Industry Upturn Brings Two New Hotels Into Interstate Fold

ARLINGTON, VA— Interstate Hotels & Resorts here has been named to manage hotels currently under construction in Las Vegas, NV as well as in Toronto, Canada. The 548-room Renaissance Hotel Las Vegas, owned by Jackson-Shaw Co., is expected to open in early 2005. Located across from the Las Vegas Convention Center and near the new Las Vegas Monorail station, the hotel is slated to provide nearly 32,000 square feet of meeting and pre-function space. According to Interstate CEO Steve Jorns: “The Renaissance will be one of the largest non-casino hotels in Las Vegas, [and]its size and meetings orientation fit well with our in-depth expertise in those areas.” To be located at 3400 Paradise Rd., the 15-story property is on track to feature a fine dining restaurant, lobby lounge and Starbucks coffee shop. The hotel is also expected to offer a fitness center, concierge lounge, business center, high-speed Internet access in all guestrooms, outdoor swimming pool and whirlpool, and parking. In the course of its other assignment, Interstate has also been tapped to manage The Pantages Suites Hotel & Spa— currently under construction in Toronto’s downtown theater district— for Skyline Executive Management, an affiliate of Skyline International Development Group. The hotel, scheduled to open this month, is part of a mixed-used facility that is to include condominiums, timeshare and retail space. The 157-unit property comprises a blend of hotel guestrooms, studio rooms with kitchen, and one-bedroom apartments with full kitchen and dining area. Also on its agenda is: approximately 7,000 square feet of meeting space; a 12,000-square-foot spa; lobby martini bar; and a circa 1950s-style, upscale “diner” restaurant and lounge. The property, located at 210 Victoria St. between Queen and Shuter Streets, is adjacent to St. Michael’s (a major hospital facility) and close to Toronto’s “Times Square.” Of the hotel’s 157 guestrooms, 46 are projected as timeshare units, which owners may choose to make available to the hotel as part of the overall guestroom inventory. To this end, Interstate estimated that 50% of the timeshare units would be available for hotel rental. As Jorns pointed out: “This is our second property in Toronto and our fourth in Canada.” In commenting on the timing and impact of these two new assignments, Jorns added: “Both projects reflect the early stages of a rebound in the hotel industry. While development has been at levels lower than normal over the past few years, we are seeing a number of management opportunities for a number of exciting, new major projects. “We also are seeing significant activity in the acquisition market, which typically is the time when most hotels change management companies. As a result,” Jorns concluded, “we have a growing pipeline of management-contract opportunities.”