Interstate Hotels & Resorts Reports Second-Quarter 2008 Results

ARLINGTON, VA /PRNewswire-FirstCall/ -- Interstate Hotels &Resorts (NYSE: IHR), a leading hotel real estate investor and the nation'slargest independent operator of full and select-service hotels, hs reported operating results for the second quarter ended June 30, 2008.

Highlights for the second quarter include:

-- RevPAR rose 4.0 percent for all managed hotel properties, compared to an average industry gain of 1.2 percent;

-- Added nine management contracts, representing the third consecutive quarter of higher unit count;

-- Signed a contract to manage its first property in India, an under- construction hotel in Vizag (Visakhapatnam) through India JV;

-- Opened first U.S. Starwood branded aloft Hotel, in Rancho Cucamonga, Calif., developed and co-owned with JV partner, The John Buck Company;

-- Signed contracts to manage company's first Cambria Suites, to be built near Atlanta Hartsfield Airport, to open in Q1 2009, and Crowne Plaza New Orleans, to open in Q4 2008. (site map at bottom left)

EBITDA from the company's seven owned hotels was $8.3 million in the 2008 second quarter and $15.3 million for the first six months as outlined below (in millions):

For a complete detailed copy of the release, please contact Julie Tullbane, Daly Gray Public Relations, T 703-435-6293, F 703-435-6297, julie@dalygray.com.