WICHITA, Kan., June , 2002—Candlewood Hotel Company, Inc. (NASDAQ: CNDL) announced today that Richard M. Kelleher has been elected to serve on the Company’s Board of Directors. Mr. Kelleher has served as principal of Pyramid Advisors, LLC, a hotel management and advisory firm he founded, since March 1999.
From 1997 to 1999, Mr. Kelleher was the president and chief operating officer of Promus Hotel Corporation, the successor company to the Doubletree and Guest Quarters hotel entities. Prior to that time, Mr. Kelleher was the president and chief executive officer of the Doubletree Hotel Corporation, from 1992 through 1997.
“We are delighted that Rick has joined our Board. His extensive industry knowledge and depth of experience in running successful lodging corporations will be invaluable to us as we move forward,” said Jack P. DeBoer, Candlewood’s chairman and chief executive officer.
About Candlewood Candlewood Hotel Company, headquartered in Wichita, Kansas, owns, operates and franchises Candlewood Suites and Cambridge Suites - hotel properties that offer high-quality accommodations for all guests, while catering to mid-market and upscale business and personal travelers seeking multiple night stays. Jack DeBoer, Chairman and CEO and founder of Residence Inn, started Candlewood Hotel Company in late 1995. The matters in this press release include “forward looking statements” within the meaning of the safe harbor provisions of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 and are qualified by cautionary statements contained herein and in Candlewood Hotel Corporation filings with the SEC. Factors that may affect our results include the inability to maintain a public market for our common stock and, the timing of the delisting of the Company’s stock from the NASDAQ Small Cap Market. Actual results may differ materially from management’s expectations. The forward-looking statements made in this release reflect the opinion of management as of the date of the release. Please be advised that subsequent developments are likely to cause these statements to become outdated with the passage of time. We do not intend, however, to update this press release or any statement made herein prior to our next quarterly earnings release. www.candlewoodsuites.com