Sunburst Hospitality Corporation Opened Twelve Hotels in 1998.SILVER SPRING, Md.--(BUSINESS WIRE)--Jan. 21, 1999--Sunburst Hospitality Corporation (NYSE NYSE See: New York Stock Exchange : SNB SNB Snowboard SNB Service New Brunswick SNB Sentinel Node Biopsy SNB Shake and Bake (algorithm) SNB special negotiating body SNB Singapore Nursing Board SNB Strictly Non-Blocking SNB Strengths/Needs-Based ), one of the country's leading hotel owners and managers, recently announced the opening of a MainStay Suites Mainstay Suites is a brand of mid-priced extended stay hotels franchised by Choice Hotels International. Mainstay Suites hotels provide comfortable and affordable accommodations to extended stay travelers as well as provide many amenities to its guests. (R) in Miami Springs, Florida Miami Springs is a city located in Miami-Dade County, Florida. The city was founded by Glenn Hammond Curtiss, "The Father of Naval Aviation", and James Bright, during the famous "land boom" of the 1920s and was originally named Country Club Estates. . The opening marks the company's fourteenth MainStay Suites (R) hotel and the twelfth hotel opening in 1998. MainStay Suites (R) hotels offer a mid-priced lodging alternative for guests who wish to have home-like amenities while traveling. "We're very excited about the opening of our fourteenth MainStay Suites (R) hotel. We continue to receive very positive feedback from our MainStay Suites (R) guests and the operating performance of the extended-stay hotels is exceeding our expectations. I'm also pleased with the progress we have made in our plan to monetize certain properties, allowing us to focus on the development of MainStay Suites(R)," commented Donald Landry, Sunburst's Chief Executive Officer. Sunburst also sold two hotels and an unimproved parcel of land in 1998 resulting in proceeds of $5.7 million. The sale of the properties is consistent with the Company's plan to dispose of To determine the fate of; to exercise the power of control over; to fix the condition, application, employment, etc. of; to direct or assign for a use. See also: Dispose assets that do not meet the Company's criteria for long-term retention and to redeploy re·de·ploy tr.v. re·de·ployed, re·de·ploy·ing, re·de·ploys 1. To move (military forces) from one combat zone to another. 2. capital into higher yielding, MainStay Suites (R) extended-stay hotels. The Company has an additional thirteen hotels currently being marketed for sale. Sunburst Hospitality Corporation operates 11,911 rooms in 86 hotels in 27 states compared with 10,881 rooms in 76 hotels a year ago. An additional 9 hotels, totaling 909 rooms, are currently under construction. MainStay Suites (R) represent the Company's principal development focus. The references to improving returns and future development are 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. . Such statements are subject to certain risks and uncertainties, which may cause the actual performance of Sunburst to differ. Some of these uncertainties are discussed under the heading "Risk Factors" in Sunburst's SEC filings. s These forward-looking statements speak only as of the date hereof, and Sunburst does not undertake any obligation to publicly release the result of any changes in such forward-looking statements which may be made to reflect events or circumstances after the date hereof. |
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