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DOUBLETREE HOTELS TO MERGE WITH GUEST QUARTERS HOTELS; NEW JOINT VENTURE TO CREATE 96-PROPERTY, 24,000-ROOM CHAIN

 July 8 /PRNewswire/ -- Phoenix-based Doubletree Hotels Corp. (Doubletree) and Boston-based Guest Quarter Hotels Partnership (GQHP) will merge according to a letter of intent signed by each company's principal investors. The announcement was made by GQHP owners of General Electric Investments in partnership with Richard Ferris and Peter Ueberroth, and Doubletree owners Canadian Pacific Hotels & Resorts and Metropolitan Life Insurance Co. The current owners of both companies will retain ownership interests in the new joint venture which totals 96 hotels with more than 24,000 rooms.
 Ferris and Ueberroth will serve as co-chairmen of the new venture. "This unique transaction combines strength with strength," said Ueberroth. "We now have excellent geographic distribution in every major U.S. market, as well as important secondary markets throughout the country. We're certain to realize additional benefits from this merger as well -- both companies are recognized for their focus on their employees, superior customer satisfaction and value."
 "Once the merger is complete, the combined company will pursue an aggressive growth strategy which will take advantage of the distribution, marketing and operational strengths of the new venture," said Ferris.
 No financial details regarding the merger were disclosed and it is anticipated that the agreement will be finalized by late summer.
 -0- 7/8/93
 /CONTACT: Sean Fitzgerald of Golin/Harris, 213-623-4200, for Doubletree Hotels/


CO: Doubletree Hotels Corp.; Guest Quarters Hotels Partnership ST: Massachusetts, Arizona IN: LEI SU: TNM

LM-MF -- LA025 -- 9641 07/08/93 16:05 EDT
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Publication:PR Newswire
Date:Jul 8, 1993
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