Interstate Hotels & Resorts Executes Agreements with NBB-Development to Manage Six Hotels in Sochi, Russia, Site of 2014 Winter Olympics
Interstate Hotels & Resorts today announced that it has been selected to manage six hotels to be developed by NBB-Development in Sochi, a sea and mountain resort area in southwestern Russia and site of the 2014 Winter Olympics. The properties, which will aggregate 1,564 rooms and are expected to open in fall of 2013, comprise a city center business hotel, a golf resort and four hotels in the mixed-use real estate development that is an integral part of the infrastructure of the 2014 Winter Olympics.
“Russia is where we began our international outreach more than 16 years ago,” said Thomas F. Hewitt, Interstate’s chairman and chief executive officer. “These six properties add to our growing European portfolio. We pioneered independent third-party management in Russia and currently operate seven significant hotels in Moscow. We believe there are continued opportunities throughout the region and have a full team in place to oversee this expected growth.”
The city and resort area of Sochi is located in the Krasnodar Kray region in southwestern Russia, stretching along the Black Sea coast at the foot of the western part of the main Caucasus mountain range. The six resort hotels, ranging in size from 150 to 400 rooms, collectively will constitute the majority of the available rooms inventory for a high-quality, mixed-use development that will feature multiple shopping and entertainment facilities, health and spa centers, museums, a conference center and the Museum of the Olympic History and Glory. The development also will feature a wide variety of sports, leisure and recreation activities.
“Interstate has in-depth expertise in operating resorts in a variety of settings, ranging from beach to mountain and desert to island,” said Chris Bennett, managing director, international. “In addition to management upon opening, we will provide technical services and pre-opening oversight during the construction phase.
“This is an exciting project and we look forward to bringing to bear all the advantages of our successful business model, including a solid operating platform, strong local affiliations, cultural expertise and long and positive relationships with the major international hotel brands,” he added.
About Interstate Hotels & Resorts, Inc.
Interstate Hotels & Resorts, Inc., a wholly owned subsidiary of a 50/50 joint venture between subsidiaries of Thayer Lodging and Jin Jiang, is the United States’ largest independent hotel management company based on revenue managed. The company and its affiliates manage and/or have ownership interests in 329 properties with more than 60,000 rooms in 39 states, the District of Columbia, China, Russia, India, Mexico, Belgium, Canada, Ireland and England. The company has ownership interests in 56 of those properties, including six wholly owned assets. Interstate Hotels & Resorts also has executed agreements for 18 hotels with over 3,700 rooms under construction or development throughout the world. In 2010, Interstate Hotels & Resorts pioneered the first independent hotel management company in China, Interstate China Hotels & Resorts, when it formed a joint venture partnership with Jin Jiang Hotels, China’s leading hotel operator and developer.
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