ATLANTA -- Jameson Inns, which has 119 hotels in 14 states,
primarily in the Midwest, conducted a corporate restructuring and
ending its status as a real estate investment trust. Instead, the
company became a taxable corporation.
Jameson Inns also acquired Kitchin Hospitality, an entity that
leased and operated Jameson properties since Jameson became a REIT
in 1994.
With the acquisition, Kitchin became a wholly owned subsidiary
of Jameson Inns and will continue to operate its hotel
properties.
"This move will simplify our corporate structure, and I believe
it will improve the financial performance of the company," said
Thomas W. Kitchin, Jameson's chairman and CEO.
Jameson said Kitchin and other members of his immediate family,
the prior owners of Kitchin Hospitality, were issued 2,185,430
shares of Jameson common stock and received a cash payment of $1.3
million
To contact reporter Michael Milligan, send e-mail to [email protected].