|ATLANTA, Jan. 12, 1999 - Homestead Village Incorporated
(NYSE: HSD), a leading owner and operator of moderately priced, corporate
extended-stay lodging facilities, today announced the reorganization of
its financial staff and the resignation of its chief financial officer
(CFO), Robert C. Aldworth, effective January 8, 1999.
"Bob Aldworth has made significant contributions to the corporation during his tenure as CFO," said Michael D. Cryan, co-chairman and chief operating officer. "We wish him well in his future endeavors." Mr. Aldworth joined Homestead as its CFO in June 1997.
As part of the reorganization, Homestead has appointed Bryan J. Flanagan to the position of senior vice president and chief accounting officer.
Mr. Flanagan will be responsible for the company's accounting, budgeting and financial reporting functions. He has been Homestead's senior vice president and controller since June 1998. Previously, Mr. Flanagan was senior vice president of Security Capital Pacific Trust (now Archstone Communities), where he was responsible for accounting, financial reporting and budgeting.
In addition, Homestead has created a separate treasury function and is seeking an experienced executive for that position.
Homestead Village Incorporated is committed to creating significant shareholder value as a leading owner and operator of moderately priced, corporate extended-stay lodging properties throughout the United States. Homestead is focused on the corporate business traveler, and has developed a proprietary operating system to ensure its customers a consistent, high- quality, uniform lodging experience. The company's site selection program targets infill locations proximate to major business centers and convenient to services desired by its customers. Homestead seeks to build a national brand recognized and valued by its major corporate customers by concentrating on delivering high-quality service and product in strategic locations.
In addition to historical information, this press release contains forward-looking statements under the federal securities laws. These statements are based on current expectations, estimates and projections about the industry and markets in which Homestead operates, management's beliefs and assumptions made by management.
Forward-looking statements are not guarantees of future performance and involve certain risks and uncertainties which are difficult to predict. Actual operating results may be affected by changes in national and local economic conditions, competitive market conditions, changes in financial markets or interest rates that could adversely affect Homestead's cost of capital and its ability to meet its financing needs and obligations, weather, obtaining governmental approvals and meeting development schedules, and therefore, may differ materially from what is expressed or forecasted in this press release.
|Also See:||Homestead Village Reports 89% Increase in First Quarter EBDADT - Expanded Sales Force, Service Initiatives Drive Growth in Corporate Business / April 1998|