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Hudson Hotels Releases 2001 Financial Statements and Profit and Loss Statements for First Two Quarters of 2002

Press Release: Hudson Hotels Corporation
November 18, 2002
ROCHESTER, NY -- Hudson Hotels Corporation, (OTC: HUDS.PK; the "Company") Friday announced that it has released its financial statements for year 2001, as well as profit and loss statements for the first two quarters of 2002, ending March 31 and June 30. They will be available for review on the Company's website at http://www.hudsonhotels.com by the end of today Friday, November 15, 2002.

Commenting on the numbers, Thomas W. Blank, CEO and President, stated that, "The Company has experienced weakness in its operations since the second quarter of 2001 and further exacerbated by the events of September 11, 2001. The travel and tourism industry is mired in a slump with no near term signs of recovery. This has created a difficult operating environment for Hudson. We have been vigilant in reducing expenses at the hotel and corporate level in order to maintain sufficient levels of working capital without reducing the level of service provided to our guests. We will continue these efforts, while at the same time looking forward to an upturn in the economy and increased business and leisure travel."

The Company's profit and loss statement for the third quarter of 2002 is expected to be released over its website, as cited above, at or before the end of November 2002.

Hudson Hotels Corporation is a Rochester, New York, based leading limited-service hotel development and management company. Hudson manages primarily well-known national hotel brands pursuant to franchise agreements from Marriott International, Inc., Hilton Hotels Corporation, Choice Hotels International, Inc., Red Roof Inns, Inc., and U.S. Franchise Systems, Inc. The Company owns 25 hotels and manages a total of 44 hotels.

Except for the historical information presented in this press release, the press release may include forward looking statements that involve risks and uncertainties including, but not limited to, quarterly fluctuations and results, the management of growth, competition and other risks detailed in the Company's financial statements. Actual results may differ materially from the information set forth herein.

Source: Hudson Hotels Corporation