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William Geiler Joins Interstate Hotels & Resorts as EVP, Acquisitions
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01/16/2005
ARLINGTON, Va.--June 3, 2004--Interstate Hotels & Resorts (NYSE:IHR), the nation's largest independent hotel management company, today announced that William R. Geiler has joined the company as executive vice president of acquisitions. In his new position, Geiler is expected to play a key role in the expansion of the company's portfolio of owned hotels.
Geiler joins the company from Wyndham International, Inc., where, for the past eight years, he held a similar position as senior vice president of acquisitions and development. During his tenure there, he closed more than $500 million in hotel real estate transactions and oversaw the execution of management and franchise agreements for approximately 40 hotels.
"We have been moving forward with our previously announced plans to increase the number of hotels we own to better balance our business model and to take greater advantage of the hotel industry recovery," said Steve Jorns, chief executive officer. "Over the last three decades, Geiler has played a leadership role in the development and acquisition of more than 150 hotels, experience that will prove extremely valuable in his new position."
In addition to his experience with Wyndham, Geiler also was senior vice president of development for hotel operator Remington Hotel Corporation, and from 1982 to 1994, was president and principal of G&H Investments, Inc., a real estate investment management and venture capital firm, which developed and acquired a portfolio valued at $200 million over a 12-year period. Previously, Geiler was a senior consultant with Laventhol & Horwath at their Dallas office.
Geiler received a bachelor's degree in hotel administration from Cornell University.
Interstate Hotels & Resorts operates approximately 275 hospitality properties with more than 62,000 rooms in 40 states, the District of Columbia, Canada, Russia and Portugal. 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.
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 impact of the events of September 11, 2001, 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, 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 for the year ended December 31, 2003.
