Moscow's Architectural Monument, the Hotel Leningradskaya Will Be a Hilton
Undergoing Renovation, and Will Be Operated by Interstate Hotels
ARLINGTON, VA, October 10, 2006. Interstate Hotels & Resorts (NYSE: IHR), the nation's largest independent hotel management company, today announced that it has signed a long-term contract with JSC Sadko Hotel to manage the landmark, 275-room Hilton Moscow Leningradskaya in Moscow, Russia. It is the fourth property that the company manages in Moscow and the sixth hotel Interstate has under management agreement in Europe.
The property, the first hotel to carry the Hilton brand in Russia, currently is closed undergoing a major refurbishment and will re-open in mid- 2007. The Hilton Moscow Leningradskaya is one of seven famous 'Stalin' towers that visually define the Moscow skyline. Originally constructed in 1954, the Hilton Moscow Leningradskaya will retain many of its historic architectural features as part of the refurbishment.
"This will be a magnificent hotel when completely renovated, and we expect it to rapidly become a market leader," said Henry L. (Hank) Ciaffone, president of international operations and development at Interstate. "We have global expertise and a growing portfolio in Europe, including the recent signing of our first property in Ireland and the soon-to-open Marriott Ghent in Belgium. With our previous experience managing three properties in Moscow, we have first-hand knowledge of this market most operators cannot match. Combined with our strength in North America, we believe we can deliver superior returns for our owner through our economies of scale, marketing expertise and proprietary operating programs. We are aggressively seeking additional growth opportunities in Europe for both branded and independent hotels."
In 1954 the architect L. Polyakov created one of the most luxurious hotels of Moscow. Any visitor entering the Hotel Leningradskaya cannot but set eyes on the abundance and beauty of the building's interior decoration: there are bronze lattices at the entrance, painted, stuccomolded and even carved-timber ceilings, bronze chandeliers and lions, monumental furniture made of valuable species of wood. Some details of the interior are so highly exclusive that they were included in the Guinness' Book of Records. The hotel's building has a status of an architectural monument and is protected by the state.
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, although not all forward- looking statements will contain such words.
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