|ARLINGTON, Va., November 2, 2006-BridgeStreet Worldwide, a leading international provider of corporate housing, today announced that it has expanded its global network of top-quality, fully equipped, furnished corporate apartments with the opening of its first office in northern New Jersey. Located in Morris County, the office will oversee BridgeStreet's operations at multiple locations in Morris, Bergen and Hudson Counties on New Jersey's Gold Coast-an area that includes more than 50 Fortune 1,000 companies and more than 10 million square feet of office space. The fully outfitted apartments are available in spacious studio, and one-, two- and three-bedroom configurations.
"So many of our corporate clients had asked about our availability in this area, we decided it was time to establish a presence there," said Lee Curtis, president. "Morris, Bergen and Hudson Counties are in the heart of northern New Jersey's corporate business corridor, where many of our clients are either based or do business. The area also is one of the top 10 in the country for relocations, primarily because of its large corporate population. All of our apartments are top-quality, located in existing apartment complexes and new builds on New Jersey's Gold Coast, just 30 miles from New York City.
"Our New Jersey market general manager, Craig Karczmer, has an extensive background in the hospitality industry, with expertise in both operations and guest service, which we expect will help us set a new standard of service excellence in the area," Curtis added.
"Our guests have come to expect the highest standards of product and service excellence from BridgeStreet, at levels that far surpass our competitors," Karczmer said. "We plan to leverage BridgeStreet's signature 'whatever it takes' philosophy of service to instill the best guest experience in the region."
BridgeStreet Worldwide, a subsidiary of Interstate Hotels & Resorts (NYSE: IHR), is one of the world's largest corporate housing providers. BridgeStreet and its network of Global Partners offer more than 10,000 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 or to learn more about how BridgeStreet is Making Corporate Housing Easy, visit www.bridgestreet.com or call 1-800-BSTREET.
As of September 30, Interstate Hotels & Resorts operated 232 hospitality properties with more than 52,000 rooms in 40 states, the District of Columbia, Canada, and Russia. For more information about Interstate Hotels & Resorts, visit the company's Web site: www.ihrco.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 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.