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�We think this program has the potential to propel Knights into an unique position in the budget segment of the industry,� said Gokal. �Modernizing our properties on both an aesthetic and functional level will enable Knights to continue attracting guests who are seeking a clean, comfortable lodging experience. The program is just what we need to fulfill our three prong strategy to prepare for the new millennium.�
The new program was developed to assist franchisees that would otherwise have limited resources for extensive renovations and responds to franchisee requests for assistance with obtaining renovation financing.
�Cendant�s commitment to its franchisees is our No. 1 priority, and we need to reinvest in our brands,� said John Russell, Chairman and CEO of Cendant Hotel Division. �The synergistic benefits of belonging to an organization such as Cendant are invaluable. By assisting franchisees in enhancing their properties, we are demonstrating to our guests that Knights is a brand committed to the future.�
Loans, which can be used for exterior and/or interior renovations and signage, will be capped at $100,000 per property. The interest rate will be set at four percent, and loan amounts will be repayable over a three-year term. All renovations must be completed by October 31, 1999.
The loan program is an outgrowth of Gokal�s philosophy that chains must
be willing to listen to their franchisees, understand their needs and provide
the vision and actions necessary for long-term success. The
President insists that the second prong of focus for Knights Inn is on
consistently providing �customized service� to both its franchisees and
guests. Gokal�s vision is fueled by his central business philosophy
that success in the hospitality industry comes not only from product delivery
-- it must also accompany superior service delivery. Knights Inn
is one of the first brands in the budget segment to place a major emphasis
on guest service.
�Vision, excitement and a new era of stability and service are growing
the Knights� system,� said Govind Patel, Chairman of the Knights Inn Kourt,
the chain�s franchisee advisory Board. �We are happy to see the benefits
of franchising under the Cendant umbrella.�
The third element in Knights Inn�s formula for success is embracing technology. The brand�s fully integrated, comprehensive property management system, the new Knightline 2020, is a critical element in Gokal�s plan for providing operating efficiencies and more customized service to Knight Inn franchisees. The enhanced system, made available to Knights Inn franchisees at no cost as a member of the Cendant family of hotel companies, also gives Knights Inn owners the ability to direct market, forecast and track guest preferences.
�Looking toward the year 2000 and beyond, Knights is committed to total satisfaction -- of its franchisees, employees and guests,� said Gokal. �With the development of a basic, but contemporary Knights Inn room, backed by great guest service and new technology, the chain is ready for the guest of tomorrow.�
Knights Franchise Systems, Inc. is a budget lodging chain of more than 200 franchised properties in the United States and Canada. Knights Franchise Systems is a subsidiary of Cendant Corporation (NYSE:CD). For reservations or further information, the toll-free number is 1-800-843-5644 (1-800-THE KNIGHTS).
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