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Hotel Conversions to Augment Growth Ten Existing Properties Recently Re-opened or in Conversion -- |
MILWAUKEE, Wisc., May 15, 2001--Baymont Inns & Suites, a leading
mid-priced segment hotel brand, today announced that it will expand the
role of hotel conversions within the company�s five-year strategic plan
to grow the brand to approximately 500 hotels nationwide. The company
said that it has recently re-opened or is in the process of converting
10 properties to the Baymont brand. Currently, there are 180 Baymont
Inns & Suites open in 30 states and more than 25 under development.
�For the past few years, we have emphasized new construction,� said Dan Daniele, president Baymont Franchises International �Moving forward, we intend to selectively use conversions to accelerate our growth. �Our conversion package is adaptable to a wide array of hotel brands,� he noted. �Over the past several years, 10 properties from other hotel brands have successfully converted to the Baymont brand, but we have not formally pursued conversions as a separate growth opportunity. We now are targeting 10 to 15 percent of our growth to come from conversions.� Daniele said that Baymont seeks hotels that are 5 to 10 years old with more than 60 rooms. Room size must be a minimum of 12 feet by 17 feet, and bathrooms must include a tub/shower. Properties must have interior corridors, except certain beach locations, be ADA-compliant and have appropriate life safety equipment. Hotels with more than two stories must provide elevator service. Hotels must be architecturally adaptable to either Baymont�s Landmark or Sunrise prototypes. The company provides cost-effective architectural and engineering plans and specifications to assist owners. A typical conversion requires three to nine months, depending on remodeling needs. �As operators ourselves, Baymont understands the importance of quality design and appearance,� said Daniele. �Our range of conversion services includes extensive assistance in the areas of design, marketing and training.� Properties recently converted to the Baymont Inns & Suites brand include, Nashville, Tenn., Waupaca, Wis., Joplin, Mo., and Lexington, Ky. Properties currently undergoing conversion include Lake Ozark, Mo., Lawrence, Kan and North Aurora, Ill. Baymont Inns & Suites is owned, operated and franchised by the Milwaukee - based Marcus Corporation (NYSE: MCS), which comprises four divisions: mid-market, limited-service lodging, hotels/resorts, movie theaters and restaurants. In addition to more than 180 owned or franchised Baymont Inns & Suites, The Marcus Corporation operates seven Woodfield Suites in Illinois, Wisconsin, Colorado, Ohio and Texas, and operates hotels and/or resorts in Wisconsin, California, Minnesota and Missouri. Certain matters discussed in this press release are "forward-looking statements" intended to qualify for the safe harbors from liability established by the Private Securities Litigation Reform Act of 1995. |
www.baymontinns.com |