|ARLINGTON, Va.--Jan. 30, 2004--BridgeStreet Corporate Housing Worldwide, a leading international provider of corporate housing to business travelers, today announced the signing of five new partners to the company's Licensed Global Partners program. The new partners add a total of 1,530 units to BridgeStreet's growing global network, bringing the company's portfolio of corporate apartments to 7,355 units. In the past eight weeks, the company has announced the signing of 11 new partners, expanding BridgeStreet's inventory by 4,255 units in 23 new and 19 existing markets.
"With the addition of these five new Licensed Global Partners, BridgeStreet now has 17 Licensed Global Partners and is available in 42 markets throughout the United States, Canada, Paris and London," said Lee Curtis, BridgeStreet president. "Perhaps more important, BridgeStreet's growing international network of corporate housing units exemplify the highest operating standards and most stringent due diligence process in the industry.
"It is this focus on quality rather than quantity in our expansion efforts that ensures our guests of a truly memorable experience," he said. "We have been and will continue to be highly selective in choosing our Licensed Global Partners. BridgeStreet's signature experience is among the most memorable in the corporate apartment industry, and our intention is to keep it that way. The partners we select have the best reputations in their markets so that our guests will continue to have complete confidence in our brand as we continue to expand."
BridgeStreet's new partners and their locations are: ExecNet Properties, Denver, Colo.; Executive Room Service, Stamford, Conn.; U.S. Suites, Albuquerque, N.M.; Custom Corporates, Nashville, Tenn.; and Wynne Residential, Raleigh, N.C., Richmond, Va., and Tidewater, Va.
Steve Clary, chief operating officer of Wynne Residential, said, "Our association with BridgeStreet translates into enormous benefits for us, including the power of an international brand and proven international marketing programs. BridgeStreet is already a well-known and highly regarded brand in the industry with high name recognition, which will become increasingly important as the current economic recovery gains traction and business travel demand returns to historic levels."
BridgeStreet is a wholly owned subsidiary of Interstate Hotels & Resorts (NYSE:IHR - News), the nation's largest independent hotel management company. BridgeStreet Corporate Housing Worldwide offers corporate apartments throughout the United States, Canada, the United Kingdom, France, and 40 other countries around the world. BridgeStreet properties meet uncompromising standards of quality, comfort and service. BridgeStreet is headquartered in Arlington, Va. For more information, 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 the current slowdown of the national economy, economic conditions generally and the real estate market specifically, the impact of the events of September 11, 2001, 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, 2002.