Interstate Hotels & Resorts Signs 18 Hotels to United Kingdom Portfolio
Adds 2,443 Guestrooms to Interstate's Expanding U.K. Portfolio
ARLINGTON, Va., and LONDON, April 1, 2015 /PRNewswire/ -- Interstate Hotels & Resorts – the leading global hotel management company – today announced the signing of 18 management agreements for a portfolio of U.K. hotels owned by an affiliate of Cerberus Capital Management. With these additions to its managed portfolio, Interstate continues to expand its regional presence and strengthen its offering, creating tailored management solutions to improve owners' profitability. Based in Birmingham, England, Interstate's U.K. division now comprises 59 hotels, including signed pipeline, throughout the United Kingdom.
"The U.K. continues to be a priority strategic growth area for Interstate, and it is gratifying to see our portfolio expand in the region through a new relationship with a world-class owner," said Jim Abrahamson, chief executive officer of Interstate Hotels & Resorts. "Our formidable and owner-centric U.K. team – supported by Interstate's global scale and experience – will successfully transition and operate these hotels, generating increased profitability and optimized asset value for our client."
The 18-hotel portfolio comprises 2,443 guestrooms, consisting of Holiday Inn and Crowne Plaza branded hotels. Fifteen hotels will transition to Interstate management upon immediate effect, with three hotels transitioning in the next few months. Thirteen of the hotels also have Spirit & Health Fitness Clubs:
- 216-room Holiday Inn Gatwick London Airport
- 142-room Holiday Inn Farnborough
- 202-room Holiday Inn Reading South
- 188-room Holiday Inn Leicester
- 144-room Holiday Inn Hemel Hempstead
- 139-room Holiday Inn Aylesbury
- 130-room Holiday Inn Southampton
- 112-room Holiday Inn High Wycombe
- 101-room Holiday Inn Edinburgh City West
- 135-room Crowne Plaza Leeds
- 158-room Holiday Inn Coventry
- 107-room Holiday Inn London Bexley
- 125-room Holiday Inn Gloucester – Cheltenham
- 105-room Holiday Inn Maidstone – Sevenoaks
- 86-room Holiday Inn Basingstoke
- 124-room Holiday Inn Fareham (to be transitioned within the next few months)
- 100-room Holiday Inn Hull Marina (to be transitioned within the next few months)
- 129-room Holiday Inn Southampton – Eastleigh (to be transitioned within the next few months)
"As part of our strategic expansion, we're building upon our global relationships, such as with highly regarded investor Cerberus Capital Management, whom we've known through their U.S.-based headquarters," said Leslie Ng, chief investment officer of Interstate Hotels & Resorts. "We look forward to exploring other opportunities together in the U.K. and Europe."
Robert Crook, Interstate's managing director for the U.K., said, "We are delighted to secure this agreement, which will take our operational and signed pipeline of hotels to 59 in the U.K. and will significantly increase our scale and resources. With these new hotels, Interstate is now one of the largest operators of IHG franchised assets in the U.K., managing 40 IHG branded hotels, and raising our total rooms under management to more than 7,300."
Spanning North America, the U.K., Europe, Russia/CIS and China, Interstate Hotels & Resorts is a premier global hotel management company. The Company's comprehensive services are built on large-scale resources, delivered with the personalized and focused attention of a small company. With an owner-aligned organizational structure, experienced corporate support and expansive industry and global knowledge, Interstate uses its 55 years of experience to contribute to each owner's success.
For more information regarding hotel management in Europe, please contact Senior Vice President, Acquisitions and Development-Europe, Aaron Greenman, at +32 490 43 15 72 or visit www.interstatehotels.co.uk. For more information about Interstate Hotels & Resorts worldwide, please visit www.interstatehotels.com.
About Interstate Hotels & Resorts
Interstate Hotels & Resorts, Inc., a wholly-owned subsidiary of a 50/50 joint venture between subsidiaries of Thayer Lodging Group and Jin Jiang Hotels, is the leading global hotel management company, operating branded full- and select-service hotels and resorts, convention centers and independent hotels worldwide. Interstate and its affiliates manage 440 hotels with nearly 80,000 rooms in North America, Europe and Asia-Pacific, including five wholly owned hotels. In addition, Interstate has executed agreements to manage 38 hotels with more than 6,000 rooms under construction or development throughout the world. For more information about Interstate Hotels & Resorts worldwide, 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.
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SOURCE Interstate Hotels & Resorts
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