Interstate Hotels & Resorts announced today the acquisition of the management agreements of Rim Hospitality, a leading hotel management company in North America. Interstate will create a Rim Hospitality Division with a dedicated team based out of Rim's Newport Beach headquarters to manage the acquired portfolio.
Strengthening Interstate's West Coast presence, the transaction increases the depth of independent boutique and branded hotels in its robust collection, including hotels from renowned brands such as Marriott, Hilton and Starwood. The acquisition adds nearly 70 high quality hotels with more than 10,600 rooms.
"Rim Hospitality brings a portfolio of high quality independent and branded, full- and select-service hotels, outstanding operating talent, and diverse client base to Interstate," said Jim Abrahamson, chief executive officer of Interstate. "We're excited to work with the strong leadership and talent of Rim. Enhancing our domestic portfolio with a heavy West Coast focus, complimented by remarkable operations, development and finance professionals, we are confident we will continue to deliver exceptional service to guests and outstanding returns to owners."
With valued and experienced leadership teams, and more than 30 years of business experience, Rim Hospitality is a well-respected company with a portfolio including full- and select-service hotels across ten states with a significant West Coast presence. Maintaining the core executive leadership of Russ Cox, Mark LeBlanc and Jeff Virgil, among other Rim executives, the new division's West Coast-based operations will be backed by Interstate's accumulation of knowledge, translating into valuable resources, including technology, finance, F&B, technical services, operations and sales, allowing owners to reap the benefits of the endless support and relationships of Interstate and the best in the business.
"Interstate is committed to strengthening our presence on the West Coast, enriching services and focusing on success for our owners and client base in the region," said Leslie Ng, chief investment officer of Interstate. "Maintaining and enhancing Rim's leadership teams and executives for continuity and growth is an extremely important objective of Interstate."
Russ Cox, who oversees all operations, sales and marketing and revenue management efforts for the divisional portfolio, will continue as executive vice president, reporting to Ted Knighton, Interstate's president and chief operating officer; Mark LeBlanc will transition as the executive vice president of development, reporting directly to Leslie Ng; and Jeff Virgil will continue in a senior finance role. Mark Burden, president, chief executive officer and managing partner of Rim, will continue to be heavily involved in an advisory capacity.
"We are excited about joining the leader of our industry and having access to the resources and experience Interstate possesses, while still maintaining our core business principle of personalized service to all of our owners, regardless of the size of their portfolio," said Mark Burden, president and chief executive officer of Rim. "Our team of seasoned hospitality professionals will be aided by the advanced systems Interstate has in human resources, purchasing, finance and IT, enabling them to focus more on driving revenues and profits for our owners."
With a platinum portfolio and focus on its owners' success, Interstate Hotels & Resorts is the leading U.S.-based global hotel management company, offering intelligent solutions for its hotels in every corner of the world. Touting the strongest brand diversity in the industry, Interstate translates global knowledge from its expansive portfolio into local enhancements. Through Interstate's longstanding, trusted relationships with nearly every major global brand, no other hotel management company offers a comparable level of global and domestic diversity on a consistent basis.
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 440 hotels with more than 81,000 rooms in North America, Europe and Asia-Pacific, with ownership interest in 31 hotels. In addition, Interstate has executed agreements to manage 39 hotels with over 6,400 rooms under construction or development throughout the world.
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