Interstate Hotels & Resorts, Inc. (Interstate) is a hotel real estate investor and an independent hotel management company. The Company has two operating segments: hotel ownership (through whole-ownership and joint ventures) and hotel management. Its hotel ownership segment includes the Company’s wholly owned hotels and its minority interest investments in hotel properties. In its hotel management segment, the Company generates revenues from fees it receives for managing a portfolio of upscale, full-service and select-service hospitality properties. It also provides ancillary services in the hotel, resort, conference center and golf markets, which include insurance and risk management placed through a licensed broker. During the year ended December 31, 2008, the Company managed 226 hotel properties with 46,448 rooms and six ancillary service centers in 37 states, the District of Columbia, Russia, Mexico, Canada, Belgium and Ireland.
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