Interstate Forms JV with Waramaug to Acquire 295-room Williamsburg Hotel in Virginia

To Undergo $7.5 Million Renovation and Conversion to DoubleTree by Hilton Brand

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. July 20, 2012

ARLINGTON, VA / WILLIAMSBURG, VA - July 20, 2012 - Interstate Hotels & Resorts today announced that it has formed its fourth joint venture with Waramaug Hospitality LLC and a private investment group and acquired the 295-room Williamsburg Hotel & Conference Center (formerly, the Marriott Hotel Williamsburg) for an undisclosed amount. The hotel will immediately undergo a $7.5 million comprehensive renovation and convert to the upper upscale DoubleTree by Hilton brand. Interstate will manage the hotel under a long-term contract.

“We continue to build on our strong relationship with Waramaug, a leader in hospitality real estate investments, adding our fourth project with them in the past 17 months,” said Jim Abrahamson, Interstate's chief executive officer. “With the planned renovation and rebranding, in addition to an ideal location close to significant demand drivers, we expect the hotel to take a leadership position in this market.”

“This hotel offers some of the largest meeting and event space in Williamsburg, is close to all of the major historic, recreational and shopping attractions, and also serves a large nearby corporate base,” said Paul Nussbaum, Waramaug's chairman and chief executive officer. “The substantial hotel renovation and repositioning, in addition to Interstate's operations experience all offer excellent upside for this property in a rebounding market.”

Located on 15 wooded acres within the Busch Corporate Center in Williamsburg, the hotel is the closest hotel to Busch Gardens and within minutes of Colonial Williamsburg, the College of William & Mary and world-class golf courses, with easy access to both the Richmond and Norfolk airports. The Williamsburg Hotel & Conference Center features 45,000 square feet of meeting space for up to 1,600 people and an auditorium with capacity for more than 700. Other amenities include three dining options, an indoor/outdoor connecting swimming pool, seasonal tennis courts and a full-service fitness and business center. For more information about The Williamsburg Hotel & Conference Center, please visit www.thewilliamsburghotelcc.com.

About Interstate Hotels & Resorts

Interstate Hotels & Resorts, Inc., a wholly-owned subsidiary of a 50/50 joint venture between subsidiaries of Thayer Lodging and Jin Jiang, is the leading U.S.-based global hotel management company, operating branded full- and select-service hotels and resorts, conference centers and independent hotels worldwide. Interstate and its affiliates manage and/or have ownership interests in nearly 400 hotels with more than 70,000 rooms in North America, Europe and Asia-Pacific. The Company has ownership in 58 of those hotels, including six wholly owned hotels. In addition, Interstate has executed agreements to manage 44 hotels with over 8,300 rooms under construction or development throughout the world.

For more information, visit www.interstatehotels.com. Connect with Interstate at www.linkedin.com/company/interstate-hotels-&-resorts, www.facebook.com/InterstateHotels, and http://jobs.interstatehotels.com.

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