"Steve Meadows brings to Candlewood the knowledge and insight accumulated
during more than 26 years of impressive performance in the hospitality
industry," says James E. Roos, Candlewood President and Chief Operating
Officer. "He and his philosophy are ideal additions to the management team
and will help us continue the strong performance we have already seen with
the Candlewood brand."
Meadows comes to Candlewood from Posadas USA, Inc. in Dallas, Texas,
where he served as Vice President - Operations. Meadows will join James
Korroch as Candlewood's roster of operations executives expands to two.
Korroch is the company's Vice President of Operations - Western Region,
which includes Texas, the Southwest, the West and the Midwest.
"With a career encompassing every level of this business, from individual
property management to corporate oversight, Steve has been thoroughly prepared
to round out Candlewood's national operations team," Roos says. "It is
time to recognize the great job Jim Korroch is doing, and realistically
deal with the demands of our expansion."
Candlewood Suites targets mid-market, extended-stay business travelers.
Room rates range from $45
to $85 per night for studio suites and $75 to $115 per night for one-bedroom
suites depending on market location and length of stay. Candlewood Hotel
Company, Inc. was formed in late 1995 as a joint venture between Jack P.
DeBoer and the former Doubletree Corporation (now Promus Hotel Corporation).
DeBoer, who founded Residence Inns in the 1970s and co-founded Summerfield
Suites in the 1980s, is recognized within the hotel industry as the creator
of the extended-stay concept.
Please note: Except for historical information, this press
release contains forward-looking statements that involve risks and uncertainties,
including but not limited to projected closing of transactions, 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.