Hotel Online Special Report
Weston Hotels  Properties, Inc. Receives Preliminary Funding Approval for $150-million Resort Hotel 
in Baja California, Mexico
SALT LAKE CITY, July 29, 1998 -  Weston Hotels Properties, Inc. (OTC Bulletin Board: WHNP) today announced that it has received preliminary funding approval for building a $150-million Weston Grand Resort Hotel and Conference center in Baja California, Mexico. This new resort area will include 450 rooms, an 18 hole championship golf course, retail and office complexes and vacation villas. Performance Funding Group in Salt Lake City has secured this pre-approval of funding through Kilpatrick and Hart LTD., in New Jersey. Completion of this funding is now awaiting the review and approval of the final construction drawings and budget plans.

This new resort construction is targeted to begin in the first quarter of 1999. Meanwhile, the expansion of the Company's Weston-Sherwood Hills resort and conference center situated on 1300 acres in the mountains near Logan, Utah is now underway. In this first phase of expansion construction the Company is building a 36,000 square foot Exhibit Hall for all the large scale conventions and conferences scheduled for Sherwood Hills beginning this fall. The new exhibition hall is being added to the resort to accommodate everything from large high-tech business exhibits to big farming, recreational, and educational displays.

The Company also plans to follow this Exhibit Hall construction at the Weston Sherwood Hills Resort with the expansion of its guest rooms and suites front its current total of 85 rooms to 445 rooms. Along with this, the conference facilities which are now 4,500 square feet are being expanded to 14,000 square feet, and will include a state-of-the-art, multi-media communications system. Some of the organizations which have given Weston- Sherwood Hills long term commitments or letters of interest for major convention use of the "expanded" resort include the LDS Church, Tupperware, Browning Arms, Utah State University, Tole Painters, The Simplot Corporation, Tyco Industries, and the Utah Management Team. The Salt Lake Olympic Committee is also using Sherwood Hills as a training site for the 2002 Olympic Games. This training will begin in 1998 and run through 2002 and beyond.

In other Company news, The CPA firm of Andersen, Andersen Strong, which is doing the audit of the Company's financial records, reports they should be completed and signed off with the audit in approximately three more weeks. Of course, this is a major milestone for the Company because with the audited financials the Company can register to be listed on the Nasdaq stock exchange, and can complete a larger public offering which is being negotiated right now to finalize the acquisition of 24 hotels the Company has agreements to purchase. In addition to this first phase of 24 hotel acquisitions, the Company is now proceeding with the due diligence process of acquiring approximately 30 more hotels now on line for acquisition in 1999. All of these properties will meet stringent standards of good income performance and quality maintenance to insure Weston Hotels' highest possible stability and profitability.

This announcement contains certain forward-looking statements. For this purpose, any statements contained in this announcement that are not statements of historical fact may be deemed to be forward-looking statements. These statements by their nature involve substantial risks and uncertainties, which actual results may differ materially depending on a variety of factors, including without limitation to the company's ability to produce and market products or services and other risks detailed from time to time in the company's regulatory reports and shareholder announcements.

Weston Hotels  Properties, Inc., 801-272-2802
Also See:
Mexico: Opportunities and Pitfalls in a Unique Hotel Market / JMBM / Aug 1997 

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