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Royop Properties Announces
Opening of Four More Super 8 Motels
CALGARY, April 29, 1998 - Royop Properties Corporation (TSE:RYP)
today announced the recent opening of four new Super 8 Motels - in Alberta,
British Columbia and Ontario(2) - bringing to 54 the total number of Super
8 Motels open in Canada, with a total of 3,232 rooms nationwide.
The new motels, which were opened in March and April,
are located in Drayton Valley, Alberta, Sicamous, British Columbia, and
Kenora and London, Ontario. Royop has an ownership interest in the Drayton
Valley and Kenora
motels.
Royop also announced that its wholly-owned subsidiary
Royop Hospitality Corporation, has sold four new Super 8 Motel franchises,
and plans to develop a further two properties itself.
The new franchises are in Canmore, Alberta (93 rooms),
Stettler, Alberta (46 rooms), Kingston, Ontario (52 rooms) and Kirkland
Lake, Ontario (61 rooms). In addition to these, Royop announced it will
develop, and have an ownership interest in, two new Super 8 Motels in Alberta
- one in Nisku (60 rooms), the other in Calgary (85 rooms) which will be
located next to Shawnessy Towne Centre, Royop's new 560,000 square foot
retail centre now under construction in south Calgary.
Royop vice-chairman and chief executive officer, Gary
M. Samuel, said, ``With these new sales we now have 23 Super 8 Motel properties
under development comprising 1,439 rooms. When these are completed, there
will be 77 Super 8 Motels open in Canada with a total of 4,671 rooms.''
Royop receives an upfront fee for each new franchise sold,
and an ongoing royalty from each franchise based on a percentage of gross
revenue. Franchise agreements are generally for a term of 20 years.
Mr. Samuel said expansion of the franchise further strengthens
the ongoing revenue stream generated by the company's hotel operations.
``Demand for quality economy lodging continues to be high, and we expect
to have no trouble reaching our target of 100 Super 8 Motels in Canada
by the year 2000.''
Royop Properties Corporation is a real estate company
founded in June 1997. Royop develops, owns and manages commercial real
estate, primarily in western Canada, and develops, owns and franchises
hotel real estate, including ownership of the Canadian development rights
of Super 8 Motels and Wingate Inn. Royop is traded on The Toronto Stock
Exchange under the symbol RYP.
Contact:
Gary M. Samuel
Vice Chairman and CEO
Royop Properties Corporation
(416) 941-9095 Ext. 221 |
Parsippany,
N.J., May 6, 1998 � Super 8 Motels,
Inc. reported a strong first quarter and predicts a healthy year
for franchisees. North America�s fastest growing economy lodging chain
opened 37 new motels in the first quarter of 1998 in the U.S. and Canada.
Demand for economy motels in Canada has been particularly strong with four
new motels, bringing the total to 54 properties. Royop
Properties Corporation (TSE:RYP), which signed the first Super
8 Canadian master franchise license in 1992, also announced plans to build
23 motels over the next 18 months.