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Interstate Hotels & Resorts Names Steve Jorns Chief Investment Officer
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01/16/2005
WASHINGTON--March 31, 2003--Interstate Hotels & Resorts (NYSE: IHR), the nation's largest independent hotel management company, today announced that Steven D. Jorns will become chief investment officer of the company, effective April 1. Jorns will retain his position as vice chairman of Interstate's board of directors.
In his new position, Jorns will be responsible for all acquisition activity, including real estate and management contracts, as well as managing joint venture relationships. Jorns joined the company when American General Hospitality (AGHI) merged with CapStar in 1998 to form MeriStar. Jorns, who founded AGHI and took the company public in 1996, served as its chairman, chief executive officer and president. He was named vice chairman of the board of MeriStar Hotels & Resorts following the merger.
"We believe that the industry is at or near the bottom of the cycle, creating opportunities to acquire hotels and obtain new management contracts," said Paul W. Whetsell, Interstate chairman and chief executive officer. "We plan to be an active acquirer, primarily through joint ventures. Over the next two years, we intend to invest in several projects with various joint venture partners. Steve Jorns' track record in acquiring quality properties, together with his extensive industry contacts, gives us an exceptional resource to respond quickly to opportunities as the industry and economy begin to rebound."
Prior to forming AGHI, Jorns spent seven years with an affiliate of General Growth Companies overseeing that company's hotel portfolio. He will be based primarily out of Interstate's corporate headquarters in Washington, D.C.
Jorns is a graduate of Oklahoma State University with a degree in Hotel and Restaurant Administration. He has served on the Hotel and Restaurant Advisory Boards for two universities. He also serves on the Investment Committee of Interstate's board and is a director of MeriStar Investment Partners, a joint venture with Interstate, Oak Hill Capital Partners and MeriStar Hospitality that owns 10 hotels.
Interstate Hotels & Resorts operates approximately 400 hospitality properties with nearly 86,000 rooms in 44 states, the District of Columbia, Canada and Russia, including 55 properties managed by Flagstone Hospitality Management, a subsidiary of Interstate Hotels & Resorts. 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 the company's Web site: www.ihrco.com.
