Interstate to Manage Fifth Property in Moscow
Monarch Construction to Build Hotel Scheduled for Late 2008 Opening
FEBRUARY 8, 2007. Interstate Hotels & Resorts (NYSE: IHR), one of the nation's largest independent hotel management companies, today announced that the company has been selected to manage a new, under-construction hotel in Moscow, Russia, scheduled to open in late 2008. The company has signed a long-term contract with Monarch Construction, the builder, to manage the 300-room hotel.
'This will be the fifth hotel we manage in Moscow, which continues our push into Europe, having recently added properties in Dublin, Ireland and Ghent, Belgium, both of which are scheduled to open in the first half of 2007,' said Thomas F. Hewitt, Interstate chief executive officer. 'Monarch Construction is one of the largest construction companies in Moscow and has built more than 100 projects over the last decade, ranging from large commercial skyscrapers to large residential developments. They are a premier partner with a proven record of success, and being a local company, are very knowledgeable about the local economy. We have more than 12 years experience operating hotels in Moscow and believe this is an outstanding project.'
'The growing interest in Russia as a tourist and business destination, coupled with a minimal supply of high-quality and middle-class hotels, makes this opportunity particularly attractive,' said Henry L. (Hank) Ciaffone, president of international operations and development at Interstate. 'We are in the process of exploring a number of franchise alternatives, with a goal of having the hotel affiliated with an internationally known brand,' he added. 'We continue to seek additional growth opportunities in Europe for both branded and independent hotels.'
In addition to 300 guest rooms, the property will feature a restaurant, lounge, pool, fitness center, spa, gift shop, and approximately 15,000 square feet of function space.
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