The Wichita Eagle from Wichita, Kansas • 5

WWWXANSASCOMNEWS WEDNESDAY OCTOBER 29 2003 THE WICHTTA EAGLE SA mm ms ok TKCMffMKXHQMa CAWWO Cendlewood Hotel Ca Wichita Gcndewood Suites i-i a imononm now uroup London i-gj I noiaay ivv noiaay vvi cxpfB66 Crowne Plaza Intercontinental Staybridge Suitea 300 Worldwide $56bon $707Jmion Based Ik Brands Na of hotels 2002 revenue: 2003 profit Oocs): 108 34states $1236mion business" Much of his investment was in the form of preferred and common stock Still he won't go away empty-handed According to die company's latest annual statement DeBoer owns 1000 shares of preferred stock and 27 million shares of common stock Together they are worth at least $328000 based on the settlement reached with IHG and HPT He also owns another block of preferred stock worth an unknown amount This is third extended-stay business hotel chain He started Residence Inn in 1975 and sold it to Marriott in 1987 He co-founded the Summerfield Suites drain in 1988 and sold out From Rage 1A InteiGantinental over the past two years to raise cash Otter Candkwood units are owned with partners managed for other owners or owned by franchisees DeBoer will retain control of downtown Wichita's Hotel at Old Town InterContinental is the second-largest hotel company owners of Holiday Inn Holiday Inn Express Crowne Plaza -InterContinental and Staybridge Suites hotels "WeVe been struggling for two years I get die numbers every morning" DeBoer said But it DeBoer said diat after six months of struggling to figure out how to save die company he decided that the best he could hope fix was to avoid a crash The sale took about two months to put together The suppliers will be paid and most of the will keep their jobs he i Candkwood will use of the sak to pav $66 1 debt All 1500 employees in the drain's hotels will stay on But the 70 employees in the Wichita cor- porate offices executives salesmen accountants trainers office staff have a less certain future Steve Potter president of die Americas for InterContinental said some may be offered jobs in the company already have a big company but we see in group some tremendous people" Porter said still a littk early to make those The hotel industry is suffering Profits at US hotels dropped from a record $225 billion in 2000 to $161 billion in 2002 accordingto PricewaterhouseCoopers UP InterContinental was abk to acquire a good brand at a discount million is buying at the bottom of the wde" said Gerard Petrick an analyst with Legg Mason Wood Walker Petrick said that Candkwood was well managed but that it just have enough capital to survive the historic downturn as well as companies such as Hilton and Marriott DeBoer said he win take a big loss on die sale but wouldn't disclose how much we made the bet it had the potential for a big he we didn't make iL 1 of that in 1995 the same year he started Candkwood Suites 11 The stock was delisted from the Nasdaq National Market in June 2002 and is now sold over the counter Shares of common stock which initially sold at $10 each in November 1996 fell to 7 cents Tuesday on news of the sak DeBoer said he doesn't feel sad at the sak of the company he has been pushing for the past nine yean 1 tried he said if been losing money since the first quarter of 2001 so you bet I felt good that nobody gets hurt" Contributing: Bloomberg News Chandeliers Floor Lamps Outdoor Lights Bathroom Lights Table Lamps and Much More! INVENTORY CLEAR A NCE SALE Donlt SREGIAU AGGENT LIGHTING 2929 Rock Rd 636-1278 M-F 8:00 PM Sat 10:00 AM PM Le Difference is at Barrier festive liolklay gifts furniture and accessories complement Wichita finest jewelry collection New and unique selections from tfie artist-created handcrafted collections of Michael Aram Juliska blown glass Mary Jurek stainless steel Simon Pearce Christopher Radko ornaments Luna Bella furniture Vietri and the incomparable new sterling jewelry collection from Scott Kay Come and enjoy I i i Holiday Open House Thursday ftiday and Saturday October 30 November I Saturday Refreshments by th Jr League of Wichita Oliver Douglas Tt always means mere from Barrier's 316-684-5169 888-312-2870 1 Since 1932 Vuit our welxite at: Carrier jcwelrycom OELECTRDNICS STORE HOURS: Monday Saturday: Sunday: 11.