| Ticker: HMGT | 2001 Bryan Street, Suite 2300 | |
| Exchange: NASDAQ-National Market | Dallas, Texas 75201 | |
| Industry: Service | (214) 863-1777 |
| Type of Shares: | Common Shares | Filing Date: | 8/30/96 | |
| U.S. Shares: | 4,325,000 | Offer Date: | 10/24/96 | |
| Non-U.S. Shares: | 0 | Filing Range: | $11.00 - $13.00 | |
| Primary Shares: | 4,325,000 | Offer Price: | $11.50 | |
| Secondary Shares: | 0 | Gross Spread: | $0.81 | |
| Offering Amount: | $51,900,000 | Selling: | $0.48 | |
| Expenses: | $650,000 | Reallowance: | $0.10 | |
| Shares Out After: | 10,725,000 |
| Manager | Tier | Phone |
| Bear, Stearns & Co. Inc. | Lead Manager | (212) 272-2000 |
| Montgomery Securities | Co-manager | (415) 627-2220 |
| Auditor: Ernst & Young | |||||
| Audited Income | Latest Unaudited Income | Prior Unaudited Income | Balance Sheet | ||
| 6/30/96 | 6/30/96 | ||||
| Revenue: | $0.03 | Assets: | $9.73 | ||
| Net Income: | -$0.24 | Liabilities: | $3.57 | ||
| EPS: | Equity: | $6.16 | |||
Note: Dollar amounts are in U.S. millions; Audited figures expressed as full year, unaudited figures are partial year | |||||
| Business Description |
| The company's goals is to become a national provider of high quality extended-stay hotels in strategically selected markets located throughout the United States. The company plans to rapidly develop a changing midprice extended-stay hotels under the Homegate Studios & Suites brand name to capitalize on what management believes is a large and underserved market of guests who desire extended-stay accommodations. This market includes business travelers, professionals on temporary work assignments, persons between domestic situations, and persons relocating or purchasing a home, who often desire accommodations for an extended durations. As of the time of the Offering, the company expects to own six hotels, to have seven hotels under development, and to have agreements, letters of intent, contracts or other arrangements to purchase 10 additional development sites. Of the seven hotels under development, three are currently under construction and four are expected to be under construction by December 31, 1996. The company's objective is to have approximately 65 extended-stay hotels open or under construction by December 31, 1998. |
| Use of Proceeds |
| The proceeds from the proposed offering will be used to finance the development of additional extended stay hotels and other general corporate purposes. |
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