flag.

On November 19, 2001, Interstate acquired a non-controlling 15% limited partnership interest in a limited partnership that owns two mid-scale hotels. CNL Hospitality Corp. owns the remaining 85% of the partnership. The two hotels are the Courtyard by Marriott and the Residence Inn by Marriott, both of which are located in the greater Hartford, Connecticut, area.

On March 27, 2001, the Company acquired a non-controlling 0.5% general partnership interest and a non-controlling 49.5% limited partnership interest in two limited partnerships that own eight mid-scale hotels. FelCor Lodging Trust Incorporated (FelCor) owns the remaining 50% of the partnerships.

Interstate operates its hotels under two separate operating segments: Interstate, which primarily operates luxury and upscale hotels, and Crossroads, which primarily operates mid-scale, upper-economy and budget hotels. The luxury and upscale hotels segment derives revenues from management fees and other services that directly relate to providing management services, including insurance and risk management services, purchasing and project management services, management information system (MIS) support, training and relocation programs and equipment leasing. The mid-scale, upper economy and budget hotels segment derives revenues from management fees and certain specialized support services, such as centralized accounting services, as well as the operating revenues for the Pittsburgh Airport Residence Inn by Marriott.

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The data included within the Financial section is solely for information and does not construe a recommendation and/or endorsement by IGHRM or its members to invest funds with any of the companies listed. You are strongly advised to obtain professional advice with qualified individuals or corporations for any investments of funds.

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