| WICHITA, Kan - Nov. 3, 1998--In a move to enhance operations
management and complement its expansion strategy, Candlewood Hotel Company,
Inc. (Nasdaq NM: CNDL), the nation's premier owner, manager, developer
and franchiser of value-oriented, business-travel hotels, has named H.
Steven Meadows as Vice President of Operations - Eastern Region. Meadows
will oversee all Candlewood Suites operations functions within the East
Coast, Southeast, and North Central Regions, as well as in Wichita.
"Steve Meadows brings to Candlewood the knowledge and insight accumulated during more than 26 years of impressive performance in the hospitality industry," says James E. Roos, Candlewood President and Chief Operating Officer. "He and his philosophy are ideal additions to the management team and will help us continue the strong performance we have already seen with the Candlewood brand." Meadows comes to Candlewood from Posadas USA, Inc. in Dallas, Texas, where he served as Vice President - Operations. Meadows will join James Korroch as Candlewood's roster of operations executives expands to two. Korroch is the company's Vice President of Operations - Western Region, which includes Texas, the Southwest, the West and the Midwest. "With a career encompassing every level of this business, from individual property management to corporate oversight, Steve has been thoroughly prepared to round out Candlewood's national operations team," Roos says. "It is time to recognize the great job Jim Korroch is doing, and realistically deal with the demands of our expansion." Candlewood Suites targets mid-market, extended-stay business travelers.
Room rates range from Please note: Except for historical information, this press release contains forward-looking statements that involve risks and uncertainties, including but not limited to projected closing of transactions, timing and management of growth, the competitive environment and other risk factors as detailed in the company's filing with the Securities and Exchange Commission. Actual results may differ materially from the management's expectations. |
$45
to $85 per night for studio suites and $75 to $115 per night for one-bedroom
suites depending on market location and length of stay. Candlewood Hotel
Company, Inc. was formed in late 1995 as a joint venture between Jack P.
DeBoer and the former Doubletree Corporation (now Promus Hotel Corporation).
DeBoer, who founded Residence Inns in the 1970s and co-founded Summerfield
Suites in the 1980s, is recognized within the hotel industry as the creator
of the extended-stay concept.