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HOLIDAY INN WORLDWIDE TO KEEP GIAC

 HOLIDAY INN WORLDWIDE TO KEEP GIAC
 ATLANTA, Dec. 6 /PRNewswire/ -- Holiday Inn Worldwide today


announced that it will retain ownership of General Innkeeping Acceptance Corporation (GIAC), its captive equipment leasing and chattal mortgage financing company.
 Holiday Inn had announced in April that it would try to sell GIAC as part of its corporate reorganization.
 "We did not feel that we would be able to ensure the kind of service that our franchisees have come to expect if we sold GIAC," said Timothy V. Williams, senior vice president of finance of Holiday Inn Worldwide. "Our original plan was to seek a buyer that would preserve the company as a source of capital for our franchise community; in fact, we received offers from and discussed the sale with several interested parties."
 Williams said that current economic conditions and the general state of the credit markets raised serious questions as to whether a new owner of GIAC would be able to provide the same level of service to Holiday Inn franchisees. "Many franchisees expressed this concern at our recent worldwide conference and asked that we reconsider our previously announced decision," said Williams.
 Williams said that retaining GIAC is also consistent with the company's stated intent to arrange sources of financing to assist its franchisees. Holiday Inn plans to move GIAC to Atlanta as part of the relocation of its North American headquarters. The move is expected to take place late in the first quarter of 1992.
 Holiday Inn Worldwide, which is owned by the UK's leading brewer Bass PLC, is the world's leading hotel chain with more than 1,600 hotels and nearly 326,000 guest rooms in 51 countries and territories around the world.
 -0- 12/6/91
 /CONTACT: Kathy Egan of Golin/Harris Communications, 312-836-7361, for Holiday Inn Worldwide/ CO: Holiday Inn Worldwide; General Innkeeping Acceptance Corporation ST: Georgia IN: LEI SU:


BN-BR -- AT007 -- 0112 12/06/91 12:36 EST
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Copyright 1991 Gale, Cengage Learning. All rights reserved.

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Publication:PR Newswire
Date:Dec 6, 1991
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