Candlewood Hotel Company Announces Second-Quarter Development Results; Company On Schedule With '98 Expansion.WICHITA Wichita, indigenous people of North America Wichita (wĭch`ĭtô), Native North Americans whose language belongs to the Caddoan branch of the Hokan-Siouan linguistic stock (see Native American languages). , Kan Kan, river, China: see Gan. .--(BUSINESS WIRE)--Aug. 5, 1998--Candlewood Hotel Company, Inc., owner, developer, operator and franchisor of value-oriented, business extended-stay hotels, announced today that it opened ten new company-owned hotels and began construction on ten additional hotels during the quarter ended June June: see month. 30, 1998. The company currently has a total of 34 corporate hotels open, 30 corporate hotels under construction and is performing diligence with respect to 31 potential development sites under contract. The company also announced it has signed another franchise agreement. At the end of the second quarter, the 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. franchising program included five franchised hotels open and five franchised hotels under construction. "We are pleased with our second-quarter development results and remain on track with our schedule for 1998," said Jack DeBoer, Candlewood chairman and chief executive officer. "Our brand is really catching on among mid-market business travelers,and we'll we'll Contraction of we will. we'll we will or we shall we'll will ~shall continue to expand in key markets to meet their needs."
Candlewood Hotel Company
2nd Quarter Property Size
Company Development Market (number of suites)
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Hotel Openings
Raleigh (Cary), NC 81
Houston, Texas 122
Detroit (Warren), Mich. 122
Pittsburgh, Penn. 123
Des Moines, Iowa 98
Detroit (Auburn Hills), Mich. 122
Chicago (Libertyville), Ill. 122
Dallas/Ft. Worth (Irving), Texas 117
Detroit (Troy), Mich. 118
Austin, Texas 125
Construction Starts
Dallas/Ft. Worth, Texas 122
Atlanta (Duluth), Ga. 122
Austin, Tex. 122
Minneapolis (Richfield), Minn. 134
Baltimore, Md. 125
Chicago (Warrenville), Ill. 122
Chicago (Waukegan), Ill. 122
Philadelphia (Mt. Laurel), NJ 123
St. Louis, Mo. 122
Columbus, Ohio 122
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 34 corporate hotels and five franchised hotels open, 30 corporate hotels and five franchised hotels under construction, and 31 sites under contract in a total of 29 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. Please Note: Except for historical information, this press 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. that involve risks and uncertainties, including but not limited to timing and management of growth, the competitive environment and other risk factors as detailed in the company's filing with the Securities and Exchange Commission. Actual results may differ materially from the management's expectations.
CONTACT: Candlewood Hotel Company, Inc.
Warren Fix, Chief Financial Officer
Gina-Lynne Scharoun, Vice-President - Franchising
316/631-1300
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