BridgeStreet Acquires London Corporate-Lodging Company; Sets Stage for European Expansion.CLEVELAND--(BUSINESS WIRE)--Feb. 19, 1998-- Highlights -- First international acquisition -- Gateway to Europe Europe (y  r`əp), 6th largest continent, c.4,000,000 sq mi (10,360,000 sq km) including adjacent islands (1992 est. pop. 512,000,000).
-- Upscale properties throughout London London, city, Canada London, city (1991 pop. 303,165), SE Ont., Canada, on the Thames River. The site was chosen in 1792 by Governor Simcoe to be the capital of Upper Canada, but York was made capital instead. London was settled in 1826. -- Annual sales in excess of $10 million BridgeStreet Accommodations, Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :BEDS) today announced the acquisition of a leading corporate-lodging company in London, setting the stage for further expansion in Europe. "The purchase of London Life Apartments strongly positions us in one of the world's top business destinations and is our gateway to the continent -- a giant step toward our goal of becoming the premier provider of corporate apartments," said William William, crown prince of Germany William or Frederick William, 1882–1951, crown prince of Germany, son of William II. In World War I he commanded (1914) an army on the Western Front and was nominal commander in the German attack N. Hulett
The Hulett automatic ore unloader was invented by George Hulett of Ohio in the late 1800s; he received a patent for his invention in 1898. , BridgeStreet's president and chief executive officer. "This major move represents a tremendous opportunity for our current customers while introducing BridgeStreet to a significant source of overseas business for its rapidly growing roster of properties in the U.S." He said the newly acquired units located throughout London offer an appealing, value-added alternative to the city's high hotel rates. James Koe, formerly a principal of London Life Apartments, has been named president of BridgeStreet U.K. and will focus on further U.K. and European European emanating from or pertaining to Europe. European bat lyssavirus see lyssavirus. European beech tree fagussylvaticus. European blastomycosis see cryptococcosis. expansion for BridgeStreet. Samantha Luff luff n. 1. a. The act of sailing closer into the wind. b. The forward side of a fore-and-aft sail. 2. Archaic The fullest part of the bow of a ship. v. , also a former principal of London Life Apartments, will become the general manager of BridgeStreet-London. Hulett noted that the company's European growth focuses on acquisitions of existing companies providing high-quality accommodations consistent with BridgeStreet's reputation for superior facilities and services, as well as new operations in selected cities. In addition to major markets in the U.S. and Europe, its aggressive expansion program also targets Canada and Asia. BridgeStreet offers upscale, fully furnished fur·nish tr.v. fur·nished, fur·nish·ing, fur·nish·es 1. To equip with what is needed, especially to provide furniture for. 2. apartments, townhouses and condominiums primarily for business travelers and relocating corporate executives who need lodging Lodging or holiday accommodation is a type of accommodation. People who travel and stay away from home for more than a day need lodging mainly for sleeping. Other purposes are safety, shelter from cold and rain, having a place to store luggage and being able to take a for one night up to several months or more. A typical unit is considerably larger and its cost per night considerably lower than traditional and extended-stay hotels. The company's diverse customer base centers on Fortune 2000 corporations, professional firms, professional athletes and travel-wise individuals. BridgeStreet's toll-free number is 1-800-BSTREET for calls from anywhere in the U.S. or Canada. The company intends to add toll-free reservation service in selected European countries in the near future. -0- This release contains forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. which involve risks and uncertainties. The Company's actual results may differ significantly from results discussed in the forward-looking statements due to a number of important factors, including, but not limited to, the Company's planned rapid expansion, risks related to acquisition financing, dependence on third parties, market acceptance of the Company's brand name, and factors affecting travel. These factors are more fully discussed in the Company's Registration Statement on Form S-4 filed with the Securities and Exchange Commission (File No. 333-39187). For further information contact: Mark D. Gagne, Chief Financial Officer, (440) 248-3005 CONTACT: BridgeStreet Accommodations, Inc. Mark D. Gagne, 440/248-3005 www.bridgest.com |
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