Interstate Hotels & Resorts Inc. / IHR
The lobby of the Hamilton Crowne Plaza, at 14th and K Streets in Washington D.C., one of more than 200 hotels, here and abroad, managed by Interstate (Photo: Courtesy of company.)
About Interstate Hotels & Resorts Inc.
4501 N. Fairfax Dr., Arlington, Va. 22203
www.ihrco.com
| 703-387-3100
| Founded: 1962
Industry: Hospitality And Travel | Category: Top 100 Companies
It was a year of steadily improving financial results for Interstate. The company benefited from demand for hotel rooms, which grew rapidly nationwide as supply barely budged. After recording a loss for 2004, Interstate made money in 2005, largely due to a 40 percent increase in "incentive fees" from the hotels it manages on behalf of other owners. These are payments it receives in addition to base management fees when the hotels it runs do particularly well.
Interstate intends to expand beyond its business managing hotels to buy a few of its own, which can provide a steadier revenue stream and more permanent management responsibilities than solely managing hotels. It acquired the 195-room Hilton Durham, in North Carolina, for $13.3 million in November.
Its BridgeStreet division, which administers corporate housing around the world, bought Chicago-based Twelve Oaks Corporate Housing, which has about 300 corporate housing units in Chicago.
Interstate manages the hotel portfolio of the Bethesda-based MeriStar Hospitality, which said in February of this year that it will sell itself to an arm of the Blackstone Group. Interstate has said that it has a good relationship with Blackstone and expects its management contracts to remain in place.
CEO: Thomas F. Hewitt
CEO: Thomas F. Hewitt
2007 Financial Data
Total employees: 33,000 | Local employees: 2,150Company Leadership
| Thomas F. Hewitt | CEO |
| J. William Richardson | Former CFO |
| Paul J. Burke | Former president, hotels |
| H. Lee Curtis | President, BridgeStreet |
| Christopher L. Bennett | SVP and General Manager |
Source: Compensation data provided by Equilar, Inc..
Did You Know
Interstate manages more than 300 hotels, some of them as a franchisee under such brand names as Hilton and Sheraton. Its properties are in 41 states, the District, Canada and Russia. It also has subsidiaries that provide corporate housing and offers consulting services to owners of hotels.
