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Leading San Diego-Based Hotel Chain Checks-in With U.S. Bank; U.S. Bank Provides Financial Services to American Property Management Corporation.

Business Editors

SAN DIEGO--(BUSINESS WIRE)--May 3, 2002

U.S. Bank has contracted with San Diego-based American Property Management Corporation (APMC) to provide primary deposit services and a line of credit for the company and many of its 34 hotel properties, including the Pleasanton Hilton in Pleasanton, Calif., and the Whittier Hilton in Whittier, Calif.

APMC, owned by Michael Gallegos and James Long, specializes in successfully turning around challenging properties across the country. The company currently owns and operates 34 lodging properties encompassing 7,757 rooms throughout the United States and is one of the largest independent and private hotel companies in the United States.

Founded in 1988, APMC's corporate headquarters are located in San Diego. The company's hotel flags include the Hilton, Sheraton, Wyndham, Hyatt, Radisson, Holiday Inn, Ramada and Days Inn. It primarily operates in New Mexico, California, Texas, Hawaii, Ohio as well as Missouri, Georgia, Florida, New Jersey and Pennsylvania.

"Building relationships with San Diego's leading businesses continues to be a top priority as U.S. Bank grows in this dynamic community," said Robert Armstrong, market chairman for U.S. Bank in San Diego. "APMC is clearly a leader in its field, and we are proud to be their financial services provider."

U.S. Bank is also in discussions to provide APMC depository services for other hotel properties in California, as well as merchant card services and workplace banking services for employees of APMC.

Minneapolis-based U.S. Bancorp (NYSE:USB), with assets in excess of $165 billion, is the 8th largest financial services holding company in the United States. The company operates 2,147 banking offices and 4,929 ATMs, and provides a comprehensive line of banking, brokerage, insurance, investment, mortgage, trust and payment services products to consumers, businesses and institutions. U.S. Bancorp is home of the Five Star Service Guarantee which assures customers of certain key banking benefits and services or customers will be paid for their inconvenience. U.S. Bancorp is the parent company of Firstar Bank and U.S. Bank. Visit U.S. Bancorp on the web at usbank.com and Firstar Bank at firstar.com.
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Publication:Business Wire
Geographic Code:1USA
Date:May 3, 2002
Words:354
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