Thayer Lodging Group, Jin Jiang Hotels Joint Venture Completes Merger with Interstate Hotels & Resorts, Inc

WASHINGTON, March 17 /PRNewswire/ -- Officials of Hotel Acquisition Company, LLC today announced the completion of their merger with Interstate Hotels & Resorts, Inc., the nation's largest independent hotel management company.  Hotel Acquisition Company, LLC is a 50/50 joint venture between Thayer Hotel Investors V-A LP, a private equity fund sponsored by Thayer Lodging Group, and Shanghai Jin Jiang International Hotels (Group) Company Limited ("Jin Jiang Hotels").

"Interstate is the world's premier, independent hotel operator.  It is a company with great capability and a storied history," said Leland C. Pillsbury, co-chairman and CEO of Thayer Lodging.  "They have an exceptional executive team, and we appreciate what they have accomplished for their clients.  We intend to provide them with the financial resources that will allow them to offer even greater service to their existing clients and guests."

Yu Minliang, chairman of Jin Jiang Hotels, said, "Interstate has an unparalleled global reputation for operating excellence, and we are pleased to be part of this landmark transaction.  They have immense potential and now will have the financial strength and flexibility to serve an expanding group of international clients.  The company will continue to work closely and profitably with its brand partners."

Frederic V. Malek, co-chairman of Thayer Lodging stated, "With a 50-year history, Interstate has been a pioneer in international third-party management, from being the first such operator in Russia to playing an increasingly important role in India.  Through strategic investment, they will be able to further enhance their systems and capabilities that support growth and profitability for their existing clients, which, in turn, will support the company's own future growth and profitability."

About Interstate Hotels & Resorts, Inc.

Interstate Hotels & Resorts, Inc. and its affiliates manage and/or have ownership interests in 228 hospitality properties with nearly 46,000 rooms in 36 states, the District of Columbia, Russia, India, Mexico, Belgium, Canada, Ireland and England.

About Hotel Acquisition Company, LLC

Hotel Acquisition Company, LLC is a 50/50 joint venture between Thayer Hotel Investors V-A LP, a private equity fund sponsored by Thayer Lodging Group, and Shanghai Jin Jiang International Hotels (Group) Company Limited.  Thayer Lodging Group is a leading private equity sponsor that invests exclusively in the lodging sector.  Thayer, founded in 1991, has a reputation for producing superior investment returns.  Jin Jiang Hotels is the world's 13th largest hotel company in terms of number of rooms, according to Hotels Magazine.

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