ARLINGTON HEIGHTS, Ill.--(BUSINESS WIRE)--Dec. 23, 2002--Arlington Hospitality, Inc. (Nasdaq/NM:HOST) today announced the sale of a Ramada Inn hotel located in Middletown, Ohio by a joint venture in which it has a significant ownership interest. The Company received approximately $1.6 million in connection with the sale, which was then used primarily for the reduction of corporate debt. The Company monetized its joint venture interest as part of its overall strategic plan which, among other things, calls for divesting ownership in its non-AmeriHost hotels. The Company now has ten non-AmeriHost Inn hotels, all of which are for sale. The Company expects to include the results of the sale in its fourth quarter 2002 financial statements.
Arlington Hospitality sells existing AmeriHost Inn hotels, as well as other branded hotels, as part of its hotel development strategy.
Arlington Hospitality, Inc. is a publicly traded hotel management and development company that builds, manages and sells mid-priced hotels throughout the United States, primarily under the AmeriHost Inn brand, a trademark owned by Cendant Corporation. Currently, Arlington Hospitality, Inc. owns or manages 72 properties in 17 states, including 62 AmeriHost Inn hotels and 10 other branded hotels, for a total of 5,283 rooms, with four additional AmeriHost Inn & Suites hotels under construction.
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