ARLINGTON, VA—Interstate Hotels & Resorts (NYSE: IHR), a leading hotel real estate investor and the nation’s largest independent operator of full- and select-service hotels, announces its joint venture management company, JHM Interstate Hotels India, has signed a contract to manage its first property in India.
The 50-50 joint venture was formed between Interstate and JHM Hotels, one of the largest independent developers and owners of hotels in the U.S., to operate and selectively invest in hotels in India. The joint venture was announced in late February 2008.
The venture’s first executed contract is for a 124-room, under construction hotel located in Vizag (Visakhapatnam), India, a coastal city in the state of
Andhra Pradesh on India’s eastern shore.
Interstate is in the process of securing a major U.S. brand for the hotel and expects to announce an affiliation shortly. The hotel, owned by Vishnupriya Hotels Resorts Private Limited, broke ground in July 2007 and is expected to open in the fourth quarter of 2008.
“This contract marks our official entry into India’s fast-growing lodging market and establishes JHM Interstate Hotels India as one of the first independent, international hotel management companies to be located there,” said Thomas F. Hewitt, (top right photo) chief executive officer of Interstate.
“This five-star, business-class hotel is typical of the properties the partnership seeks. It is situated in an upscale neighb
orhood of Vizag, which has the largest port in India. It is strategically located between Kolkata and Chennai and is one of the fastest growing cities in the world, according to a recent United Nations study.
"We look forward to expanding our relationship with Vishnupriya Hotels Resorts, which is exploring additional hotel opportunities.” (Photo at right shows fishing vessel in Bay of Bengal)
“We sourced the hotel through our strategic partner, JNB Hotels and Resorts Private Limited, a subsidiary of JNB LLC, a U.S.-based real estate investment group with strong ties to India. JNB has developed a robust pipeline of hotel management opportunities throughout the country for us,” said Leslie Ng, Interstate chief investment officer. “The joint venture also is actively sourcing other management opportunities throughout key markets in India.”
Located at 1
0-28-3, Uplands, Waltair Main Road, Visakhapatnam, India, the upscale, full-service hotel is nestled among the hills of the
Eastern Ghats (map at right below) and faces the
Bay of Bengal (top left map) to the east.
(Photo at left shows seaport at Vizag.)The property features panoramic ocean and city views and includes three restaurants, a spa/gym and two presidential suites. The hotel is being designed by D.M. Upasni, a prominent India based architect specializing in the hospitality industry with significant experience throughout the world.
His unique approach to the Vizag project combines an architecturally distinctive design and the natural beauty of the site in a property destined to become a new landmark in Vizag.
JHM Interstate Hotels India is a joint venture partnership between JHM Hotels and Interstate Hotels & Resorts, Inc, formed to operate and invest in hotels in India. (Photo at right shows the High Court at Hyderabad, the main judicial body for the state of Andhra Pradesh.)
JHM Hotels, a premier lodging company based in Greenville S.C., with offices in Mumbai and Surat, India, has developed, acquired, owned and operated hotels throughout the United States for more than 34 years.
The company currently owns and operates 30 U.S. hotels with more than 5,000 guestrooms and has over 1,500 additional rooms under development/construction, operating under such well-known brands as Marriott, Hilt
on, Starwood and Hyatt.
(Photo at left shows Kakateeya sculpture at Warangal, in state of Andhra Pradesh, India, )
As of March 31, 2008, Interstate Hotels & Resorts has ownership interests in 54 hotels and resorts, including seven wholly owned assets. Together with these properties, the company and its affiliates manage a total of 217 hospitality properties with approximately 45,000 rooms in 36 states, the District of Columbia, Russia, Mexico, Belgium, Canada and Ireland.
Interstate Hotels & Resorts also has contracts to manage 17 to be built hospitality properties with approximately 4,000 rooms. For more information about Interstate Hotels & Resorts, visit the company’s Web site:
http://www.ihrco.com/.
(Photo at left shows Cyber Towers at Hyderabad, the state capital and largest city in the state of Andhra Pradesh)
CONTACTS:
Julie Tullbane
Daly Gray Public Relations
T 703-435-6293
F 703-435-6297
julie@dalygray.comCarrie McIntyre
SVP, Treasurer
(703) 387-3320
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, which provides more detail supporting Fitch's ratings, is available on the Fitch Ratings web site at 'www.fitchratings.com'.
DR ‘A–’.
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