Interstate Names Larry Shupnick SVP, Development and Acquisitions
ARLINGTON, VA, July 5, 2006. Interstate Hotels & Resorts (NYSE: IHR), the nation's largest independent hotel management company, today announced that Larry Shupnick has been named senior vice president, development and acquisitions. Shupnick will seek acquisition and development opportunities as part of the company's announced strategy to diversify its earnings base through increased ownership of hotel real estate through sliver investments, joint ventures and whole ownership. He also will pursue additional hotel management opportunities. Shupnick will report to Leslie Ng, Interstate's chief investment officer.
"Larry is one of the industry's best and most well known real estate specialists," Ng said. "A seasoned veteran, he has completed transactions valued in excess of $5 billion over the last 25 years and has a vast network of contacts, including brokers and institutional owners. We fully expect that he will play a central role in sourcing and completing acquisitions as we look to further diversify our revenue streams with increased ownership participations."
A hospitality industry veteran, he previously served as senior vice president, development and acquisitions, for MeriStar Hospitality Corporation, a real estate investment trust, which recently was acquired by The Blackstone Group. Shupnick first joined Interstate in 1990, when he merged his company, Laral Hotels, with CapStar Hotel Company, an Interstate predecessor company. Laral was a hotel management and ownership company Shupnick founded in 1970. Previously, he served in senior executive positions at a number of hotel companies, including Sheraton Corporation, Hilton Hotels Corporation, Schine Hotels and Recion Corporation.
As of May 31, Interstate Hotels & Resorts operated 264 hospitality properties with nearly 60,000 rooms in 41 states, the District of Columbia, Canada, and Russia. BridgeStreet Worldwide, an Interstate Hotels & Resorts' subsidiary, is one of the world's largest corporate housing providers. BridgeStreet and its network of Global Partners offer more than 9,800 corporate apartments located in more than 95 MSAs throughout the United States and internationally.
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, although not all forward-looking statements will contain such words.
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