Sorrento Asset Management Acquires BridgeStreet Worldwide from Interstate Hotels & Resorts

Jan 29, 2007, 00:00 ET from BridgeStreet Worldwide

    DUBLIN, Ireland and ARLINGTON, Va., Jan. 29 /PRNewswire/ -- Sorrento
 Asset Management, a Dublin-based, privately held, investment group, today
 announced that it has acquired BridgeStreet Worldwide, a leading
 international provider of corporate housing (referred to as serviced
 apartments throughout Europe), from Interstate Hotels & Resorts (NYSE:   IHR)
 for approximately $40.5 million.
     "Over the last several years, BridgeStreet has operated a number of our
 properties in Europe and the United States. As we became familiar with
 their strengths, we saw the strategic opportunity to combine our global
 real estate activity with BridgeStreet's proven management team," said
 Bryan Turley, Sorrento's chief executive officer. "The combination into a
 single organization will translate into significant synergies, and creates
 additional opportunities for BridgeStreet. We see BridgeStreet, which will
 be our management division, as a catalyst for strategic growth. In addition
 to operating our current properties, we will continue to pursue strategic
 acquisitions in key U.S. and European markets."
     "Our partnership with Sorrento will open doors to multiple capital
 sources, which will allow us to fund our ongoing and future growth plans,"
 said Lee Curtis, president and newly named CEO of BridgeStreet. "We remain
 commited to our clients and associates and are very enthusiastic about the
 opportunities this merger brings to both. We will remain a U.S.-based
 company, with our full management team remaining in northern Virginia."
     Turley noted that BridgeStreet had successfully implemented a major
 turn- around program over the past few years. "Curtis and his team have re-
 energized the company by concentrating on high potential, tier-one markets,
 by increasing revenues and profitability and through significantly
 expanding their global accounts. We foresee significant upside growth
     In 2006, BridgeStreet introduced a number of client-friendly programs,
 including enhanced guest service packages in major markets, a state-of-the-
 art, integrated supplier management tool, a new luxury bedding program and
 the industry's first mapping and point of interest Web-based tools. As a
 result, guest satisfaction scores rose more than 17 percent.
     The acquisition was financed by Credit Suisse, and Cantor Fitzgerald
 and DLA Piper acted as financial and legal advisor to Sorrento,
     BridgeStreet Worldwide is one of the world's largest corporate housing
 providers. BridgeStreet and its network of Global Partners offer
 approximately 10,000 corporate apartments located in over 100 MSAs
 throughout the United States and 50 cities internationally. An award winner
 both in the U.S. and Europe, BridgeStreet properties meet uncompromising
 standards of quality, comfort and service. For more information about the
 company or to learn more about how BridgeStreet is Making Corporate Housing
 Easy, visit or call 1-800-BSTREET.
     Based in Dublin, Ireland, Sorrento Asset Management is a leading
 provider of wealth management products and services, focused primarily on
 return on equity transactions. Formed in 2004, Sorrento's strength comes
 from its ability to structure high quality, off-market residential and
 commercial property transactions with guaranteed yields and full
 management, giving investors turn-key investment solutions. The company's
 investment products and services include a significant property portfolio
 in the U.K., Ireland, Europe and the U.S., structured products and private
 finance transactions, equity investments and pre-and post-retirement funds.
     Contact: Jerry Daly or Carol McCune
               Daly Gray Public Relations (Media)
               (703) 435-6293

SOURCE BridgeStreet Worldwide