Article: Interstate Hotels & Resorts and Northridge Capital Form $400 Million Acquisition Fund; Interstate to Manage All Acquired Properties.

Business Editors/Real Estate Writers

WASHINGTON--(BUSINESS WIRE)--May 30, 2003

Interstate Hotels & Resorts (NYSE:IHR), the nation's largest independent hotel management company, and Northridge Capital, Inc., today announced that they had formed a hospitality fund to acquire up to $400 million of hotel assets.

Washington, D.C.-based Northridge Capital is a private real estate investment company with a total current real estate portfolio valued in excess of $300 million. Interstate will operate all of the acquired properties.

The fund will target upscale, full-service and selected premium-branded, limited-service properties in key urban ...

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