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Article: Interstate Hotels & Resorts Announces Stock Repurchase Program.
- Article from:
- Business Wire
- Article date:
- October 3, 2002
CopyrightCOPYRIGHT 2002 Business Wire. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Business Editors
WASHINGTON--(BUSINESS WIRE)--Oct. 3, 2002
Interstate Hotels & Resorts (NYSE: IHR), the nation's largest independent hotel management company, today announced that its board of directors has authorized the repurchase of up to $5 million of its shares, representing approximately 6 percent of outstanding common shares and equivalents based on the current stock price.
Purchases would be made from time to time in the open market or privately negotiated transactions.
"The company believes its shares are attractively priced at current levels, trading at approximately five times 2003 projected EBITDA," said John Emery, ...