WICHITA, Kan - Oct. 27, 1998-- Candlewood Hotel Company,
Inc. (Nasdaq NM:CNDL) celebrates this month the opening of its 50th property,
underscoring its position as the nation's premier owner, developer, manager
and franchisor of value-oriented, business-travel hotels.
The Wichita, Kansas-based company now has a system-wide total of 75
hotels open or under construction
in 29 states. The event will be observed company-wide on Oct. 27. Jack
DeBoer, Chairman and Chief Executive Officer of Candlewood, sees the 50th
opening, in Somerset, New Jersey, as a milestone on his organization's
road to continued expansion. "We are right on track with our development
plans for 1998, and this opening is an occasion to celebrate as we look
forward to 1999," DeBoer says. "The Candlewood Suites concept - unsurpassed
quality and exceptional value - wins positive word-of-mouth among our guests,
and that leads to high repeat demand."
DeBoer notes that guests consistently rate Candlewood's value equal
to or better than other competing hotels, extended-stay or otherwise. "This
level of guest satisfaction is key to our approach to nationwide expansion."
Candlewood President and Chief Operating Officer James E. Roos, believes
that guest satisfaction is one of many characteristics that sets Candlewood
Hotel Company apart as an industry leader. "The business traveler's wholehearted
endorsement of Candlewood's staff and services energizes our commitment
and confirms our strategy for the future."
Candlewood targets mid-market, extended-stay business travelers. Room
rates range from $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 DeBoer and the former Doubletree Corporation (now
Promus Hotel Corporation). DeBoer, who founded Residence Inns in the 1970s,
is recognized in the hotel industry as the creator of the extended-stay
concept. |