CLEVELAND - June 18, 1998--BridgeStreet Accommodations, Inc. (NASDAQ:BEDS) today announced its first California acquisition, securing a significant presence in Silicon Valley and culminating a coast-to-coast expansion for the company. Gracious Corporate Lodging, based in Santa Clara, California with operations in Austin, Texas provides furnished apartments for business travelers and relocating executives in the Silicon Valley area. This acquisition enables BridgeStreet to offer accommodations in several new markets including Santa Clara, Campbell, Cupertino, Foster City, Fremont, Mountain View, Palo Alto, Redwood Shores, Salinas, San Jose and Sunnyvale.
Commenting on the acquisition, Mark D. Gagne, chief financial officer said, "Bringing the BridgeStreet brand to the nation's leading high technology corridor positions us for further expansion in California and elsewhere on the West Coast. This is our ninth acquisition in the past nine months, which is in line with our plan to aggressively acquire profitable operations in key customer demand markets. We continue to strive toward our goal of becoming the world's premier provider of flexible accommodation services."
BridgeStreet offers upscale, fully furnished apartments, townhouses
and condominiums primarily for business travelers and
relocating corporate executives who need lodging for one night up to several months or more. A typical unit is considerably larger and its cost per night considerably lower than traditional and extended-stay hotels. The company's diverse customer base centers on Fortune 2000 corporations, professional firms, professional athletes and travel-wise individuals.
BridgeStreet's toll-free number is 1-800-B-STREET for calls from the U.S. or Canada. The company intends to add toll-free reservation service in selected European countries in the near future.
This release contains forward-looking statements which involve risks
and uncertainties. The company's actual results may differ
significantly from results discussed in the forward-looking statements due to a number of important factors, including, but not limited to, the company's planned rapid expansion, risks related to acquisition financing, dependence on third parties, market acceptance of the company's brand name, and factors affecting travel. These factors are more fully discussed in the company's Registration Statement on Form S-4 filed with the Securities and Exchange Commission (File No. 333-39187).