SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of Earliest Event Reported) June 30, 1997
Chartwell Leisure Inc.
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(Exact Name of Registrant as Specified in its Charter)
Delaware 0-24794 22-3326054
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(State or Other (Commission (I.R.S. Employer
Jurisdiction of File Number) Identification
incorporation) No.)
605 Third Avenue, New York, New York 10158
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(Address of Principal Executive Offices) (Zip Code)
(212) 692-1400
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(Registrant's Telephone Number, Including Area Code)
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(Former Name or Former Address, If Changed Since Last Report.)
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ITEM 5. Other Events.
On June 30, 1997, Chartwell Leisure Inc., a Delaware corporation
(the "Registrant"), issued a press release, a copy of which is attached hereto
as Exhibit 99.1, announcing that it has hired the investment banking firms Bear,
Stearns & Co. Inc. and Chase Securities Inc. to help the Registrant consider
strategic alternatives, including a possible sale of the Registrant.
ITEM 7. Financial Statements and Exhibits.
(c) Exhibits.
99.1. Press release of the Registrant, dated June 30, 1997.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
CHARTWELL LEISURE INC.
(Registrant)
Date: July 2, 1997
By /s/ Martin L. Edelman
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Name: Martin L. Edelman
Title: President
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EXHIBIT INDEX
Exhibit
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99.1. Press release of the Registrant, dated June 30, 1997.
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CONTACT: Kekst and Company
(212)521-4800
Barbara Glassman
Jim Fingeroth
FOR IMMEDIATE RELEASE
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CHARTWELL RETAINS INVESTMENT BANKS
TO CONSIDER STRATEGIC ALTERNATIVES
NEW YORK, NY (June 30, 1997) - Chartwell Leisure Inc. (NASDAQ: CHRT) announced
today that it has hired the investment banking firms Bear, Stearns & Co. Inc.
and Chase Securities Inc. to help Chartwell consider strategic alternatives,
including a possible sale of the Company. In a meeting of its Board of Directors
held today, Chartwell's directors unanimously decided to retain Bear, Stearns
and Chase Securities, although the Board has not made a decision regarding any
particular transaction.
Richard L. Fisher, Chairman and Chief Executive Officer of Chartwell, said, "In
light of the current robust state of the lodging market, we believe that it is
appropriate to consider all options for our Company. Therefore, Chartwell
intends to actively explore various alternatives available to us for enhancing
shareholder value, including a possible sale of the Company."
Chartwell Leisure is a hotel owner/operator and developer. Chartwell owns,
directly or with joint venture partners, approximately 130 hotel properties in
both the full-service and limited-service segments, containing approximately
11,400 guest rooms, located in 25 states and six Canadian provinces.
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