|ARLINGTON, Va., September 6, 2006-BridgeStreet Worldwide, a leading international provider of corporate housing, today announced that it has surpassed the 100 market milestone with the addition of Stress Free Corporate Housing to its growing Global Partner Program and the expansion into new markets by two existing partners. The move also marks the company's entry into the important Los Angeles market, with apartments in six cities there. BridgeStreet accommodations are now available in 110 U.S. metro areas and 45 countries, further solidifying the company's position as the industry leader.
Los Angeles Market Opens Via Partnership with Synergy Corporate Housing
Long-time BridgeStreet Global Partner, Synergy Corporate Housing, recently opened its first office in Los Angeles and now offers fully furnished corporate apartments in the Westside and downtown L.A. areas-Marina del Rey, Playa Vista, Playa del Rey, Santa Monica, Downtown L.A. and Beverly Hills. "Synergy has been an outstanding partner within the BridgeStreet Global Partnership, and we are delighted to grow along with them and share resources," said Lee Curtis, BridgeStreet Worldwide president.
Stress Free Corporate Housing Newest Partner in Southern Florida
Stress Free Corporate Housing, a national provider of corporate housing based in Pembroke Pines, Fla., is BridgeStreet's newest Global Partner, offering locations in key cities on the East and West Florida coasts, including Ft. Lauderdale, Pembroke Pines, Plantation, Sunrise, Miami, Naples, Ft. Myers and Sarasota.
"Stress Free has a well-earned reputation for extremely high standards of service and product," Curtis said. "With 10 years in South Florida, they offer region-specific, in-depth expertise and experience to their guests and clients."
Leading Apartment's Expands into Tampa via Acquisition
BridgeStreet's Global Partner, Leading Apartments recently acquired Apartments Express, opening up the Tampa market with 180 executive suites in locations throughout that city.
"BridgeStreet continues to broaden its inventory and increase the range of corporate apartment options we offer in response to the ever-changing needs and preferences of our customers," Curtis said. "As always, our goal is to partner with the top local and regional providers of corporate housing who share our deep commitment to exceed client and guest expectations. All three of these partners have consistently demonstrated that commitment."
Curtis noted that BridgeStreet sees continued growth opportunities in major U.S. markets and a growing number of international markets. "We plan to continue our expansion through partnerships and acquisitions in key locations around the globe," Curtis added.
BridgeStreet's Global Partner program is a licensed network of corporate housing providers that meet BridgeStreet's consistently high product and service standards. The program attracts top local and regional providers of corporate housing. For more information about the program, contact Mike Screptock, director, BridgeStreet Global Partner program, (330) 405-0380, email@example.com. 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 more than 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 July 31, Interstate Hotels & Resorts operated 252 hospitality properties with more than 56,000 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.