Interstate Hotels & Resorts (Merged Meristar & Interstate)

Interstate Hotels & Resorts, the United States' largest independent hotel management company, today announced that it has acquired the 265-room Crowne Plaza Tampa East in Florida through a joint venture with Waramaug Hospitality, LLC and a private investment group. Interstate assumed management of the hotel upon completion of the acquisition, and the hotel will immediately undergo a comprehensive $8.5 million renovation.

"It is extremely gratifying to earn new business from existing partners, and we are thrilled to have this opportunity to work with them again," said Thomas F. Hewitt, Interstate's chairman and chief executive officer. "This new acquisition transaction represents our second with Waramaug Hospitality this year, and we look forward to expanding our relationship moving forward."

"The Crowne Plaza Tampa East represents a compelling investment opportunity, and we fully expect to deliver superior results," said Jim Abrahamson, Interstate's president and COO. "The hotel's location, adjacent to a thriving business park and close to a number of leisure demand generators, greatly enhance the long-term potential of this investment."

Located at 10221 Princess Palm Avenue, across the street from Sabal Business Park, one of Tampa's most attractive office markets, the Crowne Plaza is the only full service hotel with a significant amount of meeting space in the area. Hotel amenities include a restaurant, outdoor swimming pool, business center, recreation and sports court, as well as 30,000 square feet of flexible meeting space.

"Based on the performance of our initial joint venture transaction with Interstate, we have the utmost confidence in their continued ability to deliver superior operating and investment results," said Paul Nussbaum, Waramaug's chief executive officer. "We expect to undertake a major $8.5 million renovation of this hotel, which will position the property ideally to take full advantage of an improving local economy."

About Aimbridge Hospitality EMEA

Aimbridge EMEA is the International Division of leading US-based global hotel management company, Aimbridge Hospitality. The Aimbridge Hospitality global portfolio, inclusive of managed and pipeline properties, includes approximately 1,500 hotels in 20 countries. The EMEA portfolio, inclusive of pipeline, is made up of 100+ properties. Brands managed by Aimbridge EMEA include Novotel, Adagio, Courtyard, Hilton Garden Inn, Hyatt Place, Radisson, Residence Inn, Staybridge, Mercure, Crowne Plaza, Hotel Indigo, Holiday Inn and Holiday Inn Express, Luxury Collection, Marriott, AC Hotels by Marriott, Hilton, Hampton by Hilton and ibis Hotels. Aimbridge EMEA's portfolio also comprises a number of independent hotels, restaurants and spa and health brands, including Marco Pierre White, Novelli at City Quays and Mamucium. For further information about Aimbridge EMEA visit www.aimbridgeEMEA.com.

Carrie McIntyre
Interstate Hotels & Resorts
703-387-3320
Aimbridge EMEA