Interstate and Madison W Properties' Affiliate Collaborate.

Travel Business Review-5 August 2008-Interstate and Madison W Properties' Affiliate Collaborate(C)2008 ENPublishing - http://www.enpublishing.co.uk

Travel Business Review - 05 August 2008(c)2005 - Electronic News Publishing - http://www.enpublishing.co.uk

A joint venture has been formed between Interstate Hotels & Resorts (NYSE:IHR) and an affiliate of Madison W Properties, LLC for the recapitalization of the existing ownership of the former Radisson Plaza Hotel Lexington in Kentucky and the adjacent 234,000 square foot, class-A office building.

Upon the transition, the hotel was renamed the Lexington Downtown Hotel & Conference Center.A USD13m renovation process including guest rooms, public spaces and a restaurant is to be carried out for the 367-room hotel. Interstate is to manage the hotel as an independent property until it re-debuts. A pool, fitness center, restaurant and lounge, and 14,000 square feet of meeting facilities, including a grand ballroom that accommodates up to 1,000 people are some of the amenities to be offered. Guestrooms offer complimentary high-speed Internet access, Sleep Number Beds and executive-size desks. Dining options include the Bigg Blue Martini and Caf on the Park on-site restaurant offering local cuisine.According to Thomas F. Hewitt, Interstate chief executive officer, 'This is our forty-ninth property in which we hold a minority ownership interest and our first with Madison. We know this property well and believe it has considerable long-term potential, given its excellent downtown location and proximity to the convention center. Those advantages, combined with the planned comprehensive renovation and rebranding as a Hilton, should position this hotel to become a leader in this market.'Peter C. Lewis, president of Madison W Properties, stated, 'Interstate is a proven operator with a successful track record, and we look forward to establishing a long-term relationship with them. Their depth of experience in the meeting and conventions subsegment adds another dimension, making them a compelling partner in this particular venture. We look forward to exploring other opportunities with them.'

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