WICHITA, Kan. - Aug. 5, 1998 - Candlewood Hotel Company, Inc., owner,
developer, operator and franchisor of value-oriented, business extended-stay
hotels, announced today that it opened ten
new company-owned hotels and began construction on ten additional hotels
during the quarter ended June 30, 1998.
The company currently has a total of 34 corporate hotels open, 30 corporate
hotels under construction and is performing diligence with respect to 31
potential development sites under contract. The company also announced
it has signed another franchise agreement. At the end of the second quarter,
the Candlewood franchising program included five franchised hotels open
and five franchised hotels under construction.
"We are pleased with our second-quarter development results and remain
on track with our schedule for 1998," said Jack DeBoer, Candlewood chairman
and chief executive officer. "Our brand is really catching on among mid-market
business travelers, and we'll continue to expand in key markets to meet
their needs."
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Candlewood Hotel Company
2nd Quarter Company Development
Hotel Openings
Market
|
(number of suites)
|
Raleigh (Cary), NC |
81 |
Houston, Texas |
122 |
Detroit (Warren), Mich. |
122 |
Pittsburgh, Penn. |
123 |
Des Moines, Iowa |
98 |
Detroit (Auburn Hills), Mich. |
122 |
Chicago (Libertyville), Ill. |
122 |
Dallas/Ft. Worth (Irving), Texas |
117 |
Detroit (Troy), Mich. |
118 |
Austin, Texas |
125 |
Construction Starts
Dallas/Ft. Worth, Texas |
122 |
Atlanta (Duluth), Ga. |
122 |
Austin, Tex. |
122 |
Minneapolis (Richfield), Minn. |
134 |
Baltimore, Md. |
125 |
Chicago (Warrenville), Ill. |
122 |
Chicago (Waukegan), Ill. |
122 |
Philadelphia (Mt. Laurel), NJ |
123 |
St. Louis, Mo. |
122 |
Columbus, Ohio |
122 |
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. The
Candlewood Suites hotel system now has 34 corporate hotels and five franchised
hotels open, 30 corporate hotels and five franchised hotels under construction,
and 31 sites under contract in a total of 29 states. Candlewood Hotel Company,
Inc. is traded on the Nasdaq stock market system under the symbol CNDL.
Please Note: Except for historical information, this press
release contains forward-looking statements that involve risks and uncertainties,
including but not limited to 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.
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