John Q. Hammons Developing in Concord, N.C.

Mr.
John Q. Hammons today announced his plans to develop a $40-million,
310-suite Embassy Suites Hotel and an adjoining 80,000 square foot
convention center in Concord, N.C. The new hotel and convention center
will be owned by Mr. Hammons and overlook the city-owned Rocky River Golf
Club. The hotel, convention center and Rocky River Golf Club will be
managed by Springfield, Mo.-based John Q. Hammons Hotels, Inc. , the
nation’s leading independent builder, developer, owner and manager of
upscale, full-service hotels, resorts and suites.
Construction on the 10-story Embassy Suites Hotel Concord will begin in
November 2004, and a grand opening is scheduled for Spring 2006.
Strategically located east of I-85 and north of I-485, the hotel will be
less than a mile from the popular Concord Mills mall, the 500,000-seat
Lowe’s Motor Speedway and Concord Regional Airport. Demand generators such
as the University of North Carolina at Charlotte and the world
headquarters of Philip Morris are also within three miles of the property.
In addition, the hotel will be the fifth John Q. Hammons Hotel in North
Carolina, and the convention center will be the first of its kind in
Concord.

“With the rapid commercial and industrial growth on the north side of
Charlotte, Concord is becoming a premier destination for business and
leisure travelers,” said Mr. John Q. Hammons, founder, chairman and chief
executive officer of John Q. Hammons Hotels, Inc. “The city is in great
need of a convention center and additional full-service hotel, and I am
confident that the Embassy Suites Hotel Concord’s first-class
accommodations, as well as the accompanying convention center’s flexible
meeting space, will meet those needs and exceed the expectations of all.”

The convention center’s large square footage and the property’s
2,500-person capacity ballroom make the Embassy Suites Hotel and
convention center a convenient lodging and meeting option for both
business and leisure travelers. The full-service meeting staff will help
make the convention center an ideal facility for a variety of events from
lavish weddings to business meetings and conferences. Guests can also look
forward to reveling in the luxurious interior and relaxing under the glass
atrium, a signature feature of every John Q. Hammons Hotel.

Known as the heart of NASCAR country, Concord provides fun and excitement
for thousands of racing enthusiasts and newcomers to the sport each year.
Additionally, Concord Mills mall, the shopping entertainment destination
of the Carolinas and second most popular visitor attraction in North
Carolina, offers world-class shopping at over 200 stores. Visitors can
tour underground tunnels, pan for gold and watch an ore-crushing stamp
mill in action at Reed Gold Mine, where Conrad Reed made the first gold
discovery in America in 1799. The city of Concord takes great pride in its
historic downtown area with one- of-a-kind shopping, restaurants, coffee
houses, historic sites, beautifully restored Victorian homes and seasonal
historic home tours. Additionally, with a history that dates back over 200
years, the city boasts a unique atmosphere of both modernization and
heritage. Other attractions include Bost Grist Mill, the historic downtown
shopping district and Memorial Gardens, a three- acre 1804 garden restored
to its full glory.

Designed to be one of the most upscale hotels in the area, the Embassy
Suites Hotel Concord will have a welcoming exterior and well-appointed
interior. The hotel will feature a variety of amenities for both business
and leisure travelers, including a private bedroom in every suite, living
room with a sofa sleeper, wet bar, refrigerator, microwave and
coffeemaker. In addition, each of the hotel’s 310 suites will be equipped
with hairdryer, iron, full-size ironing board, two dual-line telephones
with voice mail, high- speed Internet access, two televisions, and a Sony
Playstation. Travelers also will be able to enjoy a restaurant and lounge,
as well as full cooked-to- order breakfast during their stay.
Additionally, guests will be treated to a complimentary USA Today every
weekday morning and will have access to laundry/valet service, sundeck,
cardio fitness center, 24-hour gift shop, complimentary business center,
and an oversized indoor pool and whirlpool.
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