Northcott Hospitality International To Seek Buyer

MarketWatch:

Northcott Hospitality International, a privately held company with extensive holdings in the lodging and hospitality industries, announced today that it has commenced a search for a buyer. The Chanhassen, Minnesota-based company is the parent of the AmericInn(R) Lodging System which owns and franchises 216 hotel properties across the United States, as well as 21 Perkins(R) restaurants and four Houlihan’s(R) restaurants.

“We’re achieving great performance with strong prospects in all of Northcott’s business lines,” said Arnold Angeloni, CEO of Northcott Hospitality. “We’ve been doing very well in recent years, and are doing relatively well in 2008 even in the midst of a soft economy. We believe that Northcott Hospitality is well-positioned for current conditions and beyond.”

“Our decision to seek a buyer is not a business decision; it’s a financial and estate planning one,” Angeloni continued. “In early 2008, the trust that controls 100 percent of our parent company decided that it was in the best interests of its beneficiaries to diversify their personal assets. That decision has led to this effort to sell Northcott Hospitality International.”

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