|ARLINGTON, Va., October 6, 2004 - BridgeStreet Worldwide, a leading international provider of serviced apartments, and a division of Interstate Hotels & Resorts (NYSE: IHR), has been selected to manage Grainger Trust's Berkeley Park Serviced Apartments at Heathrow Airport. Located just off the airport "strip," Berkeley Park by BridgeStreet provides a hotel alternative to visitors to the business parks along the "M4 corridor," home to some of the world's largest blue chip companies, and to leisure destinations such as Windsor, Legoland and Thorpe Park.
"Berkeley Park is the newest addition to our growing portfolio of properties in the U.K.," said BridgeStreet President Lee Curtis. "The complex is just a stone's throw from Heathrow, the world's busiest airport where so many of our customers traveling to the UK arrive.
"With the number of high-profile, multi-national companies in the area, including Oracle and Cisco, there is a growing market for serviced apartments in the area. These accommodations, with their spacious living quarters, furnished living/dining rooms, fully-equipped kitchens and additional optional services, will certainly appeal to BridgeStreet's local and international clients. This is our first venture with Grainger Trust, and we are delighted to
have the opportunity to work with such an established property fund and look forward to expanding our relationship further through other projects," he said.
Situated within a quiet, private courtyard, Berkeley Park provides comfortable, stylish accommodations for both business and leisure travelers staying for a weekend or an extended stay, in a more relaxed setting than is typically available at an airport hotel. Standard apartment features and services include luxury bathroom, digital TV and DVD player; CD player; DVD library, together with PlayStation® consoles and games. Dry cleaning, laundry and ironing services (on request) and daily maid service also are available, as well as secretarial services, e-mail facilities and executive packages. Breakfast can be taken at a nearby location.
BridgeStreet Worldwide is a wholly owned subsidiary of Interstate Hotels & Resorts (NYSE: IHR), the nation's largest independent hotel management company. BridgeStreet and their network of Global Partners offer more than 8,700 corporate apartments located in 91 MSAs throughout the United States and internationally. BridgeStreet properties meet uncompromising standards of quality, comfort and service. BridgeStreet is headquartered in Arlington, Va. For more information or to learn more about how BridgeStreet is Making Corporate Housing Easy, 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 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, 2003.