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Lend Lease Real Estate Investments Appoints Interstate
Hotels & Resorts to Manage Bishop�s Lodge
Resort & Spa

WASHINGTON, D.C., April 11, 2003 -- Interstate Hotels & Resorts (NYSE: IHR), the nation�s largest independent hotel management company, today announced that it had signed a long-term contract to manage the four-star Bishop�s Lodge Resort & Spa just outside of Santa Fe, New Mexico.  The upscale destination resort is owned by Lend Lease Real Estate Investments (LLRE), an advisory and investment management services firm. 

�This is our second contract with Lend Lease and a stylish addition to our resort management portfolio,� said John Emery, president and chief operating officer of Interstate.  �Like the majority of the management contracts we�ve added so far in 2003, this contract came from a current client, which we feel is the strongest endorsement we can receive as an operator. 

�Santa Fe, with its arts, culture and historical attractions, is a popular year-round destination, and the 111-room Bishop�s Lodge is one of the crown jewels in the area and the only resort in its competitive set located outside of the downtown area.  As the capital of New Mexico, Santa Fe also is home to a strong state government and association demand base.� 

Located three miles north of Santa Fe�s downtown plaza, the Bishop�s Lodge Resort & Spa spreads across 450 acres in the foothills of the Sangre de Cristo Mountains and offers 8,000 square feet of meeting space, fine dining, a spa and a variety of recreational activities, including horseback riding, mountain biking, trail riding and tennis.  The resort features 111 guest rooms and suites ranging from cozy standard doubles to large deluxe rooms and suites with kiva fireplaces and private patios. 

�Bishop�s Lodge, with its smaller, more intimate size, occupies a unique lodging niche that requires the specialized attention of an experienced resort operator,� said Rich Niedbala, vice president, lodging & leisure group for Lend Lease Real Estate Investments.  �Based on our experience with Interstate at our Lakeway Resort in Austin, Texas, we are confident that they can help this property achieve its full potential and deliver the high degree of personalized attention guests expect of a luxury resort.�

Lend Lease is one of the world�s largest real estate investment managers with US$49 billion of assets under management.  Listed on the Australian Stock Exchange, the Lend Lease Group operates in 43 countries on six continents, with a significant presence in Australia, Asia, Europe, and the United States.  Lend Lease also has a dedicated Lodging & Leisure Group that focuses exclusively on the asset management of luxury, first-class and full-service hotel properties for its own funds and third parties.  Currently, the Lodging & Leisure Group asset manages 21 properties with more than 5,200 rooms and $1 billion in value. 

Interstate Hotels & Resorts operates approximately 400 hospitality properties with nearly 86,000 rooms in 44 states, the District of Columbia, Canada and Russia, including 55 properties managed by Flagstone Hospitality Management, a subsidiary of Interstate Hotels & Resorts.  BridgeStreet Corporate Housing Worldwide, an Interstate Hotels & Resorts subsidiary, is one of the world�s largest corporate housing providers, offering upscale, fully furnished corporate housing throughout the United States, Canada, the United Kingdom, France and 39 additional countries through its network partners. 

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. 

 

 
Contact:
Interstate Hotels & Resorts
www.ihrco.com


 
Also See: Becky Ellis, Santa Fe, N.M. CVB Director, Dismissed; Decline in Convention Bookings Cited / April 2002
Hotel Renovations Reflect Optimism for High-End Tourism in Santa Fe, N.M. / March 2001


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