Interstate Hotels & Resorts Forms Joint Venture, Acquires Williamsburg, Va. Hotel

Interstate Hotels & Resorts today announced that it has formed its fourth joint venture with Waramaug Hospitality LLC and a private investment group and acquired the 295-room Williamsburg Hotel & Conference Center (formerly, the Marriott Hotel Williamsburg) for an undisclosed amount. The hotel will immediately undergo a $7.5 million comprehensive renovation and convert to the upper upscale DoubleTree by Hilton brand. Interstate will manage the hotel under a long-term contract.

"The substantial hotel renovation and repositioning, in addition to Interstate's operations experience all offer excellent upside for this property in a rebounding market."

"We continue to build on our strong relationship with Waramaug, a leader in hospitality real estate investments, adding our fourth project with them in the past 17 months," said Jim Abrahamson, Interstate's chief executive officer. "With the planned renovation and rebranding, in addition to an ideal location close to significant demand drivers, we expect the hotel to take a leadership position in this market."

"This hotel offers some of the largest meeting and event space in Williamsburg, is close to all of the major historic, recreational and shopping attractions, and also serves a large nearby corporate base," said Paul Nussbaum, Waramaug's chairman and chief executive officer. "The substantial hotel renovation and repositioning, in addition to Interstate's operations experience all offer excellent upside for this property in a rebounding market."

Located on 15 wooded acres within the Busch Corporate Center in Williamsburg, the hotel is the closest hotel to Busch Gardens and within minutes of Colonial Williamsburg, the College of William & Mary and world-class golf courses, with easy access to both the Richmond and Norfolk airports. The Williamsburg Hotel & Conference Center features 45,000 square feet of meeting space for up to 1,600 people and an auditorium with capacity for more than 700. Other amenities include three dining options, an indoor/outdoor connecting swimming pool, seasonal tennis courts and a full-service fitness and business center. For more information about The Williamsburg Hotel & Conference Center, please visit www.thewilliamsburghotelcc.com.

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.