"This is an opportune time for us to use our available resources to consolidate the ownership of our hotels, and position the company for additional growth," said Hardage.

Privately held Hardage Suite Hotels owns and operates eighteen all-suite luxury hotels, comprising 2,328 suites, throughout the United States.  The hotels, trading as Woodfin Suite Hotels and Chase Suites by Woodfin, are managed by San Diego-based Woodfin Suite Hotels.

Woodfin, which reported sales of $62,000,000 in 2001, is expecting revenues in 2002 to exceed $66,000,000.  The company is currently developing Woodfin Suite Hotels in Marina del Rey, California; Austin, Texas and Schaumburg, Illinois; and a Chase Suite Hotel in El Paso, Texas.

�This consolidation of ownership will accelerate the company�s expansion plans and we are now actively seeking acquisition candidates.  We have initiated a new joint venture/brand affiliation program designed to encourage independent hotel developers and equity-oriented, passive hotel investors to consider our Woodfin and Chase brands for their existing and planned projects.  This joint venture/brand affiliation program clearly aligns our economic interests with those of investors,� Hardage said.

Woodfin Suite Hotels are upscale, all-suite hotels designed to appeal to corporate business travelers who typically stay at traditional, full-service hotels.  The Woodfin Suite product and its complement of selected guest amenities has become highly valued and sought after by today's business traveler.  Woodfin Suites are spacious, well appointed, one or two bedroom accommodations which include a large living and working area; separate bedroom with double French-door entries; full bathroom; fully equipped kitchen facilities including china, full-size range and oven, dishwasher, full-size refrigerator and microwave and often include wood-burning fireplaces.   
Chase Suite Hotels are mid-priced, all-suite, limited service hotels. Most offer full-size, fully equipped kitchens, separate living areas, and a choice of studio or two-bedroom floor plans.  Some offer wood burning fireplaces.  The Chase Suite Hotel in Fullerton, California is unique in that it offers a Jacuzzi in every suite.