ARLINGTON HOSPITALITY, INC.
2355 South Arlington Heights Road - Suite 400 - Arlington Heights, IL 60005
847-228-5400 Fax: 847-228-5409 www.arlingtonhospitality.com
CONTACT:
James B. Dale, Chief Financial Officer
847-228-5401 X 361
jimdale@arlingtonhospitality.com
ARLINGTON HOSPITALITY, INC. ANNOUNCES
RESULTS OF BOARD ELECTIONS
PRESIDENT/CEO GIVES NOTICE OF RESIGNATION
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ARLINGTON HEIGHTS, ILLINOIS, AUGUST 15, 2002 - Arlington Hospitality, Inc.
(Nasdaq/NM: HOST) today announced the results of the election of the Board of
Directors. At its annual meeting held today in Arlington Heights, Illinois, the
shareholders elected by a plurality of the vote the following as Directors to
serve on the Company's Board.
Michael P. Holtz
Salomon J. Dayan
Thomas J. Romano
Gerald T. LaFlamme
Kenneth M. Fell
Steven J. Belmonte
Russell J. Cerqua
Following the election of Directors, Michael P. Holtz, President and Chief
Executive Officer served notice to the new Board that he will resign all
positions with the Company and its subsidiaries in six months. In addition,
Russell J. Cerqua and Michael P. Holtz notified the Board that they will not
accept the position of Director for the Company. After discussions with the
Board, Mr. Holtz agreed to stay on the Board as long as he is employed by the
Company. The Board agreed that this decision will not have an adverse impact to
Mr. Holtz with regard to his employment agreement with the Company. The Board is
in the process of forming a search committee to recruit and replace the position
of President and Chief Executive Officer.
Arlington Hospitality, Inc. is a hotel management and development company that
builds and manages mid-priced hotels. As of August 15, 2002, Arlington
Hospitality, Inc. owns or manages 77 properties in 17 states, including 65
AmeriHost Inn hotels, for a total of 5,747 rooms, with four additional AmeriHost
Inn & Suites hotels under construction. Each hotel offers an amenity package not
often found in other mid-priced hotels.
The statements appearing in this press release can be construed as
forward-looking statements within the meaning of Section 27A of the Securities
Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934,
as amended. These statements are subject to risks and uncertainties that could
cause actual results to differ materially from those set forth in the
forward-looking statements, including without limitation, risks relating to the
development and operation of hotels, the availability of capital to finance
growth, and the historical cyclicality of the lodging industry.