Interstate Hotels & Resorts Executes Agreement to Manage the Four Points by Sheraton Kecskemét in Hungary
Adds Eastern Europe to Global Footprint
Interstate Hotels & Resorts, the United States’ largest independent hotel management company, today announced that it has entered into a long-term management agreement for the 136-room Four Points by Sheraton Kecskemét, located in central Hungary. The hotel is being developed as part of a mixed-use redevelopment of an existing office block by KÉSZ Industrial Park Real Estate Management LLC.
ARLINGTON, Va. -- Interstate Hotels & Resorts, the United States’ largest independent hotel management company, today announced that it has entered into a long-term management agreement for the 136-room Four Points by Sheraton Kecskemét, located in central Hungary. The hotel is being developed as part of a mixed-use redevelopment of an existing office block by KÉSZ Industrial Park Real Estate Management LLC., a division of KÉSZ Holding Zrt, Hungary’s largest building construction and development company.
The Four Points by Sheraton Kecskemét, anticipated to open in 2013, is Interstate’s first Eastern European hotel and represents Interstate’s entrance into its 10th country outside of the United States. In addition to managing the hotel upon completion, Interstate will provide pre-opening and technical services to assist in construction planning, design and FF&E.
“This contract, our 28th in Europe, demonstrates that our business model translates well in any part of the world,” said Thomas F. Hewitt, Interstate’s chairman and chief executive officer. “We have the size, scale and management depth to support this rapid, global expansion.”
“We are delighted to have this opportunity with a new owner,” said Jim Abrahamson, Interstate’s president and COO. “In addition, Kecskemét is attracting tremendous investment and the city is a gateway to future development in this rapidly emerging economy. The market has significant upside potential, and the Four Points by Sheraton Kecskemét will be perfectly positioned to serve the needs of this developing area.”
The Four Points by Sheraton Kecskemét will have 136 rooms, a restaurant, lounge and an adjoining 12,130 square feet (1,127 m2) of meeting space. Guest rooms will offer Four Points by Sheraton Four Comfort™ Bed, high speed Internet access and modern amenities.
“With its strong ties to the brand and solid operating platform, Interstate was the best choice,” said Mihaly Varga, principal, KÉSZ Holding Zrt, the hotel’s owner. “They have a robust presence in Western Europe and Russia, and we are pleased to be the developer that introduces this outstanding company to Eastern Europe.”
“We continue to execute on our growth strategy outside of North America,” said Leslie Ng, Interstate’s chief investment officer. “By partnering local, in-country experts with top-quality international brands, we see significant management opportunities for Interstate in the region.”
Interstate Hotels & Resorts, Inc., a wholly owned subsidiary of a 50/50 joint venture between subsidiaries of Thayer Lodging and Jin Jiang, is the United States’ leading hotel management company, operating branded full- and select-service hotels and resorts, conference centers and independent hotels worldwide. The company and its affiliates manage and/or have ownership interests in nearly 400 hotels with more than 69,000 rooms in 40 states, the District of Columbia, China, Russia, India, Mexico, Belgium, Canada, Ireland, England and the Netherlands. The company has ownership in 58 of those hotels, including six wholly owned assets. Interstate Hotels & Resorts also has executed agreements for 25 hotels with over 5,000 rooms under construction or development throughout the world.