Americana Hotels and Realty announces 1996 year-end financial results.

BOSTON--(BUSINESS WIRE)--April 16, 1997-- Americana Hotels and Realty Corp. (NASDAQ-"AHTC") today announced a net loss of $5,092,000 or $.78 per share after an addition of $5,777,000 to the Loss Reserve for the year ended Dec. 31, 1996. This compares to a net loss of $282,000 or $.04 per share for 1995 after a provision of $1.1 million to the Loss Reserve.

Mr. Bigelow, president of the corporation, noted that the corporation has only one remaining investment, The Canyon Resort and Golf Course in Palm Springs, Calif. This investment had been under contract for several years but the potential purchaser had been unable to consummate his financing plan. At year end, the corporation had the property appraised and, as a result of that appraisal, added $5,770,000 to the reserve for investment losses to better reflect the current market value of this investment.

It was also reported that the Annual Report and Forum 10-K will be distributed on April 18, 1997 and the Annual Meeting will be held on Tues., May 20, 1997 at The Four Seasons Hotel in Boston.

                        FINANCIAL RESULTS
                                       Year Ended Dec. 31
                                      1996            1995

Revenues                          $  706,000      $2,053,000
Expenses, Net                         28,000       1,235,000
Provision for Investment Losses    5,770,000       1,100,000
Net Loss                         $(5,092,000)      $(282,000)
Net Loss Per Share                     $(.78)          $(.04)
Average Shares Outstanding         6,524,000       6,524,000

Americana Hotels and Realty Corp. is a Real Estate Investment Trust which is currently operating under a Plan of Disposition of Assets and Liquidation approved by stockholders in 1988.

CONTACT: Americana Hotels and Realty Corp.

Sharon A. Zuk, [phone]