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Article: Interstate Hotels & Resorts Implements Cost-Savings Program, Expected to Reduce Corporate Overhead by $13 Million.
- Article from:
- PR Newswire
- Article date:
- January 22, 2009
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ARLINGTON, Va., Jan. 22 /PRNewswire-FirstCall/ -- Interstate Hotels & Resorts , 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 ...