| SPRINGFIELD, Mo., March 23, 1999 - Missouri
developer John Q. Hammons today issued an announcement intended to clarify
any misunderstandings regarding current hotel development projects scheduled
for completion in 1999 and 2000. John Q. Hammons Hotels, Inc., a New York
Stock Exchange company (NYSE: JQH), will open six new upscale hotels in
the next 12 months. As stated in an announcement issued in September 1998,
upon completion of these six properties, the Company will suspend further
new developments in an effort to allow the Company to better enhance shareholder
value, increase earnings, and maximize the performance of existing hotels.
The public company's current projects include the Hampton Inn Suites
at Rodeo Arena in Mesquite, Texas (opening in April 1999); the Radisson
Resort Hotel Coral Springs, Fla., home of the Honda Classic (April 1999);
the Embassy Suites at Dallas/Ft. Worth International Airport, adjacent
to Bass Pro Shops Outdoor World (August 1999); the Renaissance Suites Hotel
in Charlotte, N.C. (September 1999); the Renaissance Oklahoma City Hotel
at Myriad Convention Center (February 2000) and the Embassy Suites Hotel
and Conference Center in North Charleston, S.C. (February 2000).
Hammons recently announced that he personally will build a 142-room
Courtyard Hotel by Marriott near the Springfield/Branson Regional Airport.
The hotel will open in January 2000.
Additionally, Hammons announced in January that he will begin building
five full-service upscale hotels in 1999: the 255-suite Embassy Suites
Lincoln, Neb.; the 250-suite Embassy Suites Nashville in Franklin, Tenn.;
the 330-room Renaissance Hotel Telecom Corridor in Richardson, Texas; the
250-suite Embassy Suites Outdoor World I-85 and Speedway Boulevard in Concord,
N.C.; and the 252-room Embassy Suites Albuquerque, N.M. All 12 new hotels
will be managed by John Q. Hammons Hotels, Inc. |
