HAMPTON INN SENIOR MANAGEMENT TEAM TO ASSUME RESPONSIBILITY FOR THE HOMEWOOD SUITES HOTEL BRAND
HAMPTON INN SENIOR MANAGEMENT TEAM TO ASSUME RESPONSIBILITY
FOR THE HOMEWOOD SUITES HOTEL BRAND
MEMPHIS, Nov. 19 /PRNewswire/ -- The Promus Companies Incorporated (NYSE: PRI) today announced that Ray Schultz, president of the Company's Hampton Inn hotel division, and his senior management team have been assigned responsibility for the Homewood Suites brand.
Homewood Suites serves the all-suite, extended stay market and has received an excellent reception from customers. The change does not impact the status of the Homewood Suites brand name or product offering for customers, and does not impact the Company's developmental goals for this extended stay, all-suite hotel product.
"This is a change we believe will have a long-term positive impact on the growth and profitability of both the Hampton Inn and Homewood Suites hotel brands," said Philip G. Satre, president and chief operating officer of Promus. "Ray Schultz is our senior operations executive. In over 22 years with the company, he has gained extensive experience in managing new hotel products as well as established hotel brands. His success in launching and growing Hampton Inn hotels makes us confident that he will be able to grow the Homewood Suites brand to fill the strong consumer demand for the product."
Satre explained that the decision to roll the ongoing Homewood Suites management and development efforts under the Hampton Inn senior management team can be tied to two fundamental reasons.
"First, while Homewood Suites has been accepted by customers as a strong brand and valuable hotel product, the slow development and growth prospects in the present real estate financing and hotel development markets make it economically infeasible to maintain a separate headquarters organization for a brand the size of Homewood Suites," Satre explained. "This change matches an emerging product in Homewood Suites with an established product in Hampton Inns, providing maximum use of development, marketing and operating resources."
Secondly, Satre explained that the movement of the Homewood Suites brand under the Hampton Inn management team will facilitate a greater sharing of ideas and successful programs.
"Although they are different products operating in different market segments, each brand shares similar operational characteristics and management requirements," added Ray Schultz. "We believe some of the successful ideas pioneered at Homewood Suites will work well at Hampton Inn, and some of Hampton Inn's success stories will fit well into the Homewood Suites product and service offering."
Since the opening of the first Homewood Suites in August 1989, Hampton Inn hotels has added 94 properties while!Jomewood Suites has grown to 20 hotels.
Hampton Inn is the leading economy priced, high quality hotel brand with 291 hotels. Homewood Suites has 20 hotels operating in the all-suite, extended stay market.
The Promus Companies is also the parent company for Harrah's Casino Hotels, the only casino hotel brand operating in all five major U.S gaming markets; and Embassy Suites hotels, the nation's leading all-suite upscale hotel brand.
/CONTACT: Ralph Berry of The Promus Companies Incorporated, 901-762-8629/
(PRI) CO: The Promus Companies, Incorporated ST: Tennessee IN: LEI SU: PER CM -- CH008 -- 5119 11/19/91 16:51 EST