Chief Financial Officer Bruce Riggins to Leave Innkeepers USA Trust
February 10 2006 - 8:20AM
PR Newswire (US)
Company Begins Search for Replacement PALM BEACH, Fla., Feb. 10
/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
announced that the company's chief financial officer, Bruce
Riggins, will leave the company, effective March 31, 2006. Riggins
will rejoin his previous company, Interstate Hotels & Resorts
(NYSE:IHR), as chief financial officer. "Bruce has done a superb
job in a short period of time, and we wish him well in his return
to his former company," said Jeffrey H. Fisher, chief executive
officer and president. "We have initiated a search to find a well
qualified replacement." 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 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, 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 taxes or
dividends, compliance with the Americans with Disabilities Act,
workers compensation law changes, the Sarbanes-Oxley law, etc.).
Contact: Jerry Daly or Carol McCune Daly Gray (Media) (703)
435-6293 First Call Analyst: FCMN Contact: julie@dalygray.com
DATASOURCE: Innkeepers USA Trust CONTACT: Media: 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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