On the heels of the Company's entrance into the U.K., this transaction creates a strong executive team and dedicated base of operations in the region for hotel owners and investors, fully supported by Interstate's industry-leading systems.
The Company's U.K. team will be complemented with Chardon's executives and associates led by Interstate Europe's Managing Director for the U.K., Robert Crook who will be reporting to Ken McLaren, Interstate's executive vice president of international operations, further strengthening Interstate's insight and ability in the market.
"With this acquisition, we believe Interstate is now established as the preeminent hotel management company in the U.K. and Irish markets, offering institutional and private investors a world class hotel management platform," said Jim Abrahamson, chief executive officer of Interstate Hotels & Resorts. "As our second U.K. acquisition this year, we will leverage Interstate's on-the-ground operations and tangible experience in the country to successfully transition and operate this new portfolio, generating increased profitability for owners, while maximizing asset values."
Chardon Management's portfolio includes 32 hotels with 3,414 rooms, consisting of Holiday Inn Express and Holiday Inn branded hotels in addition to Hotel Indigo, Best Western, Choice, Ibis Styles and independent hotel brands.
"Interstate is a recognized world leader and brings 50 years of industry experience, dynamic relationships with quality brands and international experience to the table," said Nicola Taylor, Director at Chardon Management who will now serve in an advisory capacity. "Chardon's relationship with Interstate ensures a really successful future, providing our staff, owners, investors, associates, and ultimately our guests with the best experience possible in the U.K. and Ireland hospitality industry."
"Chardon is one of the most esteemed independent management companies in the U.K. and a top strategic choice for Interstate's targeted expansion plans," said Leslie Ng, chief investment officer of Interstate Hotels & Resorts. "We're looking forward to managing this expanded portfolio with best-in-world experience, strong brand relationships and institutional-quality systems."
Interstate Hotels & Resorts, Inc., a wholly-owned subsidiary of a 50/50 joint venture between subsidiaries of Thayer Lodging Group and Jin Jiang Hotels, is the leading U.S.-based global hotel management company, operating branded full- and select-service hotels and resorts, convention centers and independent hotels worldwide. Interstate and its affiliates manage 387 hotels with more than 73,000 rooms in North America, Europe and Asia-Pacific, including six wholly owned hotels. In addition, Interstate has executed agreements to manage 40 hotels with more than 8,100 rooms under construction or development throughout the world.
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