Hotel Online Special Report
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Candlewood Hotel Company Announces Second-Quarter
Development Results; 
Company On Schedule With '98 Expansion
 
 

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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Contact:
Candlewood Hotel Company, Inc.
Warren Fix, Chief Financial Officer
Gina-Lynne Scharoun, Vice-President - Franchising
 316/631-1300
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Also See:
A Closer Look at Life on the Road: Extended Stay Travelers Prefer More Space / Nov. 1997 
Survey Results of the Extended Stay Lodging Industry / Highland Group / March 1998 

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