RFS Hotel Investors, Inc. sells Kentucky hotel

Business Wire, March 7, 1996

MEMPHIS, Tenn.--(BUSINESS WIRE)--March 7, 1996--RFS Hotel Investors, Inc. (Nasdaq: RFSI) announced today it has concluded the sale of its Lexington, Kentucky Ramada Inn to Bedlex Investment Partners Level I, L.P. in Dallas.

Sale price for the 178-room hotel was $4.15 million. The property was one of the original seven hotels owned by RFSI at the time of its initial public offering in August of 1993.

Mike Pascal, RFSI chief financial officer, said the sale was the result of, "the Company's ongoing evaluation of assets. We felt the resources generated from the sale might be more strategically deployed elsewhere at this time."

RFSI is a Memphis-based real estate investment trust (REIT) which owns 48 hotels consisting of approximately 6,600 rooms in 22 states.

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