Candlewood Hotel Company Announces First Quarter 1998 Development Results; Company ahead of internal development schedule for 98.WICHITA, Kan.--(BUSINESS WIRE)--May 5, 1998--Candlewood Hotel Company, Inc., owner, developer and franchisor of value-oriented, business extended-stay hotels, announced today that it opened two new company-owned hotels and began construction on ten additional hotels during the quarter ended March 31, 1998. In addition, since the beginning of the second quarter, Candlewood can·dle·wood n. 1. Any of several trees or shrubs yielding a usually resinous wood. 2. The wood of such a plant, burned for light or fuel. 3. The ocotillo. Noun 1. has opened four hotels. The company now has a total of 27 corporate hotels open. In addition, the company has 29 corporate hotels under construction and is performing diligence with respect to 34 potential development sites under contract. Candlewood franchisees opened two new hotels and began construction on one new property in the first quarter. In addition, the company signed two new franchise agreements. At the end of the first quarter, the Candlewood franchising program included five franchised hotels open and five franchised hotels under construction. "We are pleased to have exceeded our internal development goals for the first quarter and are off to a very promising start with our development schedule for 1998," said Jack DeBoer, Candlewood chairman and chief executive officer. "We are excited about our growing nationwide presence, which will further establish Candlewood as the leading extended-stay brand serving mid-market business travelers." First Quarter Development Highlights The following two company-owned hotels were opened: a 122-suite property in Tempe, Ariz. and a 98-suite property in Ft. Worth, Tex. Construction began on the following ten new company-owned hotels: a 122-suite property in Dallas (Plano), Tex.; a 122-suite property in Denver (Lakewood), Colo.; a 134-suite property in Boston (Braintree), Mass.; a 122-suite property in Dallas, Tex.; a 122-suite property in Ann Arbor Ann Arbor, city (1990 pop. 109,592), seat of Washtenaw co., S Mich., on the Huron River; inc. 1851. It is a research and educational center, with a large number of government and industrial research and development firms, many in high-technology fields such as , Mich.; a 122-suite property in Greensboro, North Carolina “Greensboro” redirects here. For other uses, see Greensboro (disambiguation). Greensboro, North Carolina (IPA: [ɡɹiːnsbʌɹəʊ]) is a city in the U.S. state of North Carolina. ; a 123-suite property in Orlando (Altamonte Springs Al·ta·monte Springs A city of east-central Florida, a residential suburb of Orlando. Population: 40,900. ), Fla.; a 105-suite property in Clearwater, Fla.; a 122-suite property in Chicago (Schaumburg), Ill.; and a 133-suite property in Orange County (Garden Grove Garden Grove, city (1990 pop. 143,050), Orange co., S Calif., a suburb of Long Beach and Los Angeles, on the Santa Ana River; founded 1877, inc. 1956. Many of its residents work in nearby aerospace and defense installations, and there is light manufacturing. ), Calif. The following two franchised hotels were opened: a 126-suite property in Sacramento, Calif. and a 150-suite property in Dallas, Tex. Construction began on one new franchised hotel: a 110-suite property in San Antonio San Antonio (săn ăntō`nēō, əntōn`), city (1990 pop. 935,933), seat of Bexar co., S central Tex., at the source of the San Antonio River; inc. 1837. , Tex. Candlewood signed the following two new franchise agreements: an agreement with North Vernon, Ind.-based Lees Inns of America to build a 98-suite property in Louisville, Ky.; and an agreement with Chapel Hill, North Carolina-based The Generation Companies to build a 122-suite property in Richmond, Va. Candlewood Hotel Company, Inc. was formed in late 1995 as a joint venture between Jack DeBoer and the former Doubletree dou·ble·tree n. A crossbar on a wagon or carriage to which two whiffletrees are attached for harnessing two animals abreast. Noun 1. Corporation (now Promus Hotel Corporation Promus Hotel Corporation was a hotel management and franchise company from Memphis, Tennessee. History Promus Hotel Corporation's beginnings are tied to the original Holiday Inn company in Memphis, Tennessee. ). DeBoer, who founded Residence Inns in the 1970s, is recognized in the hotel industry as the creator of the extended-stay concept. The Candlewood Suites Candlewood Suites is a brand name applied to hotels within the InterContinental Hotels Group. History The Candlewood Suites chain was started in 1995 by Jack Deboer, founder of the Residence Inn and co-founder of the Summerfield Suites chain. hotel system now has 27 corporate hotels and five franchised hotels open, 29 corporate hotels and five franchised hotels under construction, and 34 sites under contract in a total of 27 states. Candlewood Hotel Company, Inc. is traded on the Nasdaq stock market Nasdaq stock market The first electronic stock market listing over 5000 companies. The Nasdaq stock market comprises two separate markets, namely the Nasdaq National Market, which trades large, active securities and the Nasdaq Smallcap Market that trades emerging growth companies. system under the symbol CNDL. CONTACT: Candlewood Hotel Company, Inc., Wichita Warren Fix, Chief Financial Officer, 316/631-1300 or Gina-Lynne Scharoun, VP-Franchising, 316/631-1300 |
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