| Ticker: RRI | 4355 Davidson Road | |
| Exchange: New York Stock Exchange | Hilliard, Ohio 43026 | |
| Industry: Service | (614) 876-3200 |
| Type of Shares: | Common Shares | Filing Date: | 10/10/95 | |
| U.S. Shares: | 8,000,000 | Offer Date: | 1/31/96 | |
| Non-U.S. Shares: | 2,000,000 | Filing Range: | $14.00 - $16.00 | |
| Primary Shares: | 10,000,000 | Offer Price: | $16.00 | |
| Secondary Shares: | 0 | Gross Spread: | $0.96 | |
| Offering Amount: | $150,000,000 | Selling: | $0.58 | |
| Expenses: | $900,000 | Reallowance: | $0.10 | |
| Shares Out After: | 28,400,000 | |||
| Spin out parent firm: | Morgan Stanley Real Estate Fund, Inc. | |||
| Manager | Tier | Phone |
| Morgan Stanley & Co. Incorporated | Lead Manager | (212) 703-4797 |
| Alex. Brown & Sons Incorporated | Co-manager | (410) 727-1700 |
| Donaldson, Lufkin & Jenrette Securities Corp. | Co-manager | (212) 504-4525 |
| Schroder Wertheim & Company, Incorporated | Co-manager | (212) 492-6900 |
| Auditor: Deloitte & Touche | |||||
| Audited Income | Latest Unaudited Income | Prior Unaudited Income | Balance Sheet | ||
| 12/31/94 | 9/30/95 | 10/1/94 | 9/30/95 | ||
| Revenue: | $269.31 | $223.05 | $206.05 | Assets: | $729.59 |
| Net Income: | $16.86 | $15.12 | $13.84 | Liabilities: | $580.08 |
| EPS: | $0.59 | $0.53 | Equity: | $149.51 | |
Note: Dollar amounts are in U.S. millions; Audited figures expressed as full year, unaudited figures are partial year | |||||
| Business Description |
| The Company is the third largest owner/operator of economy hotels in the United States, with 231 inns containing over 26,100 rooms in 33 states, primarily located throughout the Midwest, East, South and Gulf Coast regions. The Company's hotels are designed to attract the business and leisure traveler seeking room quality and inn locations that are generally comparable to those of mid-priced hotels, but at a lower average room rates. By not providing full service management intensive facilities and services, such as in-house restaurants or cocktail lounges, banquet centers, conference rooms, room service, recreational facilities or other services and facilities that the Company's targeted customers do not typically value, the Company is able to deliver a product that addresses its customers' needs and price expectations. In general, the Company's guests are evenly divided between business and leisure. |
| Use of Proceeds |
| Proceeds from the proposed offering will be used to reduce the company's outstanding debt, and to fund its acquisition and development program and for general corporate purposes. |
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