Printer Friendly

AMERIHOST PROPERTIES PLACES $4.5 MILLION OF SUBORDINATED NOTES; ADDS TWO NEW DIRECTORS

 AMERIHOST PROPERTIES PLACES $4.5 MILLION OF SUBORDINATED NOTES;
 ADDS TWO NEW DIRECTORS
 DES PLAINES, Ill., Oct. 12 /PRNewswire/ -- Amerihost Properties, Inc. (NASDAQ: HOST), which manages, develops and acquires limited service hotels, today announced it has completed the placement of $4.5 million of 7 percent subordinated notes due October 1999. In connection with the notes, the company issued warrants for 1,687,500 shares of common stock exercisable within five years at $4 per share. The company currently has approximately 2.2 million shares outstanding (approximately 5 million shares on a fully diluted bases after this offering).
 "The funds, raised largely through institutional investors, will be used to help finance our accelerating growth, particularly in the distressed hotel acquisition area," Michael Holtz, president and chief executive officer, said. "Currently we operate 52 hotels in 12 states in the Southeast and Midwest, compared to 28 hotels in three states a year ago," he added. "Our ability to convert underperforming hotels into profitable facilities, despite the current economic recession, has generated strong financial results and contributes to our optimism for the future," Holtz concluded.
 Canyon Partners Incorporated, Beverly Hills, Calif., was the placement agent and Golenberg and Geller of Los Angeles, acted as financial advisor to Amerihost.
 In connection with the offering, the company has appointed as directors Lance Laifer of Hilltop Partners and David Brail of Dickstein & Company, both New York - based money managers, increasing the board to eight members. They will stand for election at the shareholder meeting next summer.
 "Amerihost has been very successful in repositioning distressed hotels through renovation and professional management, resulting in attractive returns for investors and shareholders," Brail said. "We view an investment in Amerihost as a good way to participate in this market," he added.
 -0- 10/12/92
 /CONTACT: Richard A. D'Onofrio of Amerihost Properties, Inc., 708-298-4500/
 (HOST) CO: Amerihost Properties, Inc. ST: Illinois IN: LEI SU: PER


LR-OS -- NY048 -- 8876 10/12/92 13:33 EDT
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Oct 12, 1992
Words:325
Previous Article:CELLULAR COMMUNICATIONS INTERNATIONAL, INC. AND STERLING COMPUTERS LTD. AWARDED INDIAN GSM CELLULAR LICENSE FOR THE CITY OF MADRAS
Next Article:FANNIE MAE REPORTS POSTED YIELDS
Topics:


Related Articles
AMERIHOST PROPERTIES ELECTS MARSHALL GELLER DIRECTOR
AMERIHOST TO BUILD AMERIHOST INN IN LOGAN, OHIO
AMERIHOST ACQUIRES KENOSHA, WIS., HOWARD JOHNSON
AMERIHOST NAMES CHARLES BARCUS SENIOR VP OF DEVELOPMENT AND ACQUISITIONS
AMERIHOST PROPERTIES ANNOUNCES RECORD EARNINGS AND REVENUES FOR THE THIRD QUARTER
AMERIHOST PROPERTIES ANNOUNCES JOINT VENTURE WITH THE BENENSON CAPITAL COMPANY
Amerihost Positions for Future Growth
New AmeriHost Inn Hotel to be Built in Canal Winchester, Ohio
Amerihost Announces Year End Results for 1997
New AmeriHost Inn Hotel to be Built in Hebron, Ohio

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters