|ARLINGTON, Va., October 4, 2006-BridgeStreet Worldwide, a leading international provider of corporate housing, today announced that the company has been named as the sole corporate housing manager for the recently opened, luxury condominium building at 1600 Broadway in the heart of New York City's Times Square. The new, 26-story tower features a total of 137 studio, one-, two- and convertible three-bedroom residences, 50 of which have been set aside in an exclusive collection of corporate apartments that will be available to BridgeStreet guests to reserve as corporate housing. The contract marks BridgeStreet Worldwide's expansion into New York's super luxury corporate housing.
"Many of our clients are multi-national corporations with executives traveling back and forth between Europe and New York, who seek and expect an extremely high level of quality in both accommodations and service," said Lee Curtis, BridgeStreet president. "This exceptional addition to our furnished apartments inventory increases the reach of our portfolio in this key market and allows us to serve an increasingly diverse international clientele. With this contract, we now will offer our clients traveling to New York City a full spectrum of top-quality, fully furnished, full-service accommodations, from mid-market to super luxury.
"Along with our partner Furnished Quarters, we have built a stellar reputation for the BridgeStreet Worldwide brand in New York over the past few years, and being chosen as the exclusive provider of corporate housing for this incredible building is very rewarding," he added. "We have more than 30 years of experience in property management, and a proven ability to bring a consistently high level of guest satisifaction to the table."
Located at the corner of Broadway and 48th Street in the heart of Times Square, the multi-use retail and residential tower was developed by owner Sherwood Equities on the site of the former Studebaker Building. All units feature upscale details, such as granite countertops, floor-to-ceiling windows and Subzero, Miele, LG and Bosch stainless steel appliances. Building amenities include a fitness center, entertainment lounge, virtual golf, a putting green, a rooftop observatory and a business center. The midtown location is within minutes of the city's major transportation hubs, Rockefeller Center, the Theater District, and the Times Square Financial District.
"We looked at a number of operators, but none had BridgeStreet's proven track record and level of expertise in this market," said Steven Novick, president, Sherwood Residential. "We also liked their global reach, offering guests instant access to similar accommodations all over the world."
"This property will become the centerpiece of our New York corporate apartment portfolio, and we plan to actively seek additional opportunities in the luxury segment," Curtis remarked.
Rates for apartments start at $190 per night and are available for stays of 30 days and longer.
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 August 31, Interstate Hotels & Resorts operated 247 hospitality properties with more than 55,000 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.