Thursday July 17th, 2014 - 12:48PM
ARLINGTON, VA—Interstate Hotels & Resorts today acquired the management agreements of Rim Hospitality and will create a Rim Hospitality division with a dedicated team based out of Rim’s Newport Beach, CA, headquarters to manage the acquired portfolio.
The acquisition adds nearly 70 high hotels with more than 10,600 rooms and includes brands from Marriott, Hilton and Starwood.
“Rim Hospitality brings a portfolio of high-quality independent and branded, full- and select-service hotels, outstanding operating talent and a diverse client base to Interstate,” stated Jim Abrahamson, Interstate's CEO.
Rim Hospitality has a portfolio that includes full- and select-service hotels across 10 states with a significant West Coast presence. Interstate will maintain the executive leadership of Russ Cox, Mark LeBlanc and Jeff Virgil, among other Rim executives.
"Interstate is committed to strengthening our presence on the West Coast, enriching services and focusing on success for our owners and client base in the region,” said Leslie Ng, chief investment officer of Interstate. “Maintaining and enhancing Rim’s leadership teams and executives for continuity and growth is an extremely important objective of Interstate.”
Russ Cox, who oversees all operations, sales and marketing and revenue management efforts for the divisional portfolio, will continue as EVP, reporting to Ted Knighton, Interstate’s president/COO; Mark LeBlanc will transition to EVP/development, reporting to Leslie Ng; and Jeff Virgil will continue in a senior finance role. Mark Burden, president/CEO and managing partner of Rim, will continue to be heavily involved in an advisory capacity.
"We are excited about joining the leader of our industry and having access to the resources and experience Interstate possesses, while still maintaining our core business principle of personalized service to all of our owners, regardless of the size of their portfolio,” said Burden. “Our team of seasoned hospitality professionals will be aided by the advanced systems Interstate has in human resources, purchasing, finance and IT, enabling them to focus more on driving revenues and profits for our owners."