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hi makesumgravy , any idea on the odds of IHRI returning to NYSE ?
DAVE
Not since the ticker changed to IHRI.
Phil
Interstate Hotels & Resorts Receives Notice of Suspension of Trading from NYSE
ARLINGTON, Va., March 11 /PRNewswire-FirstCall/ -- Interstate Hotels & Resorts (NYSE:IHRNYSE:toNYSE:beNYSE:tradedNYSE:overNYSE:theNYSE:counterNYSE:underNYSE:theNYSE:tickerNYSE:symbol: IHRI), a leading hotel real estate investor and the nation's largest independent hotel management company, today announced that it had received notice from the New York Stock Exchange that its common stock, under the ticker symbol IHR, will be suspended from trading prior to the market opening on March 12, 2009.
According to the March 5, 2009 notice from the NYSE, the suspension is occurring because Interstate did not meet the continued listing standard requiring maintenance of a minimum $15 million market capitalization over a consecutive 30 trading day period. The company had previously announced on December 2, 2008, that it had failed to maintain the continued listing standard which requires a $1.00 minimum average closing price over a consecutive 30 trading day period. While the $1.00 minimum average requirement allows for a company to have a six-month cure period, there is no such period available for a failure to meet the minimum market capitalization requirement.
The company will seek an appeal of the delisting determination as permitted by the NYSE though there are only limited solutions available. The company has not yet been notified as to the timing of the appeal process. Until the appeal is heard, Interstate will remain listed, but will not trade, on the NYSE.
The company's senior secured credit facility agreement requires that the company be listed on the NYSE. KPMG LLP, the company's external auditor, has notified the Audit Committee and management that since Interstate's potential delisting from the NYSE creates a credit facility covenant issue, which, if not resolved, could result in acceleration of the credit facility debt, its auditor report on the consolidated financial statements for the year ended December 31, 2008 will include an explanatory paragraph related to the uncertainty of the company's ability to continue as a going concern. The company's credit facility also includes a covenant requiring an audit opinion without exception.
The company is in active discussions with its credit facility lenders to receive a waiver through June 30, 2009, related to the covenant requiring listing on the NYSE as well as the covenant dealing with audit opinions. While there can be no assurances that the company can obtain the waiver, a waiver of these covenants only requires a 51 percent vote by the credit facility lenders.
Thomas F. Hewitt, the company's chief executive officer, stated that, "Interstate is working quickly to resolve these technical defaults by the end of March so that it can focus its attention on an extension of the credit facility, which the company is working to obtain prior to June 30, 2009."
Bruce A. Riggins, chief financial officer of the company, noted that, "These technical issues relating to our credit facility do not impact the individual mortgage notes on our three wholly owned hotels."
As previously announced, the company will distribute a press release and hold a conference call to discuss its fourth-quarter and full-year results for the year ended December 31, 2008 tomorrow, March 12th, at 10 a.m. Eastern Time. The call will be hosted by Chief Executive Officer Thomas F. Hewitt and Chief Financial Officer Bruce Riggins. Stockholders and other interested parties may listen to a simultaneous webcast of the conference call on the Internet by logging onto Interstate's Web site, http://www.ihrco.com/, or http://www.streetevents.com/.
As notification from the NYSE was received only very recently, the company is continuing to evaluate the disclosures to be included in management's discussion and analysis and the consolidated financial statements and related notes thereto to be included in its Annual Report on Form 10-K. The company intends to file for a 15-day extension to allow it to file its Annual Report on Form 10-K with the Securities and Exchange Commission not later than March 31, 2009.
About Interstate Hotels & Resorts
Interstate Hotels & Resorts has ownership interests in 57 hotels and resorts, including seven wholly owned assets. Together with these properties, the company and its affiliates manage a total of 225 hospitality properties with more than 46,000 rooms in 37 states, the District of Columbia, Russia, Mexico, Belgium, Canada and Ireland. Interstate Hotels & Resorts also has contracts to manage 16 to be built hospitality properties with approximately 4,000 rooms. For more information about Interstate Hotels & Resorts, visit the company's Web site: http://www.ihrco.com/.
This press release contains "forward-looking statements," within the meaning of the Private Securities Litigation Reform Act of 1995, about Interstate Hotels & Resorts, including those statements regarding future operating results and the timing and composition of revenues, among others, and statements containing words such as "expects," "believes" or "will," which indicate that those statements are forward-looking. Except for historical information, the matters discussed in this press release are forward-looking statements that are subject to certain risks and uncertainties that could cause the actual results to differ materially, including the volatility of the national economy, economic conditions generally and the hotel and real estate markets specifically, the war in Iraq, international and geopolitical difficulties or health concerns, governmental actions, legislative and regulatory changes, availability of debt and equity capital, interest rates, competition, weather conditions or natural disasters, supply and demand for lodging facilities in our current and proposed market areas, and the company's ability to manage integration and growth. Additional risks are discussed in Interstate Hotels & Resorts' filings with the Securities and Exchange Commission, including Interstate Hotels & Resorts' annual report on Form 10-K for the year ended December 31, 2007.
Contact: Bruce Riggins Chief Financial Officer (703) 387-3344
DATASOURCE: Interstate Hotels & Resorts
CONTACT: Bruce Riggins, Chief Financial Officer of Interstate Hotels &
Resorts, +1-703-387-3344
Web Site: http://www.ihrco.com/
It did close at .40, its also closed higher, so he was right.
when i posted on march 11 it was still IHR and on my screen the then current price @ 5pmish was .40 .
The last trade yesterday under old ticher IHR was @ .40 .
http://ih.advfn.com/p.php?pid=squote&cb=1236897192&symbol=ihr
http://ih.advfn.com/p.php?pid=historical&cb=1236897252&symbol=NY%5EIHR
You're Correct as IHRI it did not trade at or near .40, but as i posted above,my comments were related to IHR on March 11th.
regards
dave
As IHRI it has not closed @.40, nor has it opened there.
You posted that it closed @ .40.
You were wrong.
Have fun,
Phil
.40 was current price on my positions screen @ the time i posted.
upon review it traded @ .29 and then a 70k+ block @ .40 after 4pm?
also .40 was the final price showing on the i-hub board for IHR.
closed @.40 today
That must have been a typo.
Phil
thanks for the update/info
dave
picked up 1000 @ .29 today.
closed @.40 today, lets see what the cc tomorrow will do.
good luck
dave
Interstate Hotels & Resorts to Hold Fourth-Quarter 2008 Earnings Call on March 12
Date : 02/10/2009 @ 9:00AM
Source : PR Newswire
Stock : Interstate Hotels & Resorts, (IHR)
Quote : 0.45 -0.02 (-4.26%) @ 11:23AM
Interstate Hotels & Resorts to Hold Fourth-Quarter 2008 Earnings Call on March 12
ARLINGTON, Va., Feb. 10 /PRNewswire-FirstCall/ -- Interstate Hotels & Resorts (NYSE:IHR), a leading hotel real estate investor and the nation's largest independent management company, today announced that the company will release fourth-quarter 2008 financial results on Thursday, March 12, 2009, before the market's opening. Management will hold a conference call at 10 a.m. ET to discuss those results.
The call will be hosted by Chief Executive Officer Thomas F. Hewitt and Chief Financial Officer Bruce Riggins. Stockholders and other interested parties may listen to a simultaneous webcast of the conference call on the Internet by logging onto Interstate's Web site, http://www.ihrco.com/, or http://www.streetevents.com/, or may call 800-547-5524, reference number 11126433. (International investors may call 303-262-2005.) A recording of the call will be available by telephone until midnight on Thursday, March 19, 2009, by dialing 800-405-2236, reference number 11126433. (International investors may call 303-590-3000.) A replay of the conference call will be posted on Interstate Hotels & Resorts' Web site through April 12, 2009.
Interstate Hotels & Resorts has ownership interests in 57 hotels and resorts, including seven wholly owned assets. Together with these properties, the company and its affiliates manage a total of 225 hospitality properties with more than 46,000 rooms in 37 states, the District of Columbia, Russia, Mexico, Belgium, Canada and Ireland. Interstate Hotels & Resorts also has contracts to manage 16 to be built hospitality properties with approximately 4,000 rooms. For more information about Interstate Hotels & Resorts, visit the company's Web site: http://www.ihrco.com/.
Contact: Bruce Riggins Chief Financial Officer (703) 387-3344
DATASOURCE: Interstate Hotels & Resorts
CONTACT: Bruce Riggins, Chief Financial Officer of Interstate Hotels &
Resorts, +1-703-387-3344
Web Site: http://www.ihrco.com/
Interstate Hotels & Resorts Implements Cost-Savings Program, Expected to Reduce Corporate Overhead by $13 Million
ARLINGTON, Va., Jan. 22 /PRNewswire-FirstCall/ -- Interstate Hotels & Resorts (NYSE:IHR), a leading hotel real estate investor and the nation's largest independent management company, today announced that it has completed implementation of a cost-savings program that is expected to reduce 2009 corporate overhead by $13 million. The plan was developed to help offset expected declining revenues in the current difficult economic climate.
"We are in the midst of one of the most challenging periods the hotel industry has ever experienced," said Thomas F. Hewitt, chief executive officer. "We had anticipated the industry downturn last spring and made appropriate adjustments to our business strategies during the course of 2008. With a negative industry RevPAR outlook for 2009 and persistent forecasts of a weak national economy, we believe it is prudent to take these additional steps."
Following a three-year hotel industry bull market that produced consistently rising RevPAR and profits, the hotel industry experienced a RevPAR decline in the third quarter of 2008, a trend that may continue until the second quarter of 2010, according to the consulting firm, PKF Hospitality Research. "The hotel industry has always closely paralleled the broader economy, and we have been seeing the kind of occupancy declines at most of our properties that accompany a recession," Hewitt said. "We expect negative travel trends to continue for the foreseeable future, a situation that prompted us to take these additional actions."
The company has undertaken the following measures: -- Eliminating 45 corporate positions, -- Pay reductions of up to 10 percent for senior management, -- Placing a freeze on merit increases for all corporate employees, -- Suspending the company match for 401(K) and non-qualified deferred compensation plans for 2009, -- Restructuring the corporate bonus plan, -- A 25 percent reduction in the annual fee for the company's board of directors, and -- Reducing all other corporate expenses, including advertising, travel, training, employee relations, etc.
The company expects all of these efforts combined will result in savings of at least $13 million in corporate overhead costs as compared to 2008.
"These steps reflect our commitment to reducing costs fairly and across all levels of the company," Hewitt added. "We remain committed to delivering the highest quality service at our properties, but we also are focused on the bottom line of our hotels. As a result, our properties have undertaken many of the same initiatives. Each hotel has a profit maximization plan and multiple contingency plans in place to respond quickly to economic and market conditions. We believe that these additional measures place us in a much stronger position to successfully ride out this downturn and emerge in a stronger competitive position when the economy recovers."
Interstate Hotels & Resorts to Manage Luxury Condo Hotel Resort in Costa Rica
Four-Star Condo Hotel Project Has Begun Pre-Construction Sales Process
ARLINGTON, Va., Jan. 26 /PRNewswire-FirstCall/ -- Interstate Hotels & Resorts (NYSE:IHR), a leading hotel real estate investor and the nation's largest independent management company, today announced that it has entered into a long-term contract to manage a to-be-developed, world-class luxury condo hotel resort and beach club in Manuel Antonio, Costa Rica. The project by Space Source Inc., owner and developer, is called Jade Condo Hotel Residences and Beach Club and will consist of 190 condo hotel residences coupled with 50 villas for sale. Construction is expected to begin this spring with a projected 2010 opening. The project will be managed by Interstate's Latin American affiliate, IHR de Mexico, and marks the company's entree into the vibrant Costa Rican market.
"The expansion of our international portfolio continues to be an important priority for us," said Thomas F. Hewitt, Interstate's chief executive officer. "With the formation of our Mexico-based management platform, we established a solid foundation for expanding our presence in Mexico and Latin America, regions where we see significant opportunities for growth. Space Source is a dynamic and innovative owner/developer, and we look forward to building on our relationship with them."
"Costa Rica is ranked as one of the top five tourist destinations in the world, and the eco-friendly area of Manuel Antonio offers an incredible setting for this project," said Leslie Ng, Interstate's chief investment officer. "The property is adjacent to a botanical garden and wildlife refuge, a mile away from the world-renowned Manuel Antonio National Park, and is surrounded by abundant wildlife and tropical rain forests. The town of Manuel Antonio offers quality dining and entertainment venues, and the area with all its natural assets appeals to families, couples and eco-tourists."
The $70 million resort project is being developed by Space Source Inc. of Grand Rapids, Mich. Interstate also operates the Crowne Plaza Charlotte, N.C. for Space Source. "Interstate was a compelling choice for a number of reasons," said Ken Long, Space Source vice president of acquisitions. "They are one of only a handful of hotel management companies that have experience in both condo hotels and resorts, as well as a demonstrated ability to operate properties internationally. They also have in place a strong network of local partners to work with who are familiar with the local markets and culture."
The resort development sits on approximately 7.5 acres in Manuel Antonio and offers rain forest and spectacular views of the Pacific coast. The condo hotel complex and private beach club will feature two on-site restaurants offering formal and casual dining, infinity-edge pools, multiple hot tubs, world-class spa, fitness center, open-air event pavilion, outdoor barbeque facilities, rain forest walking trails, state-of-the-art deep water marina less than three miles away and white sand beaches within one mile.
The property is 15 minutes from the Quepos regional airport, where 11, 20-minute flights from San Jose International Airport arrive daily.
"With this contract, we will add the seventh country to our expanding international portfolio, which also includes Russia, Mexico, India, Canada, Belgium and Ireland," Ng said. "Our international pipeline remains robust, and we are actively pursuing additional management and investment opportunities in all of these regions."
About Space Source Inc.
Space Source Inc., based in Grand Rapids, Mich., focuses exclusively on commercial/industrial real estate and development. The company has purchased, renovated, built, managed and/or sold more than 275 properties in the U.S., as well as internationally, and remains open to individuals who are interested in investing in commercial property transactions. For information about the Jade Condo Hotel Residences and Beach Club, visit http://www.jademanuelantonio.com/.
Interstate™ - A Top Hotel Management Company
Interstate Hotels & Resorts (NYSE: IHR) is the world's largest independent hotel management company, operating 226 hotels with approximately 46,500 rooms in 37 states, the District of Columbia, Belgium, Canada, Ireland, Mexico and Russia. Interstate also has contracts to manage 16 hotels under construction or development with nearly 4,000 rooms.¹ As a leading hotel real estate investor, Interstate has ownership interests in 57 of its managed hotels and resorts.
As a preferred hotel management company, Interstate consistently delivers results for hotel owners such as institutional real estate owners, high net worth investors, non-institutional ownership groups, privately held companies, and private equity funds.
With nearly 50 years of experience managing hotels, resorts and conference centers, Interstate is a proven choice among hotel management companies. Interstate combines extensive resources and experience with responsiveness and dexterity that allow its hotels to succeed in any marketplace and in any business cycle. To learn more, watch Interstate Hotels & Resorts' video.
¹As of January 22, 2009.
NYSE Move May Keep Some Companies From Being Delisted1-23-09 3:06 PM EST
http://news.morningstar.com/newsnet/viewnews.aspx?article=/dj/200901231506dowjonesdjonline000850_univ.xml
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NYSE
4501 North Fairfax Drive
Suite 500
Arlington, VA 22203
United States - Map
Phone: 703-387-3100
Fax: 703-387-3101
Web Site: http://www.ihrco.com/
DETAILS
Index Membership: N/A
Sector: Services
Industry: Lodging
Full Time Employees: 19,700
BUSINESS SUMMARY
Interstate™ - A Top Hotel Management
Interstate Hotels & Resorts, Inc., together with its subsidiaries, operates as a hotel real estate investor and operator. It operates in two segments, Hotel Ownership and Hotel Management. The Hotel Ownership segment includes wholly-owned hotels and joint venture investments in hotel properties. As of December 31, 2007, it owned 7 hotels with 2,045 rooms; and held non-controlling equity interests in 17 joint ventures, which owned or held ownership interests in 22 of its managed properties. The Hotel Management segment manages a portfolio of upscale, full-service and premium, and select-service hospitality properties. It also provides ancillary services in the hotel, resort, conference center, and golf markets, which include insurance and risk management placed through a licensed broker, purchasing and project management, information technology and telecommunications, and centralized accounting functions. As of December 31, 2007, Interstate Hotels & Resorts and its affiliates managed 191 hotel properties with 42,620 rooms, as well as a convention center, a conference center, a spa facility, and 2 laundry centers in 36 states, the District of Columbia, Russia, Mexico, Canada, Belgium, and Ireland. The company was founded in 1998 and is headquartered in Arlington, Virginia.
Latest Shares Outstanding | 31.8 | mil |
Float | 30.3 | mil |
http://phx.corporate-ir.net/phoenix.zhtml?c=103523&p=irol-newsArticle&ID=1265403&highlight=
Interstate Hotels & Resorts Receives Notice of Suspension of Trading from NYSE |
ARLINGTON, Va., March 11 /PRNewswire-FirstCall/ -- Interstate Hotels & Resorts (NYSE: IHR, to be traded over the counter under the ticker symbol: IHRI), a leading hotel real estate investor and the nation's largest independent hotel management company, today announced that it had received notice from the New York Stock Exchange that its common stock, under the ticker symbol IHR, will be suspended from trading prior to the market opening on March 12, 2009. According to the March 5, 2009 notice from the NYSE, the suspension is occurring because Interstate did not meet the continued listing standard requiring maintenance of a minimum $15 million market capitalization over a consecutive 30 trading day period. The company had previously announced on December 2, 2008, that it had failed to maintain the continued listing standard which requires a $1.00 minimum average closing price over a consecutive 30 trading day period. While the $1.00 minimum average requirement allows for a company to have a six-month cure period, there is no such period available for a failure to meet the minimum market capitalization requirement. The company will seek an appeal of the delisting determination as permitted by the NYSE though there are only limited solutions available. The company has not yet been notified as to the timing of the appeal process. Until the appeal is heard, Interstate will remain listed, but will not trade, on the NYSE. |
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