WASHINGTON—The board of directors at Interstate Hotels & Resorts has authorized the repurchase of up to $5 million of its shares, representing approximately 6% of its outstanding shares based on the company’s current stock price. “The company believes its shares are attractively priced at current levels, trading at approximately five times 2003 projected EBITDA,” said John Emery, president and COO of Interstate Hotels, in a prepared statement. The repurchase program will be funded primarily through free cash flow, according to the company. Interstate Hotels & Resorts operates more than 400 hospitality properties with approximately 86,000 rooms in 45 states, the District of Columbia, Canada and Russia, including 55 properties managed by Flagstone Hospitality Management, a subsidiary of Interstate Hotels & Resorts.
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