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Press Release: John Q. Hammons Hotels, Inc.
December 31, 2004
SPRINGFIELD, MO -- John Q. Hammons Hotels, Inc. (AMEX:JQH) announced Dec. 29 that its Board of Directors has agreed
to negotiate exclusively with Barcelo Crestline Corporation through January 31, 2005, with regard to a possible
merger transaction. The Company also announced that its principal stockholder, Mr. John Q. Hammons, has agreed
to negotiate exclusively with Barcelo Crestline through January 31, 2005.
The Company's Board of Directors agreed to grant this limited exclusivity to Barcelo Crestline upon the recommendation
of a special committee of independent directors after Barcelo Crestline increased its offer to acquire the Company's
Class A shares from its previously announced offer of $13.00 per share to $21.00 per share. Barcelo Crestline also
has agreed that, if the Special Committee so requests, any merger with the Company will require the approval of
the holders of a majority of the Class A shares voting on the matter, other than those Class A shares held by Mr.
Hammons and his affiliates, in addition to the approval of a majority of the voting power of all Class A and Class
B shares, voting as a single class.
Commenting on the Company's action, the Chairman of the Special Committee, David Sullivan, said, "We are pleased
to reach this point in the negotiations with Barcelo Crestline. We also are mindful that there are a number of
items that remain to be negotiated, including the terms of a merger agreement and the relationship between Barcelo
Crestline and Mr. Hammons, before we would have a transaction to present to our stockholders."
About John Q. Hammons Hotels, Inc.
John Q. Hammons Hotels, Inc. is a leading independent owner and manager of affordable upscale, full service hotels
located primarily in key secondary markets. The Company owns 46 hotels located in 20 states, containing 11,370
guest rooms or suites, and manages 14 additional hotels located in seven states containing 3,158 guest rooms or
suites. The majority of these 60 hotels operate under the Embassy Suites, Holiday Inn and Marriott trade names.
Most of the hotels are located near a state capitol, university, convention center, corporate headquarters, office
park or other stable demand generator. Additional information is available at the Company's Web site: http://www.jqh.com.
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Contact:
John Q. Hammons Hotels, Inc.
Scott Tarwater, 417-873-3591
scott.tarwater@jqh.com
or
Publicis Dialog for John Q. Hammons Hotels, Inc.
Molli Samuels, 972-628-7763 (office)
817-637-6370 (mobile)
molli.samuels@publicis-usa.com
Source: John Q. Hammons Hotels, Inc.