ARLINGTON, Va., Oct. 27, 2016 /PRNewswire/ -- Interstate Hotels & Resorts ("Interstate" or the "Company") – the leading U.S.-based global hotel management company – announced CEO Jim Abrahamson has been named Chairman of the Board, effective October 25th, in a move that serves to enhance and expand its executive leadership team. At the same time, the Company announced that it has retained Spencer Stuart to conduct a search for its next CEO. Abrahamson will serve as both the Company's Chairman and CEO until a new one has been appointed. The new CEO position is anticipated to be filled early 2017, at which time Abrahamson will continue to serve as Chairman of Interstate.
Current Chairman Jonathan Ward stated, "We are delighted with our recent investment in Interstate and view this seamless transition as a compliment to Jim and his executive team on a job well done. Their work in completing the recent transaction by Kohlberg & Company, and positioning Interstate to serve our owners will continue to enhance our position as the leading, value-added hotel management company in the industry." Ward will continue to serve as a Director of Interstate.
"I am honored to be appointed as Chairman of the Board," said Abrahamson. "It has been a tremendously successful five-and-a-half years at Interstate, as well as extremely satisfying both personally and professionally to work alongside our outstanding leadership team and with the finest hotel owners and partners in the industry. We have accomplished significant milestones during my tenure as CEO and there is so much more on the horizon for Interstate. With the acquisition of Interstate in May by Kohlberg & Company, our outlook has never been brighter. We have an invigorated strategic plan with the best talent in the industry to achieve it. I look forward to my new role supporting the Company's journey ahead and to our Board appointing a new CEO to lead Interstate to even greater success."
"Under Jim's leadership, drive and strategic vision, Interstate has successfully expanded its portfolio and is established as the largest, most diverse platform in the industry," said Ahmed I. Wahla, partner of Kohlberg and Company. "We now look forward to appointing an industry-leading CEO to further propel the Company to become the undisputed, market-leading provider of independent hotel management services to current and future owners."
Abrahamson will continue to be active in the hospitality and service industry, including acting as Chairman of AH&LA and other corporate board positions. Prior to joining Interstate in 2011, he acted as president of the Americas for Intercontinental Hotel Group (IHG). He previously held senior leadership positions in operations, franchising and development with Hyatt Corporation, Marcus Corporation and Hilton Worldwide. He has been recognized as an outstanding hospitality leader of the year in 2013 by Penn State University and by UJA New York City.
About Interstate Hotels & Resorts
Interstate Hotels & Resorts is the leading U.S.-based global hotel management company, operating branded full- and select-service hotels and resorts, convention centers and independent hotels worldwide. Currently, Interstate and its affiliates manage 430 hotels with over 77,000 rooms around the globe. In addition Interstate has executed agreements to manage 54 hotels with over 9,800 rooms under development or construction. For more information, please visit www.interstatehotels.com. Connect with Interstate at www.linkedin.com/company/interstate-hotels-resorts, www.facebook.com/InterstateHotels, and www.interstatehotels.com/careers.
About Kohlberg and Company
Kohlberg & Company is a leading private equity firm headquartered in New York. Since its inception in 1987, Kohlberg has organized seven private equity funds, through which it has raised over $5 billion of committed equity capital. Over its 30-year history, Kohlberg has completed 69 platform investments and over 150 add-on acquisitions, with an aggregate transaction value of approximately $10 billion. For more information, please visit www.kohlberg.com.
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SOURCE Interstate Hotels & Resorts