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Press Release: Interstate Hotels & Resorts
November 26, 2003
ARLINGTON, VA -- Interstate Hotels & Resorts (NYSE:IHR), the nation's largest independent hotel management
company, Nov. 24 announced that Henry L. (Hank) Ciaffone has been promoted from senior executive vice president
of international operations and development to president of that division. Additionally, the company announced
that C.A. Anderson has been promoted to executive vice president of development and will oversee the company's
expanded development and acquisitions initiatives.
"Hank and C.A. both have proven track records with Interstate and have made significant contributions to our
success," said Steve Jorns, chief executive officer. "Hank, a 32-year industry veteran, has in-depth
international experience and will play a key role in our continuing growth in Europe, where we currently manage
four properties. C. A. joined us six months ago and has done a superb job as we have ratcheted up our development
activity. His lodging and real estate expertise will play an important role as we pursue our growth initiatives."
Hank Ciaffone
Ciaffone joined Interstate Hotels in 1989 as vice president and corporate controller. He later was promoted to
senior vice president and treasurer. Ciaffone, who is based in Moscow, Russia, has led international operations
and development since 1995 when Interstate's first hotel in Moscow opened.
Prior to joining Interstate, he was chief operating officer and chief financial officer of Koala Inns of America;
group vice president-real estate for Howard Johnson; and held a number of financial and real estate development
positions with Sheraton Corporation.
C. A. Anderson
C. A. Anderson joined the company in May as senior vice president, development and acquisitions. Prior to joining
Interstate, Anderson was managing director of the hotel group for Cornerstone Real Estate Advisers, Inc., where
he was responsible for overseeing 32 hotels with a market value of $1.2 billion. A 25-year hospitality industry
veteran, he has held a variety of senior-level positions within the industry, including vice president of development
for Vancouver, Wash.-based Red Lion Hotels, Inc. and chief development officer for Hotel Nikko, Inc., a subsidiary
of Japan Airlines Group of Companies. Additionally, Anderson is a certified hotel administrator (CHA), past board
member of the Hospitality Asset Managers Association (HAMA) and currently serves on the ULI Hotel Development Council.
Interstate Hotels & Resorts operates more than 300 hospitality properties with nearly 67,000 rooms in 42 states,
the District of Columbia, Canada and Russia. BridgeStreet Corporate Housing Worldwide, an Interstate Hotels &
Resorts subsidiary, is one of the world's largest corporate housing providers, offering upscale, fully furnished
corporate housing throughout the United States, Canada, the United Kingdom, France and 39 additional countries
through its network partners. For more information about Interstate Hotels & Resorts, visit Interstate's Web
site: www.ihrco.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.
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Contact:
Interstate Hotels & Resorts
Melissa Thompson, 703-387-3377
or
Daly Gray Public Relations
Jerry Daly or Carol McCune (media), 703-435-6293
Source: Interstate Hotels & Resorts