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BridgeStreet Corporate Housing Acquires Circus Apartments in London's Canary Wharf
Tuesday, March 25, 2003
WASHINGTON--March 25, 2003--BridgeStreet Corporate Housing Worldwide, the leading international provider of corporate housing to business travelers, today announced that Circus Apartments in London will become the newest addition to BridgeStreet's growing portfolio of properties. Circus Apartments by BridgeStreet is situated in the heart of Canary Wharf, London's most dynamic business district and the fastest growing area in the capital.

"With this acquisition, we have expanded our corporate housing inventory in this key European capital and entered a fast-growing area of the city with multiple demand generators," said Thomas Vincent, president, BridgeStreet Corporate Housing Worldwide. "We now have more than 600 units in London, making us the largest branded corporate apartment organization in the UK. In addition to operations in London and Paris, where BridgeStreet also provides quality corporate housing, our goal is to increase our reach to six other European countries where we do not have a presence and increase our penetration across Europe."

Known as a busy center of commercial activity, Canary Wharf has in recent years developed into a residential, recreational and commercial destination in its own right. During the day Canary Wharf is home to some the world's largest multinational companies, including CitiGroup, Ogilvy & Mather, Credit Suisse First Boston and ChevronTexaco. In the evening, the area offers an extensive choice of restaurants to suit all tastes for guests seeking an alternative to preparing a meal in their own kitchen. The fashionable restaurant Ubon, sister restaurant to the world-famous Nobu, is just a minute's walk from Circus Apartments by BridgeStreet and offers a superb array of fusion Japanese and South Asian cuisine.

Circus Apartments by BridgeStreet is adjacent to the Four Seasons Hotel; a short, 10-minute drive from London City Airport; just across the river from the Square Mile; and only 15 minutes from the West End on the Jubilee Line. Spacious living areas combine comfort, style and state-of-the-art technology for the discerning business traveler. The building contains 45 one- and two-bed, fully furnished apartments with standard features that include: fully outfitted kitchens, including all appliances; completely furnished living/dining rooms; large, well-appointed marble bathrooms; digital TVs and VCRs; DVD and CD players; direct-dial private telephones and fax machines; and lounge areas with work space.

In addition to its homelike accommodations, Circus Apartments by BridgeStreet also includes a fully equipped business center, secretarial, e-mail and Internet facilities, as well as private meeting facilities. Guests also have access to the nearby Holmes Place Fitness Club and Spa, which features a heated "infinity edge" swimming pool and floor-to-ceiling glass walls, offering spectacular views of the river Thames.

Vincent added, "Circus Apartments by BridgeStreet is unique as we can take daily as well as weekly or monthly stays at very attractive rates. It's the perfect solution for short-term and extended stays in London and a worthy addition to our corporate housing portfolio. It reflects all the qualities BridgeStreet is known for worldwide--high quality accommodations in convenient locations, featuring unrivaled levels of comfort, amenities and guest services."

For more detailed information on Circus Apartments by BridgeStreet, or to make a reservation in the UK, please contact our reservations team at 020 792 2222, or e-mail us at circus@bridgestreet.com

For worldwide reservations please contact: Toll Free USA 1-800 B-STREET (1-800-278-7338) Toll Free to the USA from UK 00 800 278 7338 Toll Free Canada 1-800-667-8483

BridgeStreet, a wholly owned subsidiary of Interstate Hotels & Resorts (NYSE: IHR), is the industry's leading provider of worldwide corporate housing accommodations to business travelers. Together with Global Home Network, they offer corporate apartments throughout the United States, Canada, the United Kingdom, France, and 40 other countries around the world. BridgeStreet properties meet uncompromising standards of quality, comfort and service. BridgeStreet is headquartered in Washington, D.C. For more information, visit www.bridgestreet.com .

This press release contains "forward-looking statements," within the meaning of the Private Securities Litigation Reform Act of 1995, about Interstate Hotels & Resorts, including those statements regarding future operating results and the timing and composition of revenues, among others, and statements containing words such as "expects," "believes" or "will," which indicate that those statements are forward-looking. Except for historical information, the matters discussed in this press release are forward-looking statements that are subject to certain risks and uncertainties that could cause the actual results to differ materially, including the current slowdown of the national economy, economic conditions generally and the real estate market specifically, the impact of the events of September 11, 2001, governmental actions, legislative and regulatory changes, availability of debt and equity capital, interest rates, competition, supply and demand for lodging facilities in our current and proposed market areas, and the company's ability to manage integration and growth. Additional risks are discussed in Interstate Hotels & Resorts' filings with the Securities and Exchange Commission, including MeriStar Hotels & Resorts' and Interstate Hotels Corporation's annual reports on Form 10-K for the year ended December 31, 2001 and joint proxy statement and prospectus, filed on July 2, 2002.