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Staybridge Suites Hotels Opens Hotels in New Orleans
and Cranbury, NJ; The $19 million New Orleans
Property is the Largest Staybridge Suites Hotel
in North America 

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ATLANTA (Feb. 12, 2004) - InterContinental Hotels Group announced today that Staybridge Suites Hotels has opened the doors of two of its newest hotels; a seventeen-story 182-room all-suite extended stay hotel in New Orleans, La.; and a 87-room all-suite extended stay hotel in Cranbury, NJ. These hotels represent the 73rd and 74th addition to the brand's growing portfolio of extended-stay hotels. 
 
The New Orleans hotel, is owned by Poydras Lodging Investors Limited Partnership. RIYA Cranbury, LLC owns the Cranbury, NJ hotel. Both hotels are managed by InterContinental Hotels Group and franchised under license agreements with a company in the InterContinental Hotels Group. InterContinental Hotels Group manages more than one-half of the hotels in the Staybridge Suites portfolio. 

"The opening of these properties in two strong markets emphasizes the consistent growth and performance of the Staybridge Suites brand," said Jim Anhut senior vice president, brand management, Staybridge Suites 


Staybridge Suites -New Orleans
501 Tchoupitoulas St.
New Orleans, Louisiana
hotels.  "The Staybridge Suites brand continues to illustrate that it can compete in the marketplace successfully. The brand has recorded 36 consecutive months of RevPAR growth despite a sputtering economy and it continues to deliver RevPAR yields above its market specific competitive sets," Anhut added.

At 74 hotels, the brand has reached significant mass in terms of distribution and the franchise and financial communities have realized the brand's potential to compete successfully in a variety of markets. And as a result, Staybridge Suites set a brand record in franchise deals, by closing on 11 franchise deals last quarter. This summer, Staybridge Suites will mark another distribution record for the extended stay segment, with 75 hotels open in just over five years. Continuing at its current pace, the brand will have 80 hotels open and 20 hotels under construction by the end of the calendar year. 

The $19 million New Orleans property is the largest Staybridge Suites Hotel open in North America and is located in the heart of the city's Central Business District. The hotel is within walking distance to key area attractions, including the French Quarter, the Louisiana Superdome, Harrah's Casino and the New Orleans Convention Center. Several key businesses are also within minutes from the 144,000-sq. ft. property such as Shell Oil Co., Texaco and BellSouth. The 55,000 square foot Cranbury hotel is located within minutes of Rutgers University and Princeton University. Also nearby, are several major corporations including AT&T, Aetna, Canon, Rhodia and Volkswagen of America.

"We believe that the interior and exterior design of a Staybridge Suites hotel is far superior than that of the competitive set," said Development Manager, RIYA Cranbury LLC, William Kraft of K-Bridge Development Corporation. "When our guests see the quality of the product we are offering they're sold," he added.

Both hotels offer several unique amenities such as complimentary guest laundry and workout facilities, deluxe complimentary breakfast buffet which features two hot items and a 24-hour business services center.  In addition, guests will enjoy gathering in the hotel's Great Room for nightly "Sundowners" receptions for refreshments, light appetizers and conversation. The Staybridge Suites-New Orleans also offers more than 1,500-sq. ft. of meeting space. 

"With only two other extended-stay properties in the New Orleans Central Business District, there was a definite need for an up market extended-stay hotel," said Lenny Wormser, developer and co-owner of the new hotel. "Staybridge Suites is without a doubt the star of the extended-stay market and we are thrilled to add this product to the New Orleans market," he added.

The Staybridge Suites -New Orleans is located at 501 Tchoupitoulas St., New Orleans, La., 70130. For more information and reservations call (504) 571-1818. The Cranbury hotel will be located at 1272 S. River Rd., Cranbury, NJ, 08512. For more information and reservations call (609) 409-7181.

About Staybridge Suites Hotels

The Staybridge Suites® by Holiday Inn® hotel brand is an innovative all-suite hotel meeting the needs of the extended-stay guest.  Staybridge Suites entered the extended-stay market in December 1998 when its flagship location in Alpharetta, Georgia, opened. Since that opening the Staybridge Suites brand continues to grow rapidly.  Currently, there are 74 Staybridge Suites hotels open and more than 45 under development.

InterContinental Hotels Group (www.ichotelsgroup.com) owns, manages, leases or franchises, through various subsidiaries, more than 3,400 hotels and 530,000 guest rooms in nearly 100 countries and territories around the world. 


 
Contact:
Monica Smith
Corporate Communications Coordinator
InterContinental Hotels Group
Three Ravinia Drive, Suite 100
Atlanta, GA 30346
Tel: 770.604.5562
monica.smith@ichotelsgroup.com
Also See: Staybridge Suites Hotels Breaks Ground in Three New Jersey Cities; Eatontown, Cranbury and Mt. Laurel / March 2003
3H Group Opens $12 million Staybridge Suites Near the Convention and Trade Center in Downtown Chattanooga / July 2003


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