|ARLINGTON, Va., May 18, 2006-BridgeStreet Worldwide, a leading international provider of corporate housing to business and leisure travelers, today announced that it has expanded its global network of top-quality, fully equipped, furnished corporate apartments to 13 key destinations throughout Europe. Already the largest serviced apartment provider in the United Kingdom and a full destination services provider in France, BridgeStreet-certified corporate housing accommodations are now available in Berlin, Frankfurt and Munich, Germany; Oslo, Norway; Geneva and Zurich, Switzerland; Milan and Rome, Italy; Prague, Czech Republic; Copenhagen, Denmark; Helsinki, Finland; and Malmo and Stockholm, Sweden.
This dramatic growth was achieved through the expansion of the company's proprietary Global Alliance (BGA). Under the BridgeStreet Global Alliance program, the company certifies top local and regional providers of serviced apartments in Europe to ensure that they meet the total quality standards of the BridgeStreet brand.
"Our European expansion came about in direct response to a growing number of our multi-national clients who seek longer term accommodations of comparable quality to BridgeStreet's U.S. accommodations for their executives traveling overseas," said Lee Curtis, BridgeStreet president. "Through an expansion of our successful Global Alliance program, we are selectively recruiting the highest quality local corporate housing providers in Europe and working with them through a rigorous certification process. Those providers who join our alliance must be committed to the same values, quality, and consistency measures that have become BridgeStreet hallmarks, as well as to the consistent delivery of superior customer service.
"In addition to these 13 European cities, and our successful operation in London and Paris, we plan to add a number of locations in Eastern Europe by June 1st. These destinations are among 50 international strategic markets we have targeted, where, over the next three to five years we would like to expand our presence through our Global Alliance program. We are very optimistic about our growth potential internationally, and believe the BridgeStreet Global Alliance will enable us to grow more rapidly and will significantly enhance our leadership position," Curtis stated.
"From our members' perspective, the Global Alliance allows them to grow their businesses by becoming a resource to their local customers for housing needs outside of their immediate markets and by posting their locations on BridgeStreet's international Web sites, which enables them to receive inbound business generated by the growing BridgeStreet brand reach. International locations are searchable and bookable via the company's Web site, www.bridgestreet.com. In addition, our network shares marketing, sales, technology and operational resources, ultimately generating more business for each member. Concurrently, it further solidifies our relationship with our customer base by providing a growing number of important markets."
Stephen Hanton, vice president of European operations, noted that the company's goal in Europe, as in the U.S., remains meeting and exceeding clients' needs for product and service quality in corporate apartment accommodations and to be the easiest corporate housing provider to do business with. "To ensure the quality and consistency of all BridgeStreet serviced apartments worldwide, we undertake an exhaustive due diligence program at each property and for each partner that also allows them to earn certification over time."
Additional information about BridgeStreet's Global Alliance may be obtained from Nigel Carter, director, BridgeStreet Global Alliance Program, +44 (0) 20 7792 2222, firstname.lastname@example.org.
BridgeStreet Worldwide, a subsidiary of Interstate Hotels & Resorts (NYSE: IHR), is one of the world's largest corporate housing and serviced apartment providers. BridgeStreet and its network of Global Partners offer corporate apartments located in over 100 MSAs throughout the United States and internationally. BridgeStreet properties meet uncompromising standards of quality, comfort and service. For more information about the company and to learn more about how BridgeStreet is Making Corporate Housing Easy, visit www.bridgestreet.com or call 1-800-BSTREET.
This press release contains "forward-looking statements," within the meaning of the Private Securities Litigation Reform Act of 1995, about BridgeStreet, a wholly owned subsidiary of 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 changes in the national economy, economic conditions generally and the real estate market specifically, the threat of future terrorist attacks, 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 Interstate Hotels & Resorts' annual report on Form 10-K for the year ended December 31, 2005.