ARLINGTON, VA, Aug. 5, 2009—Interstate Hotels & Resorts (NYSE: IHR), a leading hotel real estate investor ad the nation’s largest independent hotel management company, today reported operating results for the second quarter ended June 30, 2009.Year-to-Date (YTD)
“I am very pleased with the significant progress we have made on our capital structure,” said Thomas F. Hewitt, (top right photo) chairman and chief executive officer.
“We extended our senior credit facility to March 2012 well in advance of its original expiration date. This, along with our successful appeal of the NYSE’s ruling to suspend the trading of our stock, has provided stability to our capital structure in an extremely volatile market.
“With these hurdles behind us, we continue to focus our efforts on growing our third party management business while preserving our capital and liquidity and maximizing profits.”
Hewitt added. “Despite the challenging operating climate and RevPAR declines in excess of 20 percent, we maintained our second quarter Adjusted EBITDA year over year, which is a result of the cost reduction initiatives we implemented in January.”
For a complete copy of the company's release and financials, please contact Carrie McIntyre, SVP, Treasurer, (703) 387-3320.
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