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ARLINGTON, Va. -- Interstate Hotels & Resorts (NYSE: IHR), the nation's largest independent hotel management company, today announced that Bruce Riggins has joined the company as senior vice president and treasurer. In the position, he will oversee all treasury-related functions, investor relations, planning and analysis and risk management.
Riggins previously was vice president of strategic planning and analysis for MeriStar Hospitality Corporation (NYSE: MHX). Prior to that, he was senior director of finance for both MeriStar and Interstate, when the two companies shared a number of senior-level executives in a paper-clipped REIT/C-Corp structure.
"As we step up implementation of our hotel acquisition growth strategy through a private investment fund and other joint ventures, Bruce's knowledge of the company and relationships with the investment community will be a valuable asset," said Bill Richardson, chief financial officer. "Bruce's first undertaking will be to complete the refinancing of our senior secured credit facility and subordinated term loan into a new senior secured credit facility."
A certified public accountant, Riggins previously worked for the accounting firm of Deloitte & Touche L.L.P. He is a graduate of Virginia Tech with a bachelor's degree in accounting.
Interstate Hotels & Resorts operates approximately 270 hospitality properties with more than 60,000 rooms in 40 states, the District of Columbia, Canada, Russia, and Portugal. BridgeStreet Corporate Housing Worldwide, an Interstate Hotels & Resorts' subsidiary, is one of the world's largest corporate housing providers. BridgeStreet and its network of Global Partners offer nearly 8,800 corporate apartments located in 91 MSAs throughout the United States and internationally. For more information about Interstate Hotels & Resorts, visit the company's Web site: www.ihrco.com.
This press release contains "forward-looking statements," within the meaning of the Private Securities Litigation Reform Act of 1995, about Interstate Hotels & Resorts, including those statements regarding future operating results and the timing and composition of revenues, among others, and statements containing words such as "expects," "believes" or "will," which indicate that those statements are forward-looking. Except for historical information, the matters discussed in this press release are forward-looking statements that are subject to certain risks and uncertainties that could cause the actual results to differ materially, including changes in the national economy, economic conditions generally and the real estate market specifically, the threat of future terrorist attacks, governmental actions, legislative and regulatory changes, availability of debt and equity capital, interest rates, competition, supply and demand for lodging facilities in our current and proposed market areas, and the company's ability to manage integration and growth. Additional risks are discussed in Interstate Hotels & Resorts' filings with the Securities and Exchange Commission, including Interstate Hotels & Resorts annual report on Form 10-K for the year ended December 31, 2003.
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