SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
Under the Securities Exchange Act of 1934
(Amendment No. )
Hudson Hotels Corp.
(formerly, Microtel Franchise & Development Corp.)
(Name of Issuer)
Common Stock
(Title of Class of Securities)
443794102
(CUSIP Number)
Check the following box if a fee /X /
is being paid with this statement
(A fee is not required only if the filing person: (1) has a previous
statement on file reporting beneficial ownership of more than five
percent of the class of securities described in Item 1; and (2) has
filed no amendment subsequent thereto reporting beneficial ownership of
five percent or less of such class.) (See Rule 13d-7.)
*The remainder of this cover page shall be filled out for a reporting
person's initial filing on this form with respect to the subject class
of securities, and for any subsequent amendment containing information
which would alter the disclosures provided in a prior cover page.
The information required in the remainder of this cover page shall not
be deemed to be "filed" for the purpose of Section 18 of the Securities
Exchange Act of 1934 ("Act") of otherwise subject to the liabilities of
that section of the Act but shall be subject to all other provisions of
the Act (however, see the Notes).
(Continued on following pages)
Page 1 of 7 Pages
<PAGE>
- ---------------------------- -------------------------
Cusip No. 13G Page 2 of Pages
- ---------------------------- -------------------------
- -------------------------------------------------------------------
1. NAME OF REPORTING PERSON
S.S OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
OppenheimerFunds, Inc.
I.R.S. NO. 13-2527171
- -------------------------------------------------------------------
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP *
A / /
B / X /
- -------------------------------------------------------------------
3. SEC USE ONLY
- -------------------------------------------------------------------
4. CITIZENSHIP OR PLACE OF ORGANIZATION
Colorado
- -------------------------------------------------------------------
NUMBER OF 5. SOLE VOTING POWER
SHARES 0
BENEFICIALLY -----------------------------------------------
OWNED BY 6. SHARED VOTING POWER
EACH 0
REPORTING -----------------------------------------------
PERSON WITH 7. SOLE DISPOSITIVE POWER
0
-----------------------------------------------
8. SHARED DISPOSITIVE POWER
999,975
- -------------------------------------------------------------------
9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
999,975
- -------------------------------------------------------------------
10. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN
SHARES *
- -------------------------------------------------------------------
11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
0%
- -------------------------------------------------------------------
12. TYPE OF REPORTING PERSON
IA
- -------------------------------------------------------------------
* SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
- ---------------------------- -------------------------
Cusip No. 13G Page 3 of Pages
- ---------------------------- -------------------------
- -------------------------------------------------------------------
1. NAME OF REPORTING PERSON
S.S OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Oppenheimer
I.R.S. NO.
- -------------------------------------------------------------------
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP *
A / /
B / X /
- -------------------------------------------------------------------
3. SEC USE ONLY
- -------------------------------------------------------------------
4. CITIZENSHIP OR PLACE OF ORGANIZATION
Colorado
- -------------------------------------------------------------------
NUMBER OF 5. SOLE VOTING POWER
SHARES 0
BENEFICIALLY -----------------------------------------------
OWNED BY 6. SHARED VOTING POWER
EACH 0
REPORTING -----------------------------------------------
PERSON WITH 7. SOLE DISPOSITIVE POWER
0
-----------------------------------------------
8. SHARED DISPOSITIVE POWER
999,975
- -------------------------------------------------------------------
9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
999,975
- -------------------------------------------------------------------
10. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN
SHARES *
- -------------------------------------------------------------------
11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
23.52%
- -------------------------------------------------------------------
12. TYPE OF REPORTING PERSON
IV
- -------------------------------------------------------------------
* SEE INSTRUCTIONS BEFORE FILLING OUT!
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Schedule 13G
Under the Securities Exchange Act of 1934
Check the following box if a fee
is being paid with this statement /X /
Item 1(a) Name of Issuer:
Hudson Hotels Corp. (formerly Microtel Franchise &
Development Corp.)
Item 1(b) Address of Issuer's Principal Executive Offices:
One Airport Way
Suite 200
Rochester, NY 14624
Item 2(a) Name of Person Filing:
OppenheimerFunds, Inc.
Item 2(b) Address of Principal Business Office:
Two World Trade Center, Suite 3400
New York, New York 10048-0203
Item 2(c) Citizenship:
Inapplicable
Item 2(d) Title of Class of Securities:
Common Stock
Item 2(e) CUSIP Number:
443794102
Item 3(e) X Investment Adviser registered under Section 203
of the Investment Advisers Act of 1940
Item 4(a) Amount Beneficially Owned: 999,975 shares*
Item 4(b) Percent of Class: 23.52%
Item 4(c)(i) Sole Power to vote or to direct the vote - 0
Item 4(c)(ii) Shared power to vote or to direct the vote - 0
Item 4(c)(iii) Sole power to dispose or to direct the disposition
of - 0
Item 4(c)(iv) Shared power to dispose or to direct the disposition
of - 999,975 shares*
____________
* Reflects the number of common shares of Issuer that will be received
upon conversion of the convertible bond held by Oppenheimer Bond Fund.
Item 5 Ownership to Five Percent or Less of a Class:
If this statement is being filed to report the fact
that as of the date hereof, the reporting person has
ceased to be the beneficial owner of more than 5% of
the class of securities, check the following: ___
Item 6 Ownership of More than Five Percent on Behalf of
Another Person:
See Exhibit A hereto
Item 7 Identification and Classification of the Subsidiary
Which Acquired the Security Being Reported on By the
Parent Holding Company:
Inapplicable
Item 8 Identification and Classification of Members of the
Group:
Inapplicable
Item 9 Notice of Dissolution of Group:
Inapplicable
Item 10 Certification:
By signing below, I certify that, to the best of my
knowledge and belief, the securities referred to
above were acquired in the ordinary course of
business and were not acquired for the purpose of
and do not have the effect of changing or
influencing the control of the issuer of such
securities and were not acquired in connection with
or as a participant in any transaction having such
purpose or effect.
SIGNATURE After reasonable inquiry and to the best of my
knowledge and belief, I certify that the information
set forth in this statement is true, complete and
correct.
Date: August 8, 1996
Signature: /s/ Merryl Hoffman
Name/Title: Merryl Hoffman, Vice President
<PAGE>
EXHIBIT A
The Board of Directors or Trustees of the registered investment
companies managed by OppenheimerFunds, Inc.("OFI") and owning shares of
the issuer can direct the disposition of dividends received by such
funds and can dispose of such securities. Additionally, OFI shares the
power to dispose of such securities with the Board of Directors or
Trustees of such funds; however, the Board of Directors or Trustees of
such fund has delegated these responsibilities to OFI as the fund's
investment advisor under its investment advisory agreement. OFI has an
interest relating to five (5%) percent or more of such securities as
disclosed on Page 2 hereof, by virtue of the interest of five percent
(5%) or more of such securities by Oppenheimer Bond Fund, as disclosed
on pages 3 and 4 hereof. OFI disclaims ownership of such securities,
except as expressly stated herein.
<PAGE>
EXHIBIT B
The undersigned investment company hereby acknowledges and agrees
that a report on Schedule 13G being filed by OppenheimerFunds, Inc.on
or about the date hereof, relating to the Common Stock of Hudson Hotels
Corp., is filed on behalf of the undersigned.
Date: August 8, 1996
Oppenheimer Bond Fund
By: /s/ Andrew Donohue
Andrew Donohue
Secretary
siegel/hudson.#1
