Cavanaughs Adopts Stock Buyback Plan

Fri., Aug. 7, 1998

From Staff

Spokane-based Cavanaughs Hospitality Corp.’s board of directors decided this week to allow the company to purchase up to $10 million of its own common stock.

This comes four months after the hotel chain company’s initial public offering of 5.17 million shares on the New York Stock Exchange which it sold at $15 each raising $77.6 million.

On Wednesday, the stock closed at $10.50 a share, up 56 cents.

“This stock repurchase is consistent with management’s overriding objective to create shareholder value,” said Donald Barbieri, chairman and CEO of Cavanaughs. “Our current cash position allows us to execute on this repurchase without adversely impacting our acquisition strategy.”

By purchasing a portion of the shares, the company may cause the value of the existing shares to rise, potentially rewarding shareholders.

Cavanaughs is a full-service hotel chain, with 18 hotels, as well as a property management and entertainment company.

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Cavanaughs Adopts Stock Buyback Plan

Jesse Tinsley

Jim Meehan

Molly Quinn

Rob Curley

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