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Press Release: Interstate Hotels & Resorts, Inc.
November 27, 2003
ARLINGTON, VA -- Interstate Hotels & Resorts, Inc. (NYSE: IHR), the nation's largest independent hotel management
company, yesterday announced the closing of its offering of 8,500,000 shares of common stock, par value $0.01 per
share, at a price per share of $5.25. An additional 500,000 shares were sold by selling stockholders. The net offering
proceeds to Interstate of approximately $42.3 million will be used to repay indebtedness under its senior credit
facility.
Citigroup Global Markets Inc. is acting as sole book-running manager in the offering, and the co-managers are Credit
Lyonnais Securities (USA) Inc. and SG Cowen Securities Corporation. Interstate also has granted the underwriters
an option to purchase an additional 1,350,000 shares to cover overallotments, which may be exercised by the underwriters
until December 21, 2003.
A registration statement relating to these securities has been declared effective by the Securities and Exchange
Commission. The offering is being made by means of a prospectus contained in that registration statement. This
press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be
any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to
registration or qualifications under the securities laws of any such state.
Copies of the prospectus relating to the offering may be obtained from the offices of Citigroup Global Markets
Inc., 388 Greenwich St., New York, NY 10013.
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, Inc.
Melissa Thompson, 703-387-3377
or
Daly Gray Public Relations (Media)
Jerry Daly or Carol McCune, 703-435-6293
Source: Interstate Hotels & Resorts, Inc.