Hotel Online Special Report John Q. Hammons Hotels, Inc. Announces New Business Focus SPRINGFIELD, Mo., Sept. 10, 1998 – John Q. Hammons Hotels, Inc. (NYSE: JQH) has been the predominant developer of upscale, full-service hotels in recent years, adding 16 hotels (four per year) to its portfolio over a four-year period.
Currently, the Company has under construction five projects: Embassy Suites Hotel-DFW Airport; Marriott Renaissance Suites-Coliseum, Charlotte, N.C.; Marriott Renaissance Hotel in Oklahoma City; Hampton Inn Suites adjacent to the Rodeo Arena in Mesquite, Texas; and Radisson Plaza Resort Hotel in Coral Springs, Fla. Each of these development projects is scheduled for completion in 1999.
The Company’s rate of development has created tremendous value but has caused a significant impact on the earnings per share. Accordingly, the Company has determined that it is in its best interests to suspend future hotel development to allow the Company to better enhance shareholder value, increase earnings, and maximize the performance of existing hotels.
Publicly traded on the New York Stock Exchange since 1994, John Q. Hammons Hotels, Inc. is the nation’s leading independent builder, developer, owner and manager of upscale full-service hotels, resorts and suites including: Embassy Suites, Marriott, Radisson, Crowne Plaza, Hampton Inn Suites, Homewood Suites and Holiday Inn brands, as well as its own Plaza Hotel signature brand. The Springfield, Mo.-based company is the leading developer of new Embassy Suites hotels and is currently building the nation’s first two Marriott Renaissance hotels. John Q. Hammons Hotels, Inc. owns or manages 50 hotels in 21 states and employs more than 8,000 people.
Contact: Ken Weber Chief Financial Officer John Q. Hammons Hotels, Inc., 417-864-4300 Also See: John Q. Hammons Hotels’ Topeka Capitol Plaza Hotel Opens / Sept 1998 John Q. Hammons Hotels, Inc. Reports 2nd Qtr Occupancy was 64.9%, Down 2.8% from the 1997 2nd Qtr / ADR Up 12.9% / Aug 1998 Lodging and Gaming Stocks at Aug 31, 1998 / Ranked by % Gain