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THE PROMUS COMPANIES REMOVED FROM HIGHLY LEVERAGED TRANSACTIONS LIST

THE PROMUS COMPANIES REMOVED FROM HIGHLY LEVERAGED TRANSACTIONS LIST
 MEMPHIS, Feb. 21 /PRNewswire/ -- The Promus Companies Incorporated (NYSE: PRI) today announced that The Sumitomo Bank, Limited, acting as administrative agent for the senior bank financing of Embassy Suites, Inc., has removed the company from its Highly Leveraged Transactions (HLT) list.
 In a notice, Sumitomo determined that Embassy Suites qualified for delisting as an HLT pursuant to the guidelines contained in the notice issued on February 11, 1992, by the Office of the Comptroller of the Currency, the Federal Deposit Insurance Corporation and the Board of Governors of the Federal Reserve Bank modifying the criteria for delisting borrowers designated as HLTs.
 "The removal of the HLT designation widens the universe of banks available to us for refinancing and other borrowing needs. There are a number of banks that have expressed interest in Promus who, because of the HLT designation, have not been able to do business with us," said Charles A. Ledsinger, Jr., senior vice president and chief financial officer for Promus. "We are naturally quite pleased with the action taken by The Sumitomo Bank."
 Promus last week announced year-end results, including record revenues of $1.031 billion. Operating income before property transactions was a record $204.2 million for the year. In addition, net income was $30.0 million for the year compared to $23.4 million in 1990, an increase of 28.5 percent.
 "Whether you look at the strong performance within our Harrah's Casino Hotels--particularly in the fourth quarter, the growth of our Hampton Inn brand or the growing revenue per available room premiums compared to competitors for each of our hotel brands, you see a company with strong momentum," said Philip G. Satre, president and chief operating officer for Promus. "We believe our removal from the HLT list is one more example of that momentum."
 Promus is the parent company of these leading hospitality brands: Harrah's Casino Hotels, and Embassy Suites, Hampton Inn and Homewood Suites hotels.
 -0- 2/21/92
 /CO:? Ralph Berry, The Promus Companies Incorporated, 901-762-8629/
 (PRI) CO: The Promus Companies Incorporated ST: Tennessee IN: LEI SU:


CM -- CH001 -- 1284 02/21/92 09:14 EST
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Publication:PR Newswire
Date:Feb 21, 1992
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