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RICHARD FERRIS & PETER UEBERROTH TO ENTER GUEST QUARTERS HOTELS PARTNERSHIP IN BOSTON

 RICHARD FERRIS & PETER UEBERROTH TO ENTER
 GUEST QUARTERS HOTELS PARTNERSHIP IN BOSTON
 BOSTON, June 2 /PRNewswire/ -- General Electric Investments announced it has formed a partnership with Richard Ferris and Peter Ueberroth effective immediately to own Guest Quarters Hotels.
 Ferris and Ueberroth will function as co-chairmen of the board of directors, with Richard Kelleher as president of Guest Quarters Hotels. The company will remain headquartered in Boston.
 Richard Ferris is the former chairman and chief executive officer of United Airlines Inc., a holding company which at that time owned Westin Hotels, Hilton International Hotels and Hertz.
 Ueberroth is the former baseball commissioner, president and managing director of the 1984 Los Angeles Olympic Organizing Committee, and founder of First Travel Corporation, the second-largest travel business in North America when sold in 1980.
 "We are pleased that Dick Ferris and Peter Ueberroth will be co-investor partners with us in Guest Quarters and leading the organization as co-chairmen," stated Dale Frey, chairman and president of General Electric Investment Corporation and vice president, treasurer of General Electric Company. "Marrying their proven experience and knowledge in the hotel and travel industry with the proven management team led by Richard Kelleher, president, will firmly position Guest Quarters as a significant hotel management company."
 "Guest Quarters is well capitalized with no debt and its strategy will be to enhance and grow its brand image by providing outstanding customer service to its guests and a competitive investment return to its hotel owner clients," advised John Myers, executive vice president of General Electric Investment Corporation.
 "The travel industry has been experiencing difficult economic times," added Ferris. "Some would see this situation as one to avoid -- we see it as a unique moment in time that a solid team can capitalize on."
 "This new alliance allows our company to enhance its position as an industry leader for both Guest Quarters Hotels and our hotel management company," said Kelleher.
 "Dick Ferris and I have a long-standing relationship and are anxious to seize this opportunity to grow Guest Quarters into a major industry force," said Ueberroth. "We anticipate that our involvement blended with GEI's long-term commitment and the existing strength and momentum of GQ will yield powerful results."
 Guest Quarters Hotels manages 38 hotels throughout the United States and is the proprietary owner of the Guest Quarters Suite Hotel brand, which consists of 27 first class, full service all suite hotels. The company also manages 11 hotels under various franchise agreements and independent properties such as the Boston Harbor Hotel at Rowes Wharf, a member of Preferred Hotels.
 -0- 6/2/92
 /CONTACT: Mark van Hartesvelt, senior vice president of Guest Quarters, 617-330-1440/ CO: Guest Quarters Hotels ST: Massachusetts IN: LEI SU:


CN-SH -- NE010 -- 6292 06/02/92 15:00 EDT
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Publication:PR Newswire
Date:Jun 2, 1992
Words:458
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