TEMECULA, CA According to the The Business Press of Ontario, CA, Supreme Hospitality, a hotel management firm based here, is planning to build a $7.8 million, 120-room hotel in Temecula as well as a $5.8 million, 97-room hotel in Redding, CA. These two new properties will join the company s existing 90-room Temecula Valley Days Inn Business Place and makes its portfolio three properties strong.
Larry Lang, Supreme Hospitality s president, orchestrated a reverse merger with a publicly traded shell company called Richwood. By turning the Temecula Valley Days Inn into a wholly owned subsidiary of Richwood and then changing the parent company s name to Supreme Hospitality, he effectively created a new public company with 10 million outstanding shares. Lang, according to the paper, said he wanted to go public to generate capital for new hotels. (5/22/01)
SOURCE: The Business Press, Ontario, CA