Execustay Corporation

ExecuStay is a leading provider of interim housing for corporate clients and professionals. The company provides fully furnished high-quality apartments for stays of 30 days or more, offering a choice of locations, types of accomodation and accessories. The company began offering interim housing services in 1988. The company does not own any apartments, thereby avoiding the risks and capital requirements normally associated with real estate ownership. Interim housing rents accounted for 55% of 1997 revenues and furniture and housewares rents, 45%.