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DAYS INNS COMPLETES ASSET SALE TO HOSPITALITY FRANCHISE SYSTEMS

 DAYS INNS COMPLETES ASSET SALE TO HOSPITALITY FRANCHISE SYSTEMS
 ATLANTA, Jan. 31 /PRNewswire/ -- Days Inns of America, Inc. (DIA) and Hospitality Franchise Systems (HFS) announced today that a subsidiary of HFS has completed its purchase of the DIA franchise system. The sale, for $259 million, includes approximately 1,500 hotel franchise agreements, the Days Inns name and trademarks, and support services.
 As a result of the transaction, the DIA franchise system has emerged from the Chapter 11 proceedings it entered into on Sept. 27, 1991.
 John D. Snodgrass, the president of Days Inns, and the newly appointed president of HFS, said, "We are delighted that the DIA franchise system has joined with HFS, emerging from Chapter 11 as a financially strong company, performing well at the operating level, poised for growth and with our strong position in the industry intact."
 Henry R. Silverman, HFS chairman and chief executive officer, said, "The Days Inns name is one of the most recognizable and desirable in the lodging industry. By adding the DIA system to HFS' Ramada and Howard Johnson brands we have created the largest hotel franchisor in the world, enabling us to provide enhanced support and greater resources to all franchisees, and superior service to the travelling public."
 Monty D. Hundley, formerly vice chairman and co-chief executive officer of Days Inns, stated, "I am confident that the transaction with HFS represents the best interests of all of Days Inns constituents. For employees, franchisees, travel agents and the travelling public, Days Inns will remain a leading name in the lodging industry, while creditors are assured of receiving the highest possible value." The remainder of DIA, which includes the proceeds from the transaction and all non- franchise system assets, will be reorganized under a new name, Buckhead America Corporation.
 -0- 1/31/92
 /CONTACT: Roanne Kulakoff of Kekst and Company, 212-593-2655, for Days Inns of America/ CO: Days Inns of America Inc.; Hospitality Franchise Systems ST: Georgia IN: LEI SU: TNM


CK -- NY037 -- 5628 01/31/92 12:48 EST
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Publication:PR Newswire
Date:Jan 31, 1992
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