COLUMBUS, Ohio, Oct. 8, 1998 - Red Roof Inns, Inc.
(NYSE: RRI) today announced the appointment of David L. Rea, 38, to the
position of executive vice president, chief financial officer and treasurer
replacing David N. Chichester who resigned to pursue other interests. Mr.
Chichester has also resigned as a member of the company's Board of Directors.
The board vacancy will not be filled at this time. Mr. Chichester will
serve as a consultant to the company through the end of 1998.
Mr. Rea, who until this promotion served as the company's senior vice
president - treasurer, joined the company in 1996. He will be responsible
for all of the financial functions of the company. Rea joined Red Roof
Inns from DeBartolo Properties Management, Inc. where he was vice president,
finance.
Prior to DeBartolo, Rea held management positions with T. Rowe Price
Associates, serving most recently
as vice president responsible for public real estate and private equity
investments. He graduated in 1982 with a bachelor of arts degree from Colgate
University and earned a master's of business administration from The Amos
Tuck School of Business Administration at Dartmouth College in 1986. Rea
is a Chartered Financial Analyst.
Red Roof Inns, Inc. (NYSE: RRI) is one of the leading economy lodging
chains in the U.S. With more than 270 properties and over 32,000 rooms
in 36 states and the District of Columbia, Red Roof Inns offers business
and leisure travelers exceptional value in price, quality and convenience.
With one of the highest system-wide occupancy rates in the industry, Red
Roof Inns is expanding its operations through franchising, strategic partnerships
and developing company-owned Inns in unique, high-visibility areas. |