Real Estate — February 14, 2013Royal Host Inc. Announces Resignation of President and Chief Executive Officer
HALIFAX, NOVA SCOTIA--(Marketwire - Feb. 14, 2013) - Royal Host Inc. ("Royal Host" or the "Company", (TSX:RYL) (TSX:RYL.DB.B) (TSX:RYL.DB.C) (TSX:RYL.DB.D) announced today that John Carnella, its President and Chief Executive Officer, had resigned to accept a position with another company. Mr. Carnella commented "It has been a pleasure working with the team at Royal Host and serving with the Board. Over the last two years we've made significant progress in our efforts to divest of non-strategic assets, upgrade our core hotels, extend our debt maturities and right-size our balance sheet. I am confident that the executive team, working with the Board, will continue to move the Company forward." A replacement for Mr. Carnella was not named. The Company's Board is undertaking a review and expects that it will be several months before a determination as to a replacement is made.
Scott McCrea, the Company's Chairman, added "On behalf of the Board, I want to thank John for his contributions to the progress we've made in repositioning Royal Host and wish him well in his future endeavors. As a Board, we look forward to working with the executive team to transition the Company to the next phase of its evolution."
About Royal Host Inc.
Royal Host is a diversified hospitality company that delivers shareholder value through hotel ownership, investment and franchising. The Company's hotels, which contain approximately 2,885 rooms, are located in five Provinces and Territories across Canada. Nineteen of the Company's hotels operate under internationally recognized brands such as Travelodge®, Super 8®, Holiday Inn®, Hilton®, Ramada® and Country Inns & Suites®. Three of the Company's hotels are independently branded. In addition to its real estate holdings, the Company owns and operates the Travelodge Canada franchise business which is currently comprised of over 90 hotels across nine Provinces and Territories.
Royal Host's common shares and convertible debentures are traded on the Toronto Stock Exchange under the trading symbols "RYL", "RYL.DB.D", "RYL.DB.B" and "RYL.DB.C" respectively.
This press release contains certain forward-looking statements relating, but not limited to, Royal Host's operations, anticipated financial performance, business prospects, and strategies. Forward-looking information typically contains statements with words such as "anticipate", "believe", "expect", "plan", or similar words suggesting future outcomes. Such forward-looking statements are subject to risks, uncertainties, and other factors, which could cause actual results to differ materially from future results expressed, projected, or implied by such forward-looking statements. Such factors include, but are not limited to, economic, competitive, and lodging industry conditions. Royal Host disclaims any responsibility to update any such forward-looking statements except as required by Law.
This press release contains registered trademarks that are the exclusive property of their respective owners. None of the owners of these trademarks has any responsibility or liability for any information contained in this press release.
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