JQH John Q. Hammons Hotels

Barcelo Corporation Issues Update on Negotiations With John Q. Hammons Hotels, Inc. PALMA DE MALLORCA, Spain and MCLEAN, Va., Feb. 1 /PRNewswire/ -- Barcelo Crestline Corporation, the parent company of Crestline Hotels & Resorts, Inc. and one of the leading hotel management and leasing companies in North America, announced today that the period of exclusive negotiations with the Special Committee of the Board of Directors of John Q. Hammons Hotels, Inc. (AMEX:JQH) has ended without resolution on the terms of the merger. In late December, Barcelo Crestline had increased their offer to acquire the Company's Class A shares to $21 per share. Simon Pedro Barcelo, Co-Chairman and CEO of Barcelo stated, "We are disappointed that the Special Committee appointed by John Q. Hammons Hotels' board of directors was unable to reach an agreement with us during this period of exclusivity. Barcelo Crestline will not continue to pursue the merger." About Barcelo Crestline Corporation Barcelo Crestline Corporation is a hotel management and opportunistic real estate company. Barcelo Crestline was formed in June 2002 with the acquisition of Crestline Capital Corporation by Barcelo Hotels & Resorts (Barcelo) of Spain. Crestline Capital Corporation was spun-off from Host Marriott Corporation, a public company, on December 29, 1998 when Host Marriott converted to a Real Estate Investment Trust (REIT). The company, along with its wholly owned subsidiary Crestline Hotels & Resorts, manages and leases over 125 hotels, resorts, conference and convention centers throughout the United States. Crestline manages quality properties independently and under such well-regarded brands as Marriott, Hilton, Renaissance, Crowne Plaza, Holiday Inn, Hilton Garden Inn, Courtyard by Marriott, Residence Inn, Staybridge Suites, and Radisson. Additional information about Barcelo Crestline is available at the company's web site: http://www.barcelocrestline.com/. About Barcelo Hotels & Resorts Barcelo is one of the world's largest hospitality and travel management companies and is based in Palma de Mallorca, Spain. The company is 100% owned by the Barcelo family and has been run by three generations of family members. Barcelo and its affiliates own, manage and lease hotels in 15 countries across 4 continents. Additional information about Barcelo is available at the company's website: http://www.barcelo.com/. Note: Certain matters discussed herein are forward-looking statements within the meaning of the Private Litigation Reform Act of 1995. Certain, but not necessarily all, of such statements can be identified by the use of forward-looking terminology, such as "believes," "expects," "may," "will," "should," "estimates" or "anticipates" or the negative thereof or comparable terminology. All forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual transactions, results, performance or achievements of the Company to be materially different from any future transactions, results, performance or achievements expressed or implied by such forward-looking statements. These may include: (i) national and local economic and business conditions or governmental regulations that will affect demand, prices, wages or other costs for hotels; (ii) the level of rates and occupancy that can be achieved by such properties; (iii) the Company's ability to compete. DATASOURCE: Barcelo Crestline Corporation CONTACT: James Carroll of Barcelo Crestline Corporation, +1-571-382-1700, or Web site: http://www.barcelocrestline.com/ http://www.barcelo.com/

Copyright