|ARLINGTON, Va., May 8, 2006-BridgeStreet Worldwide, a leading international provider of corporate housing to business and leisure travelers, today announced that it has entered the Boston market in partnership with Furnished Quarters, a member of BridgeStreet's Global Partner program. The alliance extends BridgeStreet's reach to nine locations in and around Boston-six in the downtown area, two in nearby Cambridge and one in Waltham. The high-quality, fully equipped, furnished apartments are available in spacious studio, and one-, two- and three-bedroom configurations.
BridgeStreet's Global Partner program is a unified alliance of corporate housing providers who meet BridgeStreet's consistently high product and service standards. The program attracts top local and regional providers of corporate housing who share a deep commitment to consistently exceeding client and guest expectations. Corporate apartments are an accommodations option that caters primarily to business travelers who seek more space, independence and comfort than is found in a typical hotel or extended-stay hotel room.
"Our Global Partner program is an important ingredient of growth for us," said Lee Curtis, BridgeStreet president. "We already enjoy a successful relationship with Furnished Quarters, together offering locations throughout Manhattan. Boston is a major financial center and tourist destination, and this agreement with Furnished Quarters brings this key market into our network and expands our accommodations coverage to over 100 metropolitan locations worldwide. We will continue to move into new markets with partners that share our commitment to extremely high quality product and service standards."
Based in New York City, Furnished Quarters is one of the East Coast's largest providers of furnished apartments. Furnished Quarters joined the BridgeStreet Global Partner program in 2003 and provides high-quality fully equipped furnished apartments in New York City. "By placing our Boston apartments in BridgeStreet's Global Partner program, we bring brand awareness of the industry's second largest corporate apartment provider and tap into their global client relationships to provide guests top-quality housing in the Boston market," said Steven Brown, who co-founded Furnished Quarters with Gary Brown. "We are excited about this expansion and have planned an opening event on May 10th with the Mayor of Boston, to show off our convenient locations throughout the Boston Metro area," said Gary Brown.
For more information about BridgeStreet's Global Partner program, contact Mike Screptock, director, BridgeStreet Global Partner program, (330) 405-0380, 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.