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IMIC Hotels history
IMIC Hotels company history timeline
MeriStar was the latest incarnation of a company that had begun business in 1987 as LCP Hotels, a company that specialized in managing distressed hotels--that is, hotels not profitable enough to make payments on the loans used to build them.
The company develops its 16th Marriott-branded property, the Pittsburgh Marriott Airport in Pennsylvania, which opens in 1987.
By 1995, it had 150 management contracts with Marriott and other hotel brands and net income of $15.8 million on double the revenue of its closest competitor, Carnival Resorts and Hotels.
Five months later, in 1999, after Marriott Hotels International fought the acquisition, saying the deal violated its franchise agreement with Interstate, Patriot spun the management end of the company off as Interstate Hotel Corporation.
2000: Interstate enters into a joint venture with a private affiliate of Lehman Brothers Inc.
A month later, FelCor Lodging Trust Inc., a Texas real estate investment trust, announced its intention to buy out MeriStar Hospitality for $2.7 billion in cash and stocks, but after September 11, 2001, the companies called off the deal.
Also in July 2002, it increased its focus on online communication through its IT subsidiary, NetEffect, which it had launched in May 2002 to provide technology consulting, project management, hardware acquisition, e-marketing, and other Internet-based services to its management clients.
According to the Washington Post in a 2002 article, investors found the companies more attractive as separate entities in part because the real estate investment trust paid out dividends to shareholders.
Interstate is selected to manage the first Hilton-branded hotel in Moscow, the Hilton Leningradskaya, which re-opens in 2008 after extensive renovations.
In 2011, Interstate transitioned 171 hotels, growing its portfolio by 60% and by year-end, the company operated and/or owned 387 hotels.
Interstate named to manage J Hotel, located in the under-construction Shanghai Tower, anticipated to be the highest hotel upon opening in late 2014.
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IMIC Hotels competitors
| Company name | Founded date | Revenue | Employee size | Job openings |
|---|---|---|---|---|
| Pinnacle Hotel Management | 1997 | $62.0M | 750 | 1 |
| Hospitality Ventures Management Group | 2000 | $100.0M | 3,000 | - |
| Hotel Equities | 1989 | $310.0M | 3,000 | 425 |
| Associated Hotels | 2006 | $150.0M | 600 | - |
| The Hotel Group | 1984 | $260.0M | 35,330 | - |
| Remington Hotels | 1992 | $360.0M | 3,318 | 435 |
| Prime Hospitality Corp. | 1968 | $4.3M | 50 | - |
| Charlestowne Hotels | 1980 | $13.0M | 500 | - |
| Island Hospitality | 1986 | $53.0M | 350 | 238 |
| Dunn Hospitality Group | - | $3.5M | 60 | - |
IMIC Hotels history FAQs
Zippia gives an in-depth look into the details of IMIC Hotels, including salaries, political affiliations, employee data, and more, in order to inform job seekers about IMIC Hotels. The employee data is based on information from people who have self-reported their past or current employments at IMIC Hotels. The data on this page is also based on data sources collected from public and open data sources on the Internet and other locations, as well as proprietary data we licensed from other companies. Sources of data may include, but are not limited to, the BLS, company filings, estimates based on those filings, H1B filings, and other public and private datasets. While we have made attempts to ensure that the information displayed are correct, Zippia is not responsible for any errors or omissions or for the results obtained from the use of this information. None of the information on this page has been provided or approved by IMIC Hotels. The data presented on this page does not represent the view of IMIC Hotels and its employees or that of Zippia.
IMIC Hotels may also be known as or be related to IMIC Hotels, INTERSTATE MANAGEMENT AND IN, Interstate Management & Investment, Interstate Management & Investment Corp, Interstate Management & Investment Corp. and Interstate Management & Investment Corporation.