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Arlington Hospitality, Inc. Sells Amerihost Inn Willows, California |
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ARLINGTON HEIGHTS, ILLINOIS, February 13, 2003 (HNR) – Arlington Hospitality, Inc. (Nasdaq/NM: HOST) today announced the sale of its newly constructed AmeriHost Inn hotel located in Willows, California. The hotel was built by Arlington Hospitality, Inc. and opened on January 31, 2003. |
The hotel will remain an AmeriHost Inn hotel as the buyer has executed a franchise agreement with AmeriHost Franchise Systems, Inc., a subsidiary of Cendant Corporation (NYSE: CD). The terms of this sale were not disclosed, however the Company has paid off mortgage debt in the amount of approximately $2.5 million with proceeds from the sale of this hotel. The Company expects to include the results of the sale in its first quarter 2003 financial statements.
In addition to the proceeds from the sale, the Company will receive continuing cash flow related to this hotel from Cendant pursuant to the franchise royalty sharing agreement executed in connection with the sale of the AmeriHost Inn brand name and franchising rights by the Company to Cendant in September 2000.
Arlington Hospitality sells existing AmeriHost Inn hotels as part of its hotel development strategy. For a complete listing of all hotels for sale by the Company, please visit our web site at www.hotelsforsaleonline.com, or contact David Harjung via email at daveh@arlingtonhospitality.com or by phone at (847)228-5401 ext. 347. In addition, Arlington Hospitality provides turnkey hotel development services for new construction hotel projects, including AmeriHost Inn hotels as well as other hotel brands. For more information regarding turnkey development services contact Paul Eskenazi via email at paule@arlingtonhospitality.com or by phone at (847)228-5401 ext. 312.
Arlington Hospitality, Inc. is a hotel management and development company that builds, manages and sells mid-priced hotels throughout the United States, primarily under the AmeriHost Inn brand.
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