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(ARLINGTON, VA) - Interstate Hotels & Resorts, a leading hotel real estate investor and the nation's largest independent management company, has received notice from the New York Stock Exchange that its stock has fallen below one of the Exchange's continued listing standards for common stock.

A company statement says that standard requires a stock to maintain a minimum average closing price of $1.00 per share over 30 consecutive trading days.  

Interstate Hotels & Resorts, trading under the symbol of IHR, was trading today in the 95-cent-per-share range. The stock's 52-week high was $5.53; the low was 65 cents. Today's price was down 5% from yesterday.

Under NYSE rules, the company has a period of six months, to bring its 30-day average share price back above $1.00. The grace period could also be extended beyond six months.

The company's common stock will continue to be listed on the NYSE during the cure period, subject to compliance with other NYSE continued listing requirements, according to the Interstate Hotels statement.

The company plans to notify the NYSE that it intends to cure the deficiency.  During this six-month cure period, the NYSE will assign a ".BC" to the company's ticker symbol, indicating the company is below the continued listing criteria.

Thomas F. Hewitt

Thomas F. Hewitt is the company's CEO. 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 227 hospitality properties with approximately 46,500 rooms in 37 states, the District of Columbia, Russia, Mexico, Belgium, Canada and Ireland.

Interstate Hotels & Resorts also has contracts to manage 17 to be built hospitality properties with approximately 4,300 rooms.

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