HORSHAM, Pa., Oct. 30 /PRNewswire/ -- The Hospitality Division of
GMAC Commercial Mortgage Corporation (GMACCM) has provided a $5.2 million
construction loan to Candlewood Hotel Company, Inc., which today opened its
first extended-stay hotel in the Greater Philadelphia area.
    "Candlewood is rapidly expanding into a national brand of value-oriented,
business extended-stay hotels," notes David E. Creamer, president of GMACCM
and a participant at today's ribbon-cutting ceremonies.  "Its management team
is unsurpassed in understanding and satisfying the needs and concerns of
mid-market business travelers, 15 to 30 percent of whom require more than a
week's stay."
    The 110-room property, located next to GMACCM's national headquarters in
the Horsham Business Center, features 86 Studio Suites and 24 one-bedroom
suites.  Candlewood suites are typically 20 percent larger than comparably
priced rooms at competitive hotels, reflecting the need for working space
among today's business travelers.
    Based in Wichita, Kan., Candlewood Hotel Company was formed in 1995 as a
joint venture between Doubletree Hotel Corporation and Jack DeBoer, who
founded Residence Inns in the 1970s and is widely recognized within the hotel
industry as the creator of the extended-stay concept.  The Candlewood hotel
system has 42 company owned and franchised properties open or under
construction nationwide, with plans to open a total of 200 properties by the
year 2000.
    "The global hospitality industry in general, and the extended-stay segment
in particular, is experiencing a dramatic increase in new construction due to
the strong economy and the sharp rise in business travel," explains Michael I.
Lipson, GMACCM senior vice president and head of the Vienna, Va.-based
Hospitality Industry Division.  "For Candlewood and other dynamic companies on
the grow, the need for specialized lending services is critical, making our
versatility and strength especially beneficial."
    In addition to Creamer and Lipson, other GMACCM executives participating
in the opening day ceremonies at the new suburban Philadelphia hotel include
Charles E. Dunleavy, Jr., executive vice president and chief operating
officer, and Vacys Garbonkus, senior vice president responsible for
Construction Lending.
    GMAC Commercial Mortgage is the nation's leading one-stop financial
resource in the commercial mortgage banking industry.  The diverse lending and
servicing specialist operates 34 origination offices throughout the U.S., in
addition to its corporate offices in Horsham.  GMACCM has a servicing
portfolio in excess of $36 billion, and provides a variety of products and
services, including long-term, interim and construction financing.

    Press releases and other information about GMAC Commercial Mortgage and
its products and services are available at http://www.gmaccm.com on the
Internet.  For GMACCM press releases by fax, call
800-758-5804, ext. 122720.

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