Americana Hotels and Realty Corp. Announces Stock Ditribution and Sale of Name.

BOSTON--(BUSINESS WIRE)--Sept. 30, 1997--Americana Hotels and Realty Corp. (NASDAQ:AHTC) today announced that it has entered into an agreement with ATX, Inc. pursuant to which on or about Jan. 5, 1998 Americana will distribute to its shareholders approximately one share of common stock of a new company to be formed by ATX for each 100 existing AHTC shares owned, and an investment group sponsored by ATX will purchase for $1,600,000, in cash, common stock representing approximately 70% of the new company. At that time, the new company will purchase certain rights to the name "Americana" and related trademarks and licenses from Americana Hotels & Realty Corp. for $300,000 in cash. The new company expects to quality as a real estate investment trust and become publicly traded.

Americana Hotels & Realty Corp. will be entitled to use its name while it continues to actively market its one remaining asset, the Canyon Hotel Property in Palm Springs, Calif., and thereby complete its formal Plan of Liquidation.

Mr. Ron Volkman, president of ATX, stated, "We are very pleased with the Americana board's decision to accept our offer. This agreement preserves its 1988 commitment that all proceeds from the Palm Springs liquidation will go to the stockholders of the present REIT, while also letting them participate with other investors in the business growth we project for the new REIT. This is a win all around as we bring the Americana name into the new century." Volkman served as a director of California Jockey Club (AMEX:CJ), contributing to its successful "reverse merger" with Patriot American Hospitality (NYSE:PAH) completed on July 1, 1997.

CONTACT: ATX, Inc.

Ronald J. Volkman, 214/559-2299

or

Americana Hotels and Realty Corp.

Sharon A. Zuk, 617/247-3358