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 The Béltico Group and Interstate Hotels & Resorts Opens
Praia D’El Rey Marriott Golf & Beach Resort
in Portugal
ARLINGTON, Va., December 17, 2003 — Interstate Hotels & Resorts, Inc. (NYSE: IHR), the nation's largest independent hotel management company, today announced the December 15 opening of its first property in Portugal.  The five-star Praia D’El Rey Marriott Golf & Beach Resort, located 45 minutes north of Lisbon in Obidos, Portugal, offers guests spectacular ocean views, a full complement of recreational facilities and activities, state-of-the-art health club, and an 18-hole championship golf course, ranked among the top 15 in continental Europe.  The property is owned by Hotel da Praia, a subsidiary of the Béltico Group, a Lisbon-based real estate development and services company. 
 
“Interstate’s pre-opening oversight has enabled us to move through the process with relative ease, on time and on budget,” said Stuart S. Swycher, president of Hotel da Praia and the Béltico Group.  “We expect Interstate’s significant experience with resort properties, marketing expertise, and the economies of scale resulting from their size will translate into superior bottom line results for us.”

“This is our first property in Portugal — our fourth in Europe — and marks the beginning of a more focused effort to expand our portfolio of international management contracts,” said Hank Ciaffone, president of Interstate’s international operations and development.  “This unique resort property in an idyllic 



Praia D’El Rey Marriott Golf & Beach Resort 
Vale De Janelas
Estrada Da Luz 90-6h
Obidos, 2510-451
Portugal 
setting adjacent to the Atlantic Ocean also provides easy access to a nearly unlimited number of area attractions, including the medieval village of Óbidos; wine caves and farms; the Berlengas Islands, a national nature reserve; and the legendary city of Lisbon, with its history, monuments, world-class shopping and spectacular nightlife.  We fully expect that this five-star property will set a new standard in luxury resorts and quickly assume a pre-eminent position in Europe.”

Located 15 minutes from the medieval village of Obidos, the three-story hotel features 179 guest rooms, each with a private balcony or patio overlooking the ocean or golf course.  Guest room amenities include individual climate control, cordless telephone, two-line speaker phones with data ports, high-speed wireless Internet access and voice mail, and an in-room safe.  Among the resort’s numerous recreational facilities are heated indoor and outdoor pools, an 18- hole championship golf course rated number one in Portugal, putting green, driving range, exercise room, jogging trail, whirlpool, sauna and floodlit tennis courts.  The property also features two full-service restaurants and two grills, as well as 24-hour room service and 6,000 sq. ft. of conference and banquet space for meetings and functions ranging from 40 to 300 people.    

Interstate Hotels & Resorts operates more than 300 hospitality properties with nearly 67,000 rooms in 42 states, the District of Columbia, Canada, Russia and Portugal. 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: Orient-Express Hotels Ltd. Sells the Hotel Quinta do Lago, Algarve, Portugal for $40 million; 16 times Current Year EBITDA / November 2003
Interstate Hotels & Resorts, Inc. Names Hank Ciaffone President, International Operations and Development, and C.A. Anderson EVP, Development / November 2003


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