Interstate Hotels gets NYSE notice
Washington Business Journal - by Tierney Plumb Staff Reporter
Interstate Hotels & Resorts has received word from the New York Stock Exchange that its per-share closing price has not been meeting continued listing standards.
The Arlington-based hotel real estate investor (NYSE: IHR) said its stock price has fallen below the exchange’s price requirements for too long, according to a notice it received from the NYSE.
The largest independent management company in the U.S. has six months, subject to possible extension, to bring its 30-day average share price back above $1 apiece.
The company said it plans to notify the NYSE that it intends to cure the deficiency.
The company and its affiliates manage 227 hospitality properties in 37 states, D.C., Russia, Mexico, Belgium, Canada and Ireland.
Shares closed at $1 per share in Tuesday trading. About a year ago stock was trading nearly $4 more than that.
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