ARLINGTON, Va., Dec. 2 /PRNewswire-FirstCall/ -- Interstate Hotels &
Resorts (NYSE: IHR), a leading hotel real estate investor and the nation's
largest independent management company, today announced that it had received
notice from the New York Stock Exchange that its stock had fallen below one of
the Exchange's continued listing standards for common stock. That standard
requires that a stock maintain a minimum average closing price of $1.00 per
share over 30 consecutive trading days.
Under NYSE rules, the company has a period of six months, subject to
possible extension, to bring its 30-day average share price back above $1.00.
The company's common stock will continue to be listed on the NYSE during the
cure period, subject to compliance with other NYSE continued listing
requirements. The company plans to notify the NYSE that it intends to cure
the deficiency. During this six-month cure period, the NYSE will assign a
".BC" to the company's ticker symbol indicating the company is below the
continued listing criteria.
About Interstate Hotels & Resorts
Interstate Hotels & Resorts has ownership interests in 57 hotels and
resorts, including seven wholly owned assets. Together with these properties,
the company and its affiliates manage a total of 227 hospitality properties
with approximately 46,500 rooms in 37 states, the District of Columbia,
Russia, Mexico, Belgium, Canada and Ireland. Interstate Hotels & Resorts also
has contracts to manage 17 to be built hospitality properties with
approximately 4,300 rooms. For more information about Interstate Hotels &
Resorts, visit the company's Web site: http://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 war in Iraq, international and geopolitical
difficulties or health concerns, governmental actions, legislative and
regulatory changes, availability of debt and equity capital, interest rates,
competition, weather conditions or natural disasters, 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, 2007.
Contact:
Carrie McIntyre
SVP, Treasurer
(703) 387-3320
SOURCE Interstate Hotels & Resort