SAN DIEGO— Hardage Suite Hotels, which owns and operates 18 Woodfin Suite Hotels and Chase Suites by Woodfin representing 2,328 suites is consolidating its ownership interests, and has repurchased a minority interest— 35%— in the company formerly held by an undisclosed Wall Street financial institution. According to Samuel Hardage, chairman/CEO, “This consolidation of ownership will accelerate the company’s expansion plans and we are now actively seeking acquisition candidates. We have initiated a new joint venture/brand affiliation program designed to encourage independent hotel developers and equity-oriented, passive hotel investors to consider our Woodfin and Chase brands for their existing and planned projects. This…program clearly aligns our economic interests with those of investors.” The company is presently developing upscale Woodfin Suite Hotels in Marina Del Rey, CA; Austin, TX; and Schaumburg, IL. A limited-service, midprice Chase Suite Hotel is under development in El Paso, TX. The properties are managed by Woodfin Suite Hotels, based here. Woodfin reported sales of $62 million last year and is expecting revenues to exceed $66 million in 2002.
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