Interstate to Manage 136-room Four Points by Sheraton Kecskemet in Hungary Opening in 2013

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. November 14, 2011

ARLINGTON, VA - November 11, 2011 - Interstate Hotels & Resorts , the United States' largest independent hotel management company, today announced that it has entered into a long-term management agreement for the 136-room Four Points by Sheraton Kecskemet, located in central Hungary. The hotel is being developed as part of a mixed-use redevelopment of an existing office block by KÉSZ Industrial Park Real Estate Management LLC., a division of KÉSZ Holding Zrt, Hungary's largest building construction and development company.

The Four Points by Sheraton Kecskemet, anticipated to open in 2013, is Interstate's first Eastern European hotel and represents Interstate's entrance into its 10th country outside of the United States. In addition to managing the hotel upon completion, Interstate will provide pre-opening and technical services to assist in construction planning, design and FF&E.

“This contract, our 28th in Europe, demonstrates that our business model translates well in any part of the world,” said Thomas F. Hewitt, Interstate's chairman and chief executive officer. “We have the size, scale and management depth to support this rapid, global expansion.”

“We are delighted to have this opportunity with a new owner,” said Jim Abrahamson, Interstate's president and COO. “In addition, Kecskemet is attracting tremendous investment and the city is a gateway to future development in this rapidly emerging economy. The market has significant upside potential, and the Four Points by Sheraton Kecskemet will be perfectly positioned to serve the needs of this developing area.”

The Four Points by Sheraton Kecskemet will have 136 rooms, a restaurant, lounge and an adjoining 12,130 square feet (1,127 m2) of meeting space. Guest rooms will offer Four Points by Sheraton Four Comfort™ Bed, high speed Internet access and modern amenities.

“With its strong ties to the brand and solid operating platform, Interstate was the best choice,” said Mihaly Varga, principal, KÉSZ Holding Zrt, the hotel's owner. “They have a robust presence in Western Europe and Russia, and we are pleased to be the developer that introduces this outstanding company to Eastern Europe.”

“We continue to execute on our growth strategy outside of North America,” said Leslie Ng, Interstate's chief investment officer. “By partnering local, in-country experts with top-quality international brands, we see significant management opportunities for Interstate in the region.”

About Interstate Hotels & Resorts
Interstate Hotels & Resorts, Inc., a wholly owned subsidiary of a 50/50 joint venture between subsidiaries of Thayer Lodging and Jin Jiang, is the United States' leading hotel management company, operating branded full- and select-service hotels and resorts, conference centers and independent hotels worldwide. The company and its affiliates manage and/or have ownership interests in nearly 400 hotels with more than 69,000 rooms in 40 states, the District of Columbia, China, Russia, India, Mexico, Belgium, Canada, Ireland, England and the Netherlands. The company has ownership in 58 of those hotels, including six wholly owned assets. Interstate Hotels & Resorts also has executed agreements for 25 hotels with over 5,000 rooms under construction or development throughout the world.

For nearly two decades Interstate Hotels & Resorts has been operating hotels outside of the United States. The company's global hotel management platforms in Western Europe, Russia, India and China provide the resources and infrastructure necessary for comprehensive hotel management operations, sales and marketing, revenue management, e-commerce, procurement, food and beverage operations and technical services for hotel owners and developers seeking a proven and experienced hotel management company.

For information regarding opportunities in Europe, contact Interstate's Senior Vice President, Development-Europe, Aaron Greenman, [email protected] or +32 498127973, or visit the company's website: www.ihrco.com.

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