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Press Release: Interstate Hotels & Resorts
May 29, 2006
ARLINGTON, VA -- Interstate Hotels & Resorts (NYSE: IHR), the nation's largest independent hotel management
company, May 26 announced that it has been selected to manage the 1,100-unit Pinnacle Condominium Resort in Las
Vegas. The twin-tower, 36-story structure, currently in pre-sale, is expected to break ground in the fall of 2006
and open in the second quarter of 2009. The resort may offer its condominium owners the opportunity to place their
units in a rental arrangement. The $850 million condo resort project is being developed by The Falcon Group, which
also owns the land.
"We have significant experience in the condominium hotel niche and are well versed in the operation of these
complex, lifestyle destination resorts that have a mix of resident owners, vacation and second residence owners
and resort guests," said Thomas F. Hewitt, Interstate's chief executive officer. "As a current operator
of condo hotels, we fully understand the service, operations and marketing aspects of these unique projects."
Situated on 12 acres off Las Vegas' West Strip, Pinnacle will be an architecturally unique "vertical neighborhood,"
consisting of two curvilinear, 36-story condominium resort towers connected by three "Sky Bridge" suites,
ultra-luxurious two-story, glass-clad residences, each with their own rooftop gardens and panoramic views. In addition
to the 1,100 residences, the luxury development will feature a three-acre amenity pool deck on the sixth floor
that includes a pool with island; poolside snack bar; private cabanas; lounge with full bar, dining, banquet and
meeting space; one-quarter-mile jogging track; movie theater; fully equipped health and fitness center; and full-
service spa. The hotel will offer multiple food and beverage outlets, as well as a gourmet market and coffee bar
and ground-floor retail and executive office space.
"While we have owned the land for years, we believe that now is the right time to develop this unique project,"
said Michael Bellon, development director of Pinnacle and a partner of the Falcon Group, a consortium of Pennsylvania
and Las Vegas-based businessmen. "We realize that this is a very complex undertaking, and we sought out an
experienced operator that has a proven track record in this very specialized segment. Interstate has the size and
scale that translates into strong operational management and synergies in such areas as marketing and purchasing.
Perhaps more important, we believe they have the ability to transform this project into a one-of-a-kind lifestyle
destination."
The Falcon Group is a strategic alliance of developers and investors consisting of the Falconi Group, Praxis Resources,
Inc. and Elysium Enterprises. The Falconi Group has been operating for many years in the Las Vegas market and has
a long history of residential development throughout the U.S. Praxis Resources, Inc. is a real estate development
company whose management has been associated with many prominent retail projects throughout the country. Elysium
Enterprises is led by Las Vegas resident Mike Bellon, a successful real estate developer and entrepreneur. For
more information, visit http://www.thepinnaclelasvegas.com,
or contact the Pinnacle sales center at (877) 889-4144.
As of April 30, 2006, Interstate Hotels & Resorts operated 266 hospitality properties with more than 60,000
rooms in 41 states, the District of Columbia, Canada, and Russia. BridgeStreet Worldwide, an Interstate Hotels
& Resorts' subsidiary, is one of the world's largest corporate housing providers. BridgeStreet and its network
of Global Partners offer more than 8,900 corporate apartments located in more than 90 MSAs throughout the United
States and internationally. For more information about Interstate Hotels & Resorts, visit the company's Web
site: http://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 volatility of the national economy, economic conditions generally and the hotel and real estate markets specifically,
the aftermath of the war with 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 as amended for the year ended December 31, 2005.
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Contact:
Jerry Daly, Carol McCune (media)
Daly Gray Public Relations
(703) 435-6293
jerry@dalygray.com
Source: Interstate Hotels & Resorts