|SPRINGFIELD, Mo., Sept. 10, 1998 - John Q. Hammons
Hotels, Inc. (NYSE: JQH) has been the predominant developer of upscale,
full-service hotels in recent years, adding 16 hotels (four per year) to
its portfolio over a four-year period.
Currently, the Company has under construction five projects: Embassy
Suites Hotel-DFW Airport; Marriott Renaissance Suites-Coliseum, Charlotte,
N.C.; Marriott Renaissance Hotel in Oklahoma City; Hampton Inn Suites adjacent
to the Rodeo Arena in Mesquite, Texas; and Radisson Plaza Resort Hotel
in Coral Springs, Fla. Each of these development projects is scheduled
for completion in 1999.
The Company's rate of development has created tremendous value but has
caused a significant impact on the earnings per share. Accordingly, the
Company has determined that it is in its best interests to suspend future
hotel development to allow the Company to better enhance shareholder value,
increase earnings, and maximize the performance of existing hotels.
Publicly traded on the New York Stock Exchange since 1994, John Q. Hammons
Hotels, Inc. is the nation's leading independent builder, developer, owner
and manager of upscale full-service hotels, resorts and suites including:
Embassy Suites, Marriott, Radisson, Crowne Plaza, Hampton Inn Suites, Homewood
Suites and Holiday Inn brands, as well as its own Plaza Hotel signature
brand. The Springfield, Mo.-based company is the leading developer of new
Embassy Suites hotels and is currently building the nation's first two
Marriott Renaissance hotels. John Q. Hammons Hotels, Inc. owns or manages
50 hotels in 21 states and employs more than 8,000 people.