ARLINGTON, Va., Oct. 27, 2016 /PRNewswire/ -- Interstate Hotels
& Resorts ("Interstate" or the "Company") – the leading
U.S.-based global hotel management company – announced CEO
Jim Abrahamson has been named
Chairman of the Board, effective October
25th, in a move that serves to enhance and expand
its executive leadership team. At the same time, the Company
announced that it has retained Spencer
Stuart to conduct a search for its next CEO. Abrahamson will
serve as both the Company's Chairman and CEO until a new one has
been appointed. The new CEO position is anticipated to be filled
early 2017, at which time Abrahamson will continue to serve as
Chairman of Interstate.
Current Chairman Jonathan Ward
stated, "We are delighted with our recent investment in Interstate
and view this seamless transition as a compliment to Jim and his
executive team on a job well done. Their work in completing the
recent transaction by Kohlberg & Company, and positioning
Interstate to serve our owners will continue to enhance our
position as the leading, value-added hotel management company in
the industry." Ward will continue to serve as a Director of
Interstate.
"I am honored to be appointed as Chairman of the Board," said
Abrahamson. "It has been a tremendously successful five-and-a-half
years at Interstate, as well as extremely satisfying both
personally and professionally to work alongside our outstanding
leadership team and with the finest hotel owners and partners in
the industry. We have accomplished significant milestones during my
tenure as CEO and there is so much more on the horizon for
Interstate. With the acquisition of Interstate in May by Kohlberg
& Company, our outlook has never been brighter. We have an
invigorated strategic plan with the best talent in the industry to
achieve it. I look forward to my new role supporting the Company's
journey ahead and to our Board appointing a new CEO to lead
Interstate to even greater success."
"Under Jim's leadership, drive and strategic vision, Interstate
has successfully expanded its portfolio and is established as the
largest, most diverse platform in the industry," said Ahmed I. Wahla, partner of Kohlberg and Company.
"We now look forward to appointing an industry-leading CEO to
further propel the Company to become the undisputed, market-leading
provider of independent hotel management services to current and
future owners."
Abrahamson will continue to be active in the hospitality and
service industry, including acting as Chairman of AH&LA and
other corporate board positions. Prior to joining Interstate in
2011, he acted as president of the Americas for Intercontinental
Hotel Group (IHG). He previously held senior leadership positions
in operations, franchising and development with Hyatt Corporation,
Marcus Corporation and Hilton Worldwide. He has been recognized as
an outstanding hospitality leader of the year in 2013 by
Penn State University and by UJA New
York City.
About Interstate Hotels & Resorts
Interstate
Hotels & Resorts is the leading U.S.-based global hotel
management company, operating branded full- and select-service
hotels and resorts, convention centers and independent hotels
worldwide. Currently, Interstate and its affiliates manage 430
hotels with over 77,000 rooms around the globe. In addition
Interstate has executed agreements to manage 54 hotels with over
9,800 rooms under development or construction. For more
information, please
visit www.interstatehotels.com. Connect with Interstate
at www.linkedin.com/company/interstate-hotels-resorts,
www.facebook.com/InterstateHotels, and
www.interstatehotels.com/careers.
About Kohlberg and Company
Kohlberg & Company is
a leading private equity firm headquartered in New York. Since its inception in 1987,
Kohlberg has organized seven private equity funds, through which it
has raised over $5 billion of
committed equity capital. Over its 30-year history, Kohlberg has
completed 69 platform investments and over 150 add-on acquisitions,
with an aggregate transaction value of approximately $10 billion. For more information, please visit
www.kohlberg.com.
For More Media Information:
Taylor Newsome
The Zimmerman Agency • 850.668.2222
tnewsome@zimmerman.com
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SOURCE Interstate Hotels & Resorts