ARLINGTON, VA., Jan. 26, 2009—Interstate Hotels & Resorts (NYSE: IHR), a leading hotel real estate investor and the nation’s largest independent management company, today announced that it has entered into a long-term contract to manage a to-be-developed, world-class luxury condo hotel resort and beach club in Manuel Antonio, Costa Rica. (top right photo) The project by Space Source Inc., owner and developer, is called Jade Condo Hotel Residences and Beach Club and will consist of 190 condo hotel residences coupled with 50 villas for sale.
Construction is expected to begin this spring with a projected 2010 opening.The project will be managed by Interstate’s Latin American affiliate, IHR de Mexico, and marks the company’s entrée into the vibrant Costa Rican market.
“The expansion of our international portfolio continues to be an important priority for us,” said Thomas F. Hewitt, (top left photo) Interstate’s chief executive officer.
“With the formation of our Mexico-based management platform, we established a solid foundation for expanding our presence in Mexico and Latin America, regions where we see significant opportunities for growth. Space Source is a dynamic and innovative owner/developer, and we look forward to building on our relationship with them.”
Contacts:
Bruce Riggins, Chief Financial Officer, (703) 387-3344
Julie Tullbane, Daly Gray Public Relations, T 703-435-6293, F 703-435-6297, julie@dalygray.com
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