Jorns officially joined the firm five years ago via a corporate merger. In his new position, he will take control of property acquisitions, and will also oversee joint venture endeavors.

"Steve Jorns' track record in acquiring quality properties, together with his extensive industry contacts, gives us an exceptional resource to respond quickly to opportunities as the industry and economy begin to rebound," says Interstate chairman and CEO Paul W. Whetsell.

The company plans to get in on the ground floor before hotel properties become hot again. "We believe that the industry is at or near the bottom of the cycle, creating opportunities to acquire hotels and obtain new management contracts," Whetsell explains. "We plan to be an active acquirer, primarily through joint ventures. Over the next two years, we intend to invest in several projects with various joint venture partners."