Candlewood Hotel Company, Inc. (BULLETIN BOARD: CNDL) , a leading owner, manager, and franchisor of high-quality, value-oriented, business-travel hotels, today announced that it was selected to manage 15 hotels owned by Hospitality Properties Trust (HPT). The hotels were previously managed by another third party.
Candlewood will receive a market management fee for managing the hotels. The term of the management agreement expires on December 31, 2003, with successive automatic one-year extensions thereafter. Either Candlewood or HPT may terminate the agreement prior to expiration of the term upon 30 days` notice to the other party
About the Company:
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 Securities and Exchange Commission. Factors which may affect our results include: the impact of terrorist attacks or general economic recession on our results from operations, the inability to service, extend or modify the terms of our outstanding indebtedness and lease obligations, the inability to secure additional market share due to competition and other factors, the inability to improve RevPAR through the management of occupancy levels and pricing, the inability to redeem our preferred stock at the redemption date, the risk that overbuilding in the hospitality industry will adversely affect occupancy levels and pricing, our ability to lower operating expenses and gain market share through sales efforts, operating performance of our hotels and general economic conditions, the availability of financing to franchisees on acceptable terms, the market acceptance of the Candlewood brand, the ability to attract and retain franchisees, the risk that signed franchise agreements may not result in the construction or opening of hotels, the ability to attract and retain quality personnel and the risk that openings may be delayed, the ability to effectively manage our hotels and the hotels we manage for third parties and other factors described in our Annual Report on form 10-K. 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.