Innkeepers USA Trust Confirms No Current Sale Exploration Process, Affirms Commitment to Building Shareholder Value
31 3월 2006 - 11:30PM
PR Newswire (US)
PALM BEACH, Fla., March 31 /PRNewswire-FirstCall/ -- Innkeepers USA
Trust (NYSE:KPA), a hotel real estate investment trust (REIT) and a
leading owner of upscale extended-stay hotel properties throughout
the United States, today confirmed that the company is not
currently engaged in a process of exploring a possible sale of the
company. Chief Executive Officer Jeffrey Fisher remarked,
"Innkeepers USA Trust has performed strongly throughout the
industry recovery over the last two years, due in large part to the
dedication of our employees. This performance has been overshadowed
recently by intense market and media speculation concerning a
possible sale of our company. Rumors concerning a possible
impending sale of the company have the potential to distract our
employees and disrupt our business. At this time, we believe it is
in the best interests of the company's shareholders to confirm that
we are not currently engaged in a process of exploring a possible
sale of the company. We are very focused on our ongoing business,
and, as outlined in detail in our February 28, 2006 earnings
release, we are expecting another outstanding year." "We remain
committed to building shareholder value," Fisher added. "As part of
this commitment, we have in the past considered, and may in the
future consider, opportunities to build shareholder value through a
review of our strategic alternatives, including potential
acquisitions and dispositions as well as the sale of the company.
It should be noted, however, that the company does not intend to
make any announcements concerning any such review or transaction,
should the company determine to undertake any such efforts or enter
into discussions with respect to a possible transaction, unless and
until the company has entered into a definitive agreement regarding
a transaction." Innkeepers USA Trust owns 70 hotels with a total of
8,825 suites or rooms in 20 states and Washington, D.C., and
focuses on acquiring and/or developing premium branded upscale
extended-stay, select-service and full-service hotels and the
rebranding and repositioning of other hotel properties. For more
information about Innkeepers USA Trust, visit the company's Web
site at http://www.innkeepersusa.com/. This press release, and
other publicly available information on the Company, includes
forward looking statements within the meaning of federal securities
law. These statements include terms such as "should," "may,"
"believe," and "estimate" or assumptions, estimates or forecasts
about future hotel and Company performance and results, and the
Company's future need for capital. Such statements should not be
relied on because they involve risks that could cause actual
results to differ materially from the Company's expectations when
such statements are made. Some of these risks are set forth in
reports filed from time to time with the SEC and include, without
limitation, (i) the operational risks of the hotel business
(including decreasing hotel revenues and increasing hotel expenses)
under the company's taxable REIT subsidiary structure, (ii) risks
that war, terrorism or similar activities, widespread health
alerts, disruption in oil imports or higher oil prices or changes
in domestic or international political environments negatively
affect the travel industry and the company, (iii) risk of declines
in the performance and prospects of businesses and industries
(e.g., technology, automotive, aerospace, pharmaceuticals) that are
important hotel demand generators in the company's key markets
(e.g. the Silicon Valley, CA, Northern NJ, Washington, DC, etc.),
(iv) risk that poor, declining and/or uncertain international,
national, regional and/or local economic conditions will, among
other things, negatively affect demand for the company's hotel
rooms and the availability and terms of financing, (v) risk that
the company's ability to maintain its properties in competitive
condition becomes prohibitively expensive, (vi) risk that pricing
in the hotel acquisition market becomes prohibitively expensive or
non-financeable and that potential acquisitions or developments do
not perform in accordance with expectations, (vii) risk that the
Company may invest in hotels of a size or nature (e.g., upscale
full service or resort) different than those it has focused on
historically (e.g., upscale extended-stay, and mid-scale limited
service); (viii) risks related to an increasing focus on
development, including permitting risks, increasing the proportion
of Company assets not producing revenue at a given time and risks
that projects cost more, take longer to complete or do not perform
as anticipated; (ix) changes in travel patterns or the prevailing
means of commerce (i.e., e-commerce) may reduce demand for hotels
in general or the Company's hotels in particular, (x) the complex
tax rules that the company must satisfy to qualify as a REIT and
the potentially severe consequences of failing to satisfy such
requirements, and (xi) governmental regulation that may increase
the company's cost of doing business or otherwise negatively effect
its business or its attractiveness as an investment and create risk
of liability for non-compliance (e.g., changes in laws affecting
wages, taxes or dividends, compliance with building codes,
compliance with the Americans with Disabilities Act, workers
compensation law changes, the Sarbanes-Oxley law, etc.). The
Company undertakes no obligation to update any forward looking
statement to reflect actual results, changes in the Company's
expectation, or for any other reason. Contact: Bruce Riggins
(Company) Jerry Daly or Carol McCune Chief Financial Officer Daly
Gray (Media) (561) 227-1302 (703) 435-6293 DATASOURCE: Innkeepers
USA Trust CONTACT: Bruce Riggins, Chief Financial Officer of
Innkeepers USA Trust, +1-561-227-1302; or Jerry Daly or Carol
McCune of Daly Gray, +1-703-435-6293, for Innkeepers USA Trust Web
site: http://www.innkeepersusa.com/
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