Allied Hotel Properties Inc.

Description

- Mr. Patrick Kong has more than thirty years of management experience in the hospitality industry and has held senior executive positions with several hotel groups prior to founding his own management consulting company in 1994. He has since managed such hotels as the Radisson President Hotel & Suites, Sheraton Four Points Hotel - Niagara Falls, Ramada Plaza/Park Plaza - Vancouver Airport. Mr. Kong earned his Certified General Accountant (CGA) designation in 1980 and received his Certified Hotel Administrator (CHA) designation in 1996.

Allied Hotel Properties Inc. is a Canadian hotel company involved in the ownership, management, and development of hotels and real estate in major Canadian urban centres. The Company has owned, managed, and developed several hotels and residential condominiums in Vancouver, Edmonton, and Toronto. Its portfolio of hotel properties has included the Delta Vancouver Suites, the Crowne Plaza Hotel Georgia, Delta Vancouver Airport Hotel, and the Crowne Plaza Chateau Lacombe.

Allied Hotel Properties Inc. ("Allied", stock symbol AHP) today announced that on December 27, 2001 it sold its 65.2% interest in the Delta Vancouver Suites Hotel to its controlling shareholder, Allied Holdings Inc., for gross proceeds of $21.0 million (the "Disposition"). The purchase price for the Disposition was paid through the assumption of debt and the reduction of the outstanding payable owed by the Company to Allied Holdings Inc.

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