SALT LAKE CITY, July 29, 1998 - Weston Hotels Properties,
Inc. (OTC Bulletin Board: WHNP) today announced that it has received preliminary
funding approval for building a $150-million Weston Grand Resort Hotel
and Conference center in Baja California, Mexico. This new resort area
will include 450 rooms, an 18 hole championship golf course, retail and
office complexes and vacation villas. Performance Funding Group in Salt
Lake City has secured this pre-approval of funding through Kilpatrick and
Hart LTD., in New Jersey. Completion of this funding is now awaiting the
review and approval of the final construction drawings and budget plans.
This new resort construction is targeted to begin in the first quarter
of 1999. Meanwhile, the expansion of the Company's Weston-Sherwood Hills
resort and conference center situated on 1300 acres in the mountains near
Logan, Utah is now underway. In this first phase of expansion construction
the Company is building a 36,000 square foot Exhibit Hall for all the large
scale conventions and conferences scheduled for Sherwood Hills beginning
this fall. The new exhibition hall is being added to the resort to accommodate
everything from large high-tech business exhibits to big farming, recreational,
and educational displays.
The Company also plans to follow this Exhibit Hall construction at the
Weston Sherwood Hills Resort with the expansion of its guest rooms and
suites front its current total of 85 rooms to 445 rooms. Along with this,
the conference facilities which are now 4,500 square feet are being expanded
to 14,000 square feet, and will include a state-of-the-art, multi-media
communications system. Some of the organizations which have given Weston-
Sherwood Hills long term commitments or letters of interest for major convention
use of the "expanded" resort include the LDS Church, Tupperware, Browning
Arms, Utah State University, Tole Painters, The Simplot Corporation, Tyco
Industries, and the Utah Management Team. The Salt Lake Olympic Committee
is also using Sherwood Hills as a training site for the 2002 Olympic Games.
This training will begin in 1998 and run through 2002 and beyond.
In other Company news, The CPA firm of Andersen, Andersen Strong, which
is doing the audit of the Company's financial records, reports they should
be completed and signed off with the audit in approximately three more
weeks. Of course, this is a major milestone for the Company because with
the audited financials the Company can register to be listed on the Nasdaq
stock exchange, and can complete a larger public offering which is being
negotiated right now to finalize the acquisition of 24 hotels the Company
has agreements to purchase. In addition to this first phase of 24 hotel
acquisitions, the Company is now proceeding with the due diligence process
of acquiring approximately 30 more hotels now on line for acquisition in
1999. All of these properties will meet stringent standards of good income
performance and quality maintenance to insure Weston Hotels' highest possible
stability and profitability.
This announcement contains certain forward-looking statements. For this
purpose, any statements contained in this announcement that are not statements
of historical fact may be deemed to be forward-looking statements. These
statements by their nature involve substantial risks and uncertainties,
which actual results may differ materially depending on a variety of factors,
including without limitation to the company's ability to produce and market
products or services and other risks detailed from time to time in the
company's regulatory reports and shareholder announcements. |