SAN CLEMENTE, Calif., June 22 /PRNewswire/ -- Sunstone Hospitality Management (SHM), a division of the nation's largest independent management company, Interstate Hotels & Resorts (BULLETIN BOARD: IHRI) , today announced that is has entered into a contract to manage the 292-room, full-service Marriott Hotel in downtown Riverside, California. The hotel was recently acquired by San Diego-based Pinnacle Hotels USA. SHM had managed the hotel the past nine years for prior ownership.
"We look forward to developing a long-term relationship with Pinnacle Hotels," said John Elston, SHM's executive vice president. "The property is in excellent condition, ranks very high in guest satisfaction ratings and is well positioned within the market. We are confident that we are capable of delivering the results for Pinnacle Hotels that other owners have come to expect of SHM."
"The condition of this asset, its superb Southern California location and the affiliation with a top-tier brand were compelling reasons to pursue this excellent opportunity," said Dr. Barry Lall, CEO of Pinnacle Hotels USA. "We've acquired the property at attractive pricing during the downturn of this economic cycle, which makes this an excellent investment during these opportune times. SHM brings continuity and a proven track record of strong management," added Dr. Lall.
Located at 3400 Market Street in downtown Riverside, the hotel is adjacent to the Riverside Convention Center, which provides more than 70,000 square feet of meeting space. The hotel is within steps of the historic city center's upscale shops and entertainment.
The 12-story property boasts the award-winning Olio Ristorante, Martini's Lounge, Starbucks Coffee, wired and wireless Internet access, and 14,000 square feet of meeting space, ideal for stand-alone meetings and social events up to 500 people.
About Pinnacle Hotels USA
Founded in 1998, Pinnacle Hotels USA develops, acquires and owns a diversified portfolio of hotels in the premium-branded, upscale full-service and select-service segments. In addition to the Riverside Marriott, the company's properties are under such well-regarded brands as Doubletree, Hilton Garden Inn, Courtyard by Marriott, LaQuinta and Days Inn. Additional information about the company may be found at http://pinnaclehotelsusa.com/.
About Interstate Hotels & Resorts
Interstate Hotels & Resorts has ownership interests in 56 hotels and resorts, including seven wholly owned assets. Together with these properties, the company and its affiliates manage a total of 219 hospitality properties with nearly 45,000 rooms in 37 states, the District of Columbia, Russia, Mexico, Belgium, Canada and Ireland. Interstate Hotels & Resorts also has contracts to manage 16 to be built hospitality properties with approximately 4,000 rooms. For more information about Interstate Hotels & Resorts, visit the company's Web site: http://www.ihrco.com/.
About SHM
Sunstone Hospitality Management (SHM) is based in San Clemente, Calif. The company operates 25 hotels, 12 of which are located in California. SHM operates 14 Marriott-branded properties, aggregating more than 2,900 rooms. Additional information about SHM may be found at http://www.shmhotels.com/. For information about the Riverside Marriott or to make reservations please call 951.784.8000 or visit http://www.riversidemarriott.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 volatility of the national economy, economic conditions generally and the hotel and real estate markets specifically, the war in Iraq, international and geopolitical difficulties or health concerns, governmental actions, legislative and regulatory changes, availability of debt and equity capital, interest rates, competition, weather conditions or natural disasters, 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, 2008.
Sunstone Hospitality Management
CONTACT: Mikii Rathmann of Sunstone Hospitality Management,
+1-949-369-4233, mrathmann@shmhotels.com
Web Site: http://www.shmhotels.com/
http://www.riversidemarriott.com/
http://www.ihrco.com/
http://pinnaclehotelsusa.com/
