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PROMUS CLOSES ON TRANSFER OF OWNERSHIP IN FIVE EMBASSY SUITES HOTELS TO LIMITED PARTNERSHIPS

 MEMPHIS, Tenn., July 20 /PRNewswire/ -- The Promus Companies Incorporated (NYSE: PRI) today announced that its Embassy Suites Hotel Division has closed the previously announced transfer of ownership interest in five Embassy Suites hotels located in Jacksonville, Orlando and Altamonte Springs, Fla.; Nashville, Tenn.; and Dallas, Texas, for approximately $69.5 million. Embassy Suites retains management and franchise agreements on the hotels.
 The transfer was accomplished by means of the merger of two of Embassy Suites' subsidiary companies with two independently owned limited partnerships controlled by FelCor, Inc., of Dallas.
 Proceeds from the transactions will be used to reduce Promus' and Ema?ssy Suites' debt.
 Embassy Suites is the nation's largest upscale all-suite hotel brand. The Embassy Suites system currently numbers 107 hotels with more than 26,000 suites in 87 markets.
 Other leading brands of The Promus Companies are: Harrah's, the premier name in casino entertainment, Hampton Inn hotels and Homewood Suites hotels.
 -0- 7/20/93
 /CONTACT: Ralph Berry of The Promus Companies, 901-762-8629/
 (PRI)


CO: The Promus Companies Incorporated ST: Tennessee IN: CNO SU: TNM

MM -- CH006 -- 6781 07/20/93 11:49 EDT
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Publication:PR Newswire
Date:Jul 20, 1993
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