Interstate elects representative of largest shareholder to board

By Lisa Kerner

Charlotte, N.C., Feb. 13 - Coliseum Capital Management, LLC managing partner and co-founder Christopher Shackelton was elected to the board of directors of Interstate Hotels & Resorts Inc. as a class II director on Thursday.

Shackelton's term will expire at the company's 2009 annual meeting when he will be eligible to stand for re-election, according to a form 8-K filed with the Securities and Exchange Commission.

Coliseum is Interstate's largest stockholder, owning approximately 3.7 million shares, or 12%, of the company's outstanding stock.

In connection with the election, Coliseum and Interstate entered into a standstill agreement, the filing said.

The investor agreed not to acquire additional shares of Interstate that would result in ownership of 35% or more of the company's outstanding common stock.

Coliseum also agreed not to support a tender or exchange offer, merger, acquisition or other business combination involving Interstate or its affiliates with approval of the company's board.

Interstate is a hotel real estate investor and operator based in Arlington, Va.

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