| DES PLAINES, Ill., Sept. 3, 1998 - Amerihost Properties,
Inc. (Nasdaq: HOST) announced today that James B. Dale, the Company's Senior
Vice President of Finance and Corporate Controller, has been appointed
to succeed Russell J. Cerqua as the Company's Chief Financial Officer.
Mr. Cerqua will resign his positions as Chief Financial Officer, Secretary
and Treasurer effective Sept. 17, 1998. Mr. Cerqua has resigned to pursue
other opportunities in the computer-consulting field. Mr. Cerqua has served
the Company in various capacities for over 11 years. "Mr. Cerqua has been
an essential asset in controlling costs and helping to grow the Company.
Although we are sorry to see Mr. Cerqua resign as CFO, the Company will
continue to benefit from his knowledge and experience as a director of
the Company" said Michael P. Holtz, Amerihost Properties, Inc. President
and Chief Executive Officer.
Mr. Holtz said with respect to Mr. Dale, "Jim's technical and managerial
skills have far exceeded our expectations, and he has proven to be a great
asset to the Company. He has a tremendous work ethic and is well liked
by our partners, business associates, and other employees. We are confident
in his abilities to perform and fuel Amerihost's growth strategy." Mr.
Dale began his employment with Amerihost Properties, Inc. in May 1994 as
the Company's first Corporate Controller. He has been responsible for overseeing
all aspects of the Company's property and corporate accounting
departments, including preparation of all SEC financial reporting filings.
Prior to joining Amerihost, Mr. Dale served for nearly nine years as an
Audit Manager with BDO Seidman LLP, the Company's external auditors, with
experience in auditing, financial reporting and taxation. Mr. Dale is a
Certified Public Accountant and a member of the American Institute of Certified
Public Accountants and the Illinois CPA Society.
About Amerihost
Properties, Inc
| Mid-Priced Hotel Owner, Operator & Developer
Amerihost Properties, Inc. (Nasdaq/NM:HOST) based in DesPlaines, Illinois
is a mid-priced hotel development and ownership company that operates,
builds and manages AmeriHost Inn hotels. The Company develops hotel projects
for its own account as well as through joint ventures. As of April 1997,
the Company manages 46 AmeriHost Inn hotels in 13 states with an additional
16 under construction. In addition, the Company manages 28 hotels which
operate independently or under other mid-market national brand affiliations.
Amerihost has an ownership interest in 64 of the 74 hotels currently open
and in all 16 projects under construction.
Company Builds Proprietary Brand, AmeriHost Inn Hotels
Amerihost builds and manages its own proprietary brand, AmeriHost Inn
hotels. These 61-120 room hotels are built based on one of two Company
prototype designs. Using a prototype design ensures product consistency
throughout the chain, regardless of the hotel's location. This
way, guests know what to expect upon check in at any AmeriHost Inn hotel.
Since 1993, Amerihost's focus has been on the expansion of the chain.
In 1994, the Company started construction on a record 8 AmeriHost Inn hotels.
19 hotels were started in 1995, with 21 in1996. This momentum is expected
to continue as Amerihost plans to begin construction on 20-30 AmeriHost
Inn hotels in 1997. Favorable industry trends and as well as outstanding
operational results for the AmeriHost Inn product in smaller, growing communities
support the Company's aggressive growth plans for the AmeriHost Inn hotel
chain.
The Company intends to sell certain of its non-AmeriHost Inn hotels
to take advantage of attractive terms and as part of its plan to focus
the Company's hotel ownership primarily on AmeriHost Inn hotels. The Company
expects that the net proceeds of such sales, if and when completed, will
be used by the Company to develop additional AmeriHost Inn hotels.
Hotels Designed To Operate In Smaller Communities
Hotel locations, as well as sites targeted for future development, are
typically in secondary and tertiary markets outside major metropolitan
areas. Sites selected in these smaller communities have a demonstrated
need for hotel rooms, minimal competition and are not known to be targeted
for development by larger hotel companies. An active economic development
program is typically in place that suggests long-term growth potential
for lodging demand. Once opened, AmeriHost Inn hotels provide comfortable,
professionally-managed accommodations which have not previously been available
in these communities.
|
The statements appearing in this press release can be
construed to be forward-looking statements within the meaning of Section
27A of the Securities Act of 1934, as amended, and Section 21E of the Securities
Exchange Act of 1934, as amended. These statements are subject to risks
and uncertainties that could cause actual results to differ materially
from those set forth in the forward-looking statements, including without
limitation, risks relating to the development and operation of hotels,
the availability of capital to finance growth, and the historical cyclicality
of the lodging industry. |