Northcott seeks buyer

Northcott Hospitality has announced that it has commenced a
search for a buyer.The Chanhassen, Minnesota-based company is the parent
of the AmericInn Lodging System which owns and franchises 216 hotel
properties across the United States, as well as 21 Perkins restaurants
and four Houlihan’s restaurants.

  “We’re achieving great performance with strong prospects in all of
Northcott’s business lines,” said Arnold Angeloni, CEO of Northcott
Hospitality. “We’ve been doing very well in recent years, and are doing
relatively well in 2008 even in the midst of a soft economy. We believe
that Northcott Hospitality is well-positioned for current conditions and
beyond.”

  “Our decision to seek a buyer is not a business decision; it’s a
financial and estate planning one,” Angeloni continued. “In early 2008, the
trust that controls 100 percent of our parent company decided that it was
in the best interests of its beneficiaries to diversify their personal
assets. That decision has led to this effort to sell Northcott Hospitality
International.”

  The company has retained Greene Holcomb & Fisher, a Minneapolis-based
investment banking firm, to evaluate the company and market it to potential
buyers.

  Angeloni noted that the AmericInn brand, which operates in the Midscale
hotel segment has never been stronger: “AmericInn has a solid track record
of growth and a pipeline of hotel projects in development,” he said. “We
have a great franchisee community and our investment in a strong
system-wide reservations system is a valuable asset. Most importantly,
though, we have a sustainable, unique marketing advantage with our
AmericInn SoundGuard construction that makes our hotel properties
demonstrably quieter than others.”
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