Innkeepers USA Trust Names Dennis Craven Chief Financial Officer
March 28 2006 - 9:30AM
PR Newswire (US)
PALM BEACH, Fla., March 28 /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 Dennis M. Craven will join
the company as chief financial officer, effective March 31, 2006.
Craven will succeed Bruce Riggins who resigned, effective March 31.
"Dennis has the depth and breadth of expertise we need in this
critical position, including public company and hotel REIT
experience, as well as a strong track record in banking, finance
and accounting," said Jeffrey Fisher, president and chief executive
officer. "He also has extensive experience in acquisitions, one of
our key sources of external growth." Prior to joining Innkeepers,
Craven was principal of Addison Capital Advisors in Memphis, Tenn.,
an investment firm specializing in strategic planning, investment
analysis and equity and debt financing for start-up and early stage
companies. Prior to that, he was senior vice president and chief
accounting officer of Independent Bank in Memphis, where he
specialized in corporate financial planning and analysis.
Previously, he served as vice president and chief accounting
officer for RFS Hotel Investors, a NYSE-listed REIT acquired in
2003 by CNL Hotels & Resorts. He began his career at
PricewaterhouseCoopers where he rose to the level of senior
manager. 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: Company: Bruce
Riggins, Chief Financial Officer of Innkeepers USA Trust,
+1-561-227-1302; or Media: Jerry Daly or Carol McCune of Daly Gray,
+1-703-435-6293 for Innkeepers USA Trust DATASOURCE: Innkeepers USA
Trust CONTACT: Company: Bruce Riggins, Chief Financial Officer of
Innkeepers USA Trust, +1-561-227-1302; or 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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