Interstate Hotels & Resorts Appoints H. Eric Bolton to Board
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Interstate Hotels & Resorts Appoints H. Eric Bolton to Board
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Category: North America & West Indies / Carribean islands - Careers -
Appointments
This is a press release selected by our editorial committee and published online for free on 2007-05-10
Interstate Hotels & Resorts (NYSE: IHR), one of the nation's largest independent hotel management companies, today announced that H. Eric Bolton has been appointed to its board of directors.
Bolton is chairman, chief executive officer and president of Memphis, Tennessee-based Mid-America Apartment Communities, Inc. (NYSE: MAA), a real estate investment trust (REIT) that specializes in the acquisition, ownership and operation of apartment communities. He joined the company shortly after its initial public offering in 1994 as director of new development, became president and COO and a director of the company in 1997, CEO in 2001 and board chairman in 2002. His expertise in multi-family real estate includes new development, redevelopment, acquisitions/dispositions and property management. In 2002, he was named the National Multifamily Executive of the Year by Multifamily Magazine.
Previously, he served as chief financial officer of Trammell Crow Asset Management, the institutional investment arm of Trammel Crow Company in Dallas, responsible for managing institutional capital investment funds. Prior to that, Bolton was chief financial officer of the consumer loan division of First Gibraltar Savings and Loan in Dallas.
"Eric brings a unique combination of skills and hands-on experience to the table," said Paul W. Whetsell, Interstate's chairman of the board. "In addition to more than 20 years of experience in real estate acquisitions and finance, he has a solid grounding in the operating side of the business."
"Eric's wealth of experience in finance and real estate makes him an extremely valuable addition to our board," said Thomas Hewitt, chief executive officer. "Specifically, his extensive knowledge of investments and capital markets will be a great resource to the company as we continue to execute on our growth strategy to acquire hotel real estate, both wholly-owned and through joint ventures."
The Chicago-based firm Ferguson Partners Ltd. led the executive search.
As of April 30, 2007, Interstate Hotels & Resorts operated 203 hospitality properties with more than 46,000 rooms in 36 states, the District of Columbia, Belgium, Canada, Ireland and Russia. In addition, Interstate Hotels & Resorts has contracts to manage 13 hospitality properties with 4,000 rooms currently under development. 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 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 as amended for the year ended December 31, 2006.
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