Mr. John Q. Hammons Submits Contract to Purchase Fort Worth, Texas, Site for New Hotel
August 04 2004 - 4:17PM
PR Newswire (US)
Mr. John Q. Hammons Submits Contract to Purchase Fort Worth, Texas,
Site for New Hotel Development of Property Coincides With City's
Lancaster Corridor Redevelopment Project SPRINGFIELD, Mo., Aug. 4
/PRNewswire-FirstCall/ -- Mr. John Q. Hammons today announced he
has submitted a contract to purchase a site to build an upscale,
10-story, 300-suite hotel in the southern end of downtown Fort
Worth, Texas. The property will be owned and developed by Mr. John
Q. Hammons and managed by Springfield, Mo.-based John Q. Hammons
Hotels, Inc. (AMEX:JQH), the nation's leading independent builder,
developer, owner and manager of upscale full-service hotels,
resorts and suites. Prominently located in the northwest quadrant
of I-30W and I-35W at the intersections of Lancaster Avenue and
Main Street, the hotel site is positioned approximately 950 feet
from the city's downtown Convention Center, is within walking
distance of the city's well-renowned Sundance Square and is
approximately three miles from Texas Christian University. "Fort
Worth's thriving downtown serves as home to a unique mix of
residential, retail, office and entertainment venues, creating an
attractive and pedestrian-friendly atmosphere that is in sync with
my hotel development strategy," said Mr. John Q. Hammons, founder,
chairman and chief executive officer of John Q. Hammons Hotels,
Inc. "Adding a high-end property to this area will match the city's
commitment to future growth and complement its existing historical
charm and vibrant street activity." Anchored by dynamic commercial,
retail, entertainment and living environments, Downtown Fort Worth
offers a truly spirited economic climate for growth. The new hotel
will complement the city's Lancaster Corridor Redevelopment
Project, a plan to further redevelop the southern end of Downtown
Fort Worth. Lancaster Avenue will be redesigned as an "urban
street," which provides a pedestrian-oriented area that capitalizes
on streetscape enhancements, arts and entertainment activities and
vibrant public plazas. Additionally, it serves as a means to
connect Downtown more effectively with the Medical District on Fort
Worth's south side. "City revitalizations provide a prime
opportunity to help communities realize their growth and attract
visitors to the renewed area. Providing a hotel that will offer a
convenient lodging and meeting option for business and leisure
travelers is a natural fit for the growing market. I look forward
to being a part of the initiatives surrounding the redevelopment of
Fort Worth's south Downtown area," Hammons said. Company
Information Publicly traded on the American Stock Exchange,
Springfield, Mo.-based John Q. Hammons Hotels is the nation's
leading independent builder, developer, owner and manager of
upscale, full-service hotels, resorts and suites, including:
Embassy Suites Hotels, Renaissance, Marriott, Radisson, Residence
Inn, Homewood Suites by Hilton, Holiday Inn and Courtyard by
Marriott brands. With 60 hotels strategically located near demand
generators, such as state capitals, universities, airports,
corporate headquarters or office parks in secondary and tertiary
markets, John Q. Hammons Hotels' properties are dominant in their
markets. The company's focus is capitalizing on positive operating
fundamentals in the upscale, full-service sector, converting
existing hotels to franchise brands and selling mature assets,
while reinvesting the proceeds and reducing debt. Over the course
of his impressive career in the hotel business, Mr. Hammons has
developed 150 hotels. For more information about John Q. Hammons
Hotels, please visit the company's Web site at
http://www.jqhhotels.com/ . DATASOURCE: John Q. Hammons Hotels,
Inc. CONTACT: Scott Tarwater of John Q. Hammons Hotels, Inc.,
+1-417-873-3591, or ; or Molli Samuels of Publicis Dialog,
+1-972-628-7763, or , for John Q. Hammons Hotels, Inc. Web site:
http://www.jqhhotels.com/
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