ARLINGTON, VA, Sept.r 21, 2009—Interstate Hotels & Resorts (NYSE: IHR), a leading hotel real estate investor and the nation’s largest independent hotel management company, today announced that its India-based joint venture management company, JHM Interstate Hotels India, will open its first managed hotel in India, the 115-room Four Points® by Sheraton Jaipur, (top right photo) City Square, in October.
It will be the second Four Points hotel to open in the country and the first project developed by Duet India Hotels Limited, a U.K.-based, real estate investment group dedicated solely to hotel investment and development in India. Interstate and JHM Hotels, its JV partner, have an equity interest in Duet, which provides JHM Interstate Hotels India the first opportunity to manage the hotels developed or acquired by Duet.
“With the opening of this hotel, we will add a sixth country outside of the United States, our first in the Asia Pacific region, to our management portfolio as we continue to extend our reach internationally,” said Thomas F. Hewitt, chairman and chief executive officer. “India remains one of the world’s fastest growing economies, with projected growth of 5 to 6 percent this year despite the global economic downturn.”
Jaipur (center photo) is part of India’s Golden Triangle, along with Delhi and Agra, site of the Taj Mahal, and has long been a major tourist mecca. More recently, the city, which is the capital of the state Rajasthan, has become a hotbed of economic development activity, which is decreasing its reliance on leisure business alone and attracting growing numbers of business travelers with a need for lodging.
In June, Jaipur opened a new international airport, dramatically improving domestic and international access to the city. “We believe the Four Points brand will appeal to both travel groups, with its exceptional amenities, comfortable and stylish decor and value pricing,” he added.
Contact: Carrie McIntyre, SVP, Treasurer, (703) 387-3320
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