BridgeStreet Chicago Office Receives Third Consecutive ``CAMME'' Award from Chicagoland Apartment Association; Company Cited for Best Corporate Housing Program.

ARLINGTON, Va. -- BridgeStreet Worldwide, a leading international provider of corporate housing to business travelers, today announced that its Chicago office has received the prestigious CAMME Award from the Chicagoland Apartment Association (CAA) for the third consecutive year. BridgeStreet representatives credited the success of the Chicago office to the staff's "whatever it takes" attitude. The prize was presented at the 2004 Chicagoland Apartment Association (CAA) annual awards banquet at the Chicago Hilton and Towers in downtown Chicago.

"Winning this award in such a competitive and dynamic corporate housing market is a true testament to the great lengths our staff goes to ensure that our guests' corporate housing experience exceeds expectations," said H. Lee Curtis, BridgeStreet Worldwide president. "The Chicago market's win is even more gratifying when one considers that the office opened only three years ago."

This black-tie event, themed Festival of the Finest, was attended by more than 1,000 industry representatives and is the showcase event for the association of management and staff from apartment communities and corporate housing companies throughout the Chicago area.

Winners were selected by a group of more than 100 judges, who rated each candidate in a variety of categories, including marketing strategy, overall program design, services offered, implementation, results, professionalism, property design and how it reflects current trends, and guest satisfaction.

"Our 'whatever it takes' service ethic is an extension of BridgeStreet's new mission, called Corporate Housing Made Easy, that is transforming the corporate housing experience," said Kevin Killoren, BridgeStreet regional manager. "BridgeStreet is totally committed to delivering the industry's highest levels of service and to streamlining all aspects of the corporate housing stay."

BridgeStreet Chicago offers business and leisure travelers one-, two- and three-bedroom, fully furnished apartments in more than 40 downtown and suburban locations, with flexible lease terms ranging from one week to a month or longer.

BridgeStreet, a subsidiary of Interstate Hotels & Resorts, is one of the world's largest corporate housing providers. BridgeStreet and its network of Global Partners offer more than 8,700 corporate apartments located in 91 MSAs throughout the United States and internationally. BridgeStreet properties meet uncompromising standards of quality, comfort and service. For more information or to learn more about how BridgeStreet is Making Corporate Housing Easy, visit www.bridgestreet.com.

This press release contains "forward-looking statements," within the meaning of the Private Securities Litigation Reform Act of 1995, about Interstate Hotels & Resorts, including those statements regarding future operating results and the timing and composition of revenues, among others, and statements containing words such as "expects," "believes" or "will," which indicate that those statements are forward-looking. Except for historical information, the matters discussed in this press release are forward-looking statements that are subject to certain risks and uncertainties that could cause the actual results to differ materially, including the current slowdown of the national economy, economic conditions generally and the real estate market specifically, the impact of the events of September 11, 2001, governmental actions, legislative and regulatory changes, availability of debt and equity capital, interest rates, competition, supply and demand for lodging facilities in our current and proposed market areas, and the company's ability to manage integration and growth. Additional risks are discussed in Interstate Hotels & Resorts' filings with the Securities and Exchange Commission, including Interstate Hotels & Resorts' annual report on Form 10-K for the year ended December 31, 2002.