<PAGE>
                                    FORM 10-Q

                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

(Mark One)

[x]      QUARTERLY REPORT PURSUANT TO SECTION 13 OR
         15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 29, 2002

                                       OR

[_]      TRANSITION REPORT PURSUANT TO SECTION 13 OR
         15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

for the transition period from                    to
                               ------------------    -------------------

Commission File number 1-13486


                          JOHN Q. HAMMONS HOTELS, INC.
             (Exact name of registrant as specified in its charter)


                   DELAWARE                                    43-1695093
(State or other jurisdiction of incorporation                 (IRS Employer
               or organization)                             Identification No.)


                           300 JOHN Q. HAMMONS PARKWAY
                                    SUITE 900
                              SPRINGFIELD, MO 65806
                    (Address of principal executive offices)
                                   (Zip Code)

                                 (417) 864-4300
              (Registrant's telephone number, including area code)


Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months (or for such shorter period that the registrant was
required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days.

Yes    X          No
    -------          -------

Number of shares of Registrant's Class A Common Stock outstanding as of May 9,
2002: 4,789,729



<PAGE>


PART I - FINANCIAL INFORMATION

         Item 1.  Financial Statements

                          JOHN Q. HAMMONS HOTELS, INC.
                                  AND COMPANIES
                           CONSOLIDATED BALANCE SHEETS
                                 (000's omitted)

                                     ASSETS

<Table>
<Caption>
                                                          MARCH 29, 2002  DECEMBER 28, 2001
                                                          --------------  -----------------
                                                           (UNAUDITED)        (AUDITED)
<S>                                                        <C>            <C>
CURRENT ASSETS:

    Cash and equivalents                                    $    31,402      $    33,180

    Marketable securities                                        10,201           11,016

    Receivables:
      Trade, less allowance for doubtful accounts of $231        12,073           10,771
      Other                                                         617              824
      Management fees                                               206              148

    Inventories                                                   1,338            1,288

    Prepaid expenses and other                                    2,592            3,446
                                                            -----------      -----------

      Total current assets                                       58,429           60,673

PROPERTY AND EQUIPMENT, at cost:
    Land and improvements                                        61,144           61,140
    Buildings and improvements                                  741,406          745,277
    Furniture, fixture and equipment                            313,130          312,079
    Construction in progress                                      5,670            1,868
                                                            -----------      -----------

                                                              1,121,350        1,120,364

    Less-accumulated depreciation and amortization             (336,039)        (326,906)
                                                            -----------      -----------

                                                                785,311          793,458

DEFERRED FINANCING COSTS, FRANCHISE FEES AND OTHER, net          28,430           27,593
                                                            -----------      -----------

TOTAL ASSETS                                                $   872,170      $   881,724
                                                            ===========      ===========
</Table>


                 See Notes to Consolidated Financial Statements

                                        2
<PAGE>

                          JOHN Q. HAMMONS HOTELS, INC.
                                  AND COMPANIES
                           CONSOLIDATED BALANCE SHEETS
                       (000's omitted, except share data)

                             LIABILITIES AND EQUITY

<Table>
<Caption>
                                                                                       MARCH 29, 2002    DECEMBER 28, 2001
                                                                                       --------------    -----------------
                                                                                        (UNAUDITED)          (AUDITED)
<S>                                                                                    <C>               <C>
LIABILITIES:

    Current portion of long-term debt                                                    $  40,881           $  38,862

    Accounts payable                                                                         3,891               5,626

    Accrued expenses:
      Payroll and related benefits                                                           5,455               7,307
      Sales and property taxes                                                              12,132              11,680
      Insurance                                                                              2,556               2,308
      Interest                                                                               7,330              11,999
      Utilities, franchise fees and other                                                    7,507               6,152
                                                                                         ---------           ---------
        Total current liabilities                                                           79,752              83,934

    Long-term debt                                                                         767,566             774,145
    Other obligations                                                                        2,422               2,340
                                                                                         ---------           ---------
        Total liabilities                                                                  849,740             860,419
                                                                                         ---------           ---------


MINORITY INTEREST OF HOLDERS OF LIMITED
    PARTNER UNITS                                                                           14,988              14,111

STOCKHOLDERS' EQUITY:
    Preferred stock, $.01 par value, 2,000,000 shares
      authorized, none outstanding                                                              --                  --
    Class A common stock, $.01 par value, 40,000,000 shares authorized at March 29, 2002
      and December 28, 2001, 6,042,000 shares issued at March 29, 2002 and December 28,
      2001, and 4,782,179 shares outstanding at March 29, 2002, and December 28, 2001,
      respectively                                                                              60                  60
    Class B common stock, $.01 par value, 1,000,000 shares
      authorized, 294,100 shares issued and outstanding at March 29, 2002
      and December 28, 2001                                                                      3                   3
    Paid-in capital                                                                         96,373              96,373
    Retained deficit, net                                                                  (83,291)            (83,539)
    Treasury Stock, at cost:  1,259,821 shares at March 29, 2002,
      and December 28, 2001                                                                 (5,703)             (5,703)
                                                                                         ---------           ---------

TOTAL EQUITY                                                                                 7,442               7,194
                                                                                         ---------           ---------

TOTAL LIABILITIES AND EQUITY                                                             $ 872,170           $ 881,724
                                                                                         =========           =========
</Table>


                 See Notes to Consolidated Financial Statements

                                        3
<PAGE>

                          JOHN Q. HAMMONS HOTELS, INC.
                                  AND COMPANIES
                      CONSOLIDATED STATEMENTS OF OPERATIONS
                       (000's omitted, except share data)


<Table>
<Caption>
                                                                        THREE MONTHS ENDED
                                                                  MARCH 29, 2002   MARCH 30, 2001
                                                                  --------------   --------------
                                                                    (UNAUDITED)      (UNAUDITED)
<S>                                                                <C>              <C>
REVENUES:
    Rooms                                                          $    65,490      $    69,940
    Food and beverage                                                   29,287           31,668
    Meeting room rental and other                                       12,652           13,701
                                                                   -----------      -----------
      Total revenues                                                   107,429          115,309

OPERATING EXPENSES:
    Direct operating costs and expenses:
      Rooms                                                             16,056           17,206
      Food and beverage                                                 22,155           24,761
      Other                                                                709              864

    General, administrative and sales expenses                          33,009           35,074

    Repairs and maintenance                                              4,355            4,371

    Depreciation and amortization                                       12,992           13,548
                                                                   -----------      -----------

      Total operating costs                                             89,276           95,824
                                                                   -----------      -----------

INCOME FROM OPERATIONS                                                  18,153           19,485

OTHER INCOME (EXPENSE):
    Interest income                                                        254              641
    Interest expense and amortization of deferred financing fees       (17,252)         (18,890)
                                                                   -----------      -----------

INCOME BEFORE MINORITY INTEREST AND PROVISION FOR
    INCOME TAXES                                                         1,155            1,236
    Minority interest in earnings of partnership                          (877)            (939)
                                                                   -----------      -----------

INCOME BEFORE PROVISION FOR INCOME TAXES                                   278              297
    Provision for income taxes                                             (30)             (30)
                                                                   -----------      -----------

NET INCOME                                                         $       248      $       267
                                                                   ===========      ===========

BASIC EARNINGS PER SHARE:

    Per share net earnings allocable to Company                    $      0.05      $      0.05
                                                                   ===========      ===========

BASIC WEIGHTED AVERAGE SHARES OUTSTANDING                            5,076,279        5,064,564
                                                                   ===========      ===========

DILUTED EARNINGS PER SHARE:

    Per share net earnings allocable to Company                    $      0.05      $      0.05
                                                                   ===========      ===========

DILUTED WEIGHTED AVERAGE SHARES OUTSTANDING                          5,108,791        5,064,564
                                                                   ===========      ===========
</Table>


                 See Notes to Consolidated Financial Statements

                                        4
<PAGE>

                          JOHN Q. HAMMONS HOTELS, INC.
                                  AND COMPANIES
             CONSOLIDATED STATEMENTS OF CHANGES IN MINORITY INTEREST
                            AND STOCKHOLDERS' EQUITY
                                 (000's omitted)

<Table>
<Caption>
                                                                STOCKHOLDERS' EQUITY
                                                                --------------------

                                                  Class A   Class B                Company
                                      Minority    Common    Common      Paid-In    Retained  Treasury
                                      Interest     Stock     Stock      Capital    Deficit     Stock       Total
                                      --------   --------- ---------   ---------- ---------  ----------  ---------
<S>                                   <C>        <C>        <C>        <C>        <C>         <C>         <C>
BALANCE, December 28, 2001
(audited)                             $ 14,111   $     60   $      3   $ 96,373   $(83,539)   $ (5,703)   $  7,194
Net income allocable to the Company         --         --         --         --        248          --         248
Minority interest in earnings of
   partnership                             877         --         --         --         --          --          --
                                      --------   --------   --------   --------   --------    --------    --------
BALANCE, March 29, 2002
(unaudited)                           $ 14,988   $     60   $      3   $ 96,373   $(83,291)   $ (5,703)   $  7,442
                                      ========   ========   ========   ========   ========    ========    ========
</Table>


                 See Notes to Consolidated Financial Statements

                                        5
<PAGE>

                          JOHN Q. HAMMONS HOTELS, INC.
                                  AND COMPANIES
                      CONSOLIDATED STATEMENTS OF CASH FLOWS
                                 (000's omitted)

<Table>
<Caption>
                                                                  THREE MONTHS ENDED
                                                             MARCH 29, 2002  MARCH 30, 2001
                                                             --------------  --------------
                                                               (UNAUDITED)    (UNAUDITED)
<S>                                                          <C>             <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
        Net income                                              $    248        $    267

Adjustment to reconcile net income to cash provided
by operating activities:
        Minority interest in earnings of partnership                 877             939
        Depreciation, amortization and loan cost amortization     13,510          14,100

Changes in certain assets and liabilities:
        Receivables                                               (1,153)         (4,733)
        Inventories                                                  (50)             52
        Prepaid expenses and other                                   854             615
        Accounts payable                                          (1,735)         (1,671)
        Accrued expenses                                          (4,466)         (5,987)
        Other obligations                                             82             573
                                                                --------        --------
              Net cash provided by operating activities            8,167           4,155
                                                                --------        --------

CASH FLOWS FROM INVESTING ACTIVITIES:
        Additions to property and equipment, net                  (4,711)         (1,870)
        Franchise fees and other                                  (1,489)         (1,815)
        (Purchase) sale of marketable securities, net                815          (2,955)
                                                                --------        --------
              Net cash used in investing activities               (5,385)         (6,640)
                                                                --------        --------

CASH FLOWS FROM FINANCING ACTIVITIES:
        Repayments of debt                                        (4,560)         (1,804)
                                                                --------        --------
              Net cash used in financing activities               (4,560)         (1,804)
                                                                --------        --------
              Decrease in cash and equivalents                    (1,778)         (4,289)

CASH AND EQUIVALENTS, beginning of period                         33,180          45,554
                                                                --------        --------
CASH AND EQUIVALENTS, end of period                             $ 31,402        $ 41,265
                                                                ========        ========

SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
CASH PAID FOR INTEREST                                          $ 21,366        $ 22,879
                                                                ========        ========
</Table>


                 See Notes to Consolidated Financial Statements

                                        6
<PAGE>

                   JOHN Q. HAMMONS HOTELS, INC. AND COMPANIES
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                                   (unaudited)

1.       ENTITY MATTERS

The accompanying consolidated financial statements include the accounts of John
Q. Hammons Hotels, Inc. and John Q. Hammons Hotels, L.P. and subsidiaries,
(collectively, the Company or, as the context may require, John Q. Hammons
Hotels, Inc. only).

We were incorporated in September 1994 and had no operations or assets prior to
our initial public offering of Class A common stock in November 1994.
Immediately prior to the initial public offering, Mr. John Q. Hammons
contributed approximately $5 million in cash to us in exchange for 294,100
shares of Class B common stock (which represented approximately 72% of the
voting control). We contributed the approximate $96 million of net proceeds from
the Class A and Class B common stock offerings to John Q. Hammons Hotels, L.P.,
(or the Partnership) in exchange for approximately 28% general partnership
interest. Effective December 30, 2000, we exchanged 1,271,311 general
partnership units for funds advanced by the Partnership to us to repurchase our
common stock. Effective December 29, 2001, we sold 11,760 general partner units
to our general partner. The number of general partnership units exchanged is
equivalent to the number of shares repurchased or sold, as outlined by the
partnership agreement. As a result, Mr. Hammons' limited partnership interest
currently is approximately 76% while our general partnership interest is
approximately 24%.

All significant balances and transactions between the entities and properties
have been eliminated.

2.       GENERAL

The accompanying unaudited interim financial statements have been prepared
pursuant to the rules and regulations of the Securities and Exchange Commission
for reporting on Form 10-Q. Accordingly, certain information and footnotes
required by the accounting principles generally accepted in the United States
for complete financial statements have been omitted. These interim statements
should be read in conjunction with the financial statements and notes thereto
included in our Form 10-K for the fiscal year ended December 28, 2001 which
included financial statements for the fiscal years ended December 28, 2001,
December 29, 2000 and December 31, 1999.

The information contained herein reflects all normal and recurring adjustments
which, in the opinion of management, are necessary for a fair presentation of
the results of operations and financial position for the interim periods.

We consider all operating cash accounts and money market investments with an
original maturity of three months or less to be cash equivalents. Marketable
securities consist of available-for-sale commercial paper and governmental
agency obligations which mature or will be available for use in operations in
2002. These securities are valued at current market value, which approximates
cost.


                                        7
<PAGE>

The provision for income taxes was determined using an effective income tax rate
of approximately 5%, to provide for estimated state, local and franchise taxes.

3.       EARNINGS PER SHARE

Basic earnings per share are computed by dividing net income by the weighted
average number of common shares outstanding during the year. Diluted earnings
per share are computed similar to basic except the denominator is increased to
include the number of additional common shares that would have been outstanding
if dilutive potential common shares had been issued. The following is a
reconciliation of the numerator and denominator for basic and diluted earnings
per share for the three months ended March 29, 2002:

<Table>
<Caption>
                                             Three Months Ended March 29, 2002
                                           -------------------------------------
                                           (in thousands, except per share data)

                                              Income        Shares     Per Share
                                            (Numerator) (Denominator)   Amount
                                            ----------- -------------  ---------
<S>                                         <C>         <C>            <C>
Basic earnings per share                      $  248        $5,076       $0.05
                                                                         =====

Effect of dilutive securities:
     Options                                      --            33

                                              ------        ------
Diluted earnings per share                    $  248        $5,109       $0.05
                                              ======        ======       =====
</Table>

Basic and diluted income per share was $0.05 for the three months ended March
29, 2002, and for the three months ended March 30, 2001. Since there were no
material dilutive securities for the three months ended March 30, 2001, basic
and diluted earnings per share were identical, thus a reconciliation of the
numerator and denominator is not necessary. The dilutive securities for the
three months ended March 29, 2002 had no per share impact, so basic and diluted
earnings per share were also identical for that period.

4.       NEW ACCOUNTING PRONOUNCEMENTS

In June 2001, the Financial Accounting Standards Board, or FASB, issued
Financial Accounting Standards Statement No. 142, "Goodwill and Other Intangible
Assets," which addresses how intangible assets that are acquired individually,
or with a group of other assets, should be accounted for in financial statements
upon their acquisition. This statement also addresses how goodwill and other
intangible assets should be accounted for after they have been initially
recognized in the financial statements. We adopted this statement with no
significant impact on our consolidated financial position, results of
operations, cash flows or related disclosures.

In October 2001, the FASB issued Statement No. 144, "Accounting for the
Impairment or Disposal of Long-Lived Assets". This statement addresses financial
accounting for the impairment or disposal of long-lived assets and requires that
one accounting model be used for long-lived assets to be disposed of by sale and
broadens the presentation of discontinued operations to include more disposal
transactions. We adopted this statement with no material impact on our
financial position.


                                        8
<PAGE>

Item 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
OF OPERATIONS

GENERAL. Unless the context indicates or requires otherwise, the terms "the
Company," "we," "us," "our" and other references to our company refer to John Q.
Hammons Hotels, Inc. and John Q. Hammons Hotels, L.P., including all of our
subsidiaries.

For purposes of this discussion, we classify new hotels as those hotels opened
during the current year and the prior year, and define all other hotels as
mature hotels. The distinction between mature and new hotels has become much
less significant over time. For example, in 2002, we have no new hotels, and in
2001, the new hotels included only two hotels opened in 2000, and the mature
hotels included 45 hotels opened before 2000.

Our past development activity restricts our ability to grow per share income in
the short term. Fixed charges for new hotels (such as depreciation and
amortization expense) exceed new hotel operating cash flow in the first one to
three years of operations. As new hotels mature, we expect, based on past
experience, that the operating expenses for these hotels will decrease as a
percentage of revenues, although there can be no assurance that this will
continue to occur.

We announced on September 11, 1998, that we were ceasing new development
activity, except for the hotels then under construction. We opened the last two
hotels under construction in the first quarter of 2000, and currently we have no
hotels under construction. Although we are not developing new hotels, Mr.
Hammons continues to personally develop new hotels. During 2000, we entered into
a five-year management contract with Mr. Hammons whereby we pay a maximum of
1.5% of the total development costs of Mr. Hammons' personally developed hotels
for the opportunity to manage the hotels upon opening and the right to purchase
the hotels in the event they are offered for sale.

RESULTS OF OPERATIONS. The following discussion and analysis addresses results
of operations for the three month periods ended March 29, 2002 (which we refer
to as the 2002 Quarter) and March 30, 2001 (which we refer to as the 2001
Quarter).

For the 2002 Quarter, our total earnings before interest expense, taxes,
depreciation and amortization (EBITDA) were $31.1 million, a 5.8% decrease from
the 2001 Quarter EBITDA of $33.0 million. As a percentage of total revenues,
EBITDA increased to 29.0% in the 2002 Quarter from 28.6% in the 2001 Quarter,
primarily as a result of improved operating margins in rooms and food and
beverage, as well as a reduction in energy costs.

Total revenues for the 2002 Quarter were $107.4 million, a decrease of $7.9
million, or 6.9%, compared to the 2001 Quarter. The recent economic slowdown
continued to adversely affect our performance. A sharper than anticipated
decline in business and leisure travel were principally reflected in decreased
occupancies and, at times, resulting lower room rates.


                                        9
<PAGE>

Rooms revenues decreased $4.4 million, or 6.3%, from the 2001 Quarter, but as a
percentage of total revenues increased slightly to 61.0% from 60.6%. The dollar
decrease was primarily due to the effects of the economic slowdown discussed in
the preceding paragraph. Our average room rate decreased to $99.12, a 4.4%
decrease compared to the 2001 Quarter average room rate of $103.68, and our
occupancy for the 2002 Quarter was 62.4% compared to 63.7% in the 2001 Quarter.
In comparison, the average room rate for the hotel industry was $84.71 in the
2002 Quarter, down 5.1% from the 2001 Quarter. Occupancy for the hotel industry
was 55.6% in the 2002 Quarter, down 5.6% from the 2001 Quarter. Our Revenue Per
Available Room, or RevPAR, was $61.86 in the 2002 Quarter, down 6.4% from $66.07
in the 2001 Quarter. RevPAR for the hotel industry in the 2002 Quarter was
$47.07, down 10.5% from the 2001 Quarter.

Food and beverage revenues decreased $2.4 million, or 7.6%, compared to the 2001
Quarter, and decreased slightly as a percentage of total revenues to 27.3% from
27.5%. The dollar decrease was related to the lower occupancy rates discussed
above.

Meeting room rental and other revenues decreased $1.0 million, or 7.3%, from the
2001 Quarter and decreased slightly as a percentage of revenues to 11.8% from
11.9%. The decrease was related to the lower occupancy rates discussed above.

Rooms operating expenses decreased $1.1 million, or 6.4%, compared to the 2001
Quarter, but remained stable as a percentage of rooms revenues, at 24.6%. The
dollar decrease was attributable to cost control measures we implemented in
labor expenditures, as demand and occupancy decreased.

Food and beverage operating expenses decreased $2.6 million, or 10.5%, compared
to the 2001 Quarter, and decreased as a percentage of food and beverage revenues
to 75.8% from 78.2%. The decrease was attributable to lower labor and food costs
associated with lower food and beverage sales.

Other operating expenses decreased by $0.2 million, or 22.2%, from the 2001
Quarter. The decrease was primarily attributable to decreased telephone costs
compared to the 2001 Quarter.

General, administrative and sales expenses decreased $2.1 million, or 6.0%, over
the 2001 Quarter, but increased as a percentage of total revenues to 30.7% from
30.4%. The dollar decrease was primarily attributable to our focus on
controlling overhead expenses and reduced energy costs.

Repairs and maintenance expenses remained stable at $4.4 million, but increased
as a percentage of revenues to 4.1% from 3.8% in the 2001 Quarter.

Depreciation and amortization expenses decreased $0.5 million, or 3.7%, compared
to the 2001 Quarter, but increased as a percentage of revenues to 12.1% from
11.7%. The dollar decrease is primarily attributable to our cessation of new
development.

Income from operations decreased $1.3 million, or 6.7%, compared to the 2001
Quarter, but remained stable as a percentage of revenues at 16.9%.


                                       10
<PAGE>

Interest expense and amortization of deferred financing fees decreased by $1.6
million, or 8.5%, from the 2001 Quarter, and decreased as a percentage of total
revenues to 16.1% from 16.4%, as the result of lower interest rates and
reductions in existing debt.

Income before minority interest and provision for income taxes, was $1.2 million
in both the 2002 Quarter and the 2001 Quarter, as decreased occupancy and RevPAR
in the 2002 Quarter were offset by reduced costs.

Basic and diluted earnings per share remained stable at $0.05 in both quarters.

LIQUIDITY AND CAPITAL RESOURCES

In general, we have financed our operations through internal cash flow, loans
from financial institutions, the issuance of public and private debt and equity
and the issuance of industrial revenue bonds. Our principal uses of cash are to
pay operating expenses, service debt and fund capital expenditures.

At March 29, 2002, we had $31.4 million of cash and equivalents and $10.2
million of marketable securities, compared to $33.2 million and $11.0 million,
respectively, at the end of 2001. Such amounts are available for our working
capital requirements.

Operating activities provided $8.2 million for the 2002 Quarter compared to $4.2
million for the 2001 Quarter. This change is attributable to a decrease in
accounts receivable in the 2002 Quarter as a result of reduced revenue and the
reclassification of pending insurance claims, as discussed below.

At March 29, 2002, our total debt was $808.4 million compared with $813.0
million at the end of 2001 and $834.9 million at the end of the 2001 Quarter.
The decrease is attributable to the $26.5 million reduction of existing debt
since the end of the 2001 Quarter. The current portion of long-term debt was
$40.9 million, compared with $38.9 million at the end of 2001. Of the 2002
current portion of long-term debt, $23.0 million is attributable to the Omaha
Embassy Suites property.

We are in the process of attempting to refinance our long-term debt and
approximately $30.1 million of our short-term debt, including the debt on the
Omaha Embassy Suites. On April 22, 2002, our subsidiary partnership announced
its cash tender offer to purchase its outstanding 1994 and 1995 first mortgage
notes, and our solicitation of waivers of the indentures and collateral
documents governing the notes to permit a refinancing. The tender offer expires
on May 17, 2002 unless we elect to extend it. Our tender offers are subject to a
financing condition, as well as various other terms and conditions. The tendered
notes will be purchased with a portion of the proceeds of our refinancing. If we
are unable to successfully complete the refinancing as planned, we will pursue
other alternatives, including an extension or refinancing of our existing debt.

We expect 2002 capital requirements to be funded by cash and cash flow from
operations. Based upon current plans, we anticipate that our capital resources
will be adequate to satisfy our 2002 capital requirements for normal recurring
capital improvement projects.


                                       11
<PAGE>

During fiscal 2000, we initiated claims against certain of our construction
service providers as well as with our insurance carrier. These claims resulted
from costs we incurred and expected to incur to address moisture related
problems caused by water intrusion through defective windows at certain of our
hotel properties. In December 2001, we initiated legal actions in an effort to
collect claims previously submitted. Subsequent to the filing of the legal
action, the insurance carrier notified us that a portion of our claims had been
denied. As of March 29, 2002, we had incurred approximately $9.7 million of
which $1.3 million was incurred in the 2002 Quarter, of an estimated $12.0
million of costs to correct the underlying moisture problem. We will continue to
vigorously pursue insurance recovery of these costs. In the fourth quarter of
2001, however, we recorded additional depreciation expense of approximately $6.1
million to bring the total charge for the year to $7.6 million to reserve the
net historical costs of the hotel property assets refurbished absent any
recoveries. To the extent recoveries are realized, they will be recorded as a
component of other income.

Item 3.  QUANTITATIVE AND QUALITATIVE DISCLOSURE ABOUT MARKET RISK.

We are exposed to changes in interest rates primarily as a result of our
investing and financing activities. Investing activity includes operating cash
accounts and investments, with an original maturity of three months or less, and
certain balances of various money market and common bank accounts. Our financing
activities are comprised of long-term fixed and variable rate debt obligations
utilized to fund business operations and maintain liquidity. The following table
presents the principal cash repayments and related weighted average interest
rates by maturity date for our long-term fixed and variable rate debt
obligations as of March 29, 2002.

                             EXPECTED MATURITY DATE
                                  (in millions)

<Table>
<Caption>
                                                                                                                       Fair
                                                                                                  There-              Value
                                                2002(d)     2003     2004       2005     2006     After      Total      (e)
<S>                                       <C>   <C>       <C>       <C>        <C>      <C>       <C>       <C>       <C>
Long-Term Debt                            (a)

$300 Million 1st Mortgage Notes                 $  --      $  --     $ 295     $  --    $  --     $  --      $ 295     $ 296
  Average interest rate                   (b)     8.9%       8.9%      8.9%       --       --        --        8.9%

$90 Million 1st Mortgage Notes                  $  --      $  --     $  --     $  79    $  --     $  --      $  79     $  82
  Average interest rate                   (b)     9.8%       9.8%      9.8%      9.8%      --        --        9.8%

Other fixed-rate debt obligations               $  38      $  51     $   6     $   7    $   7     $ 210      $ 319     $ 319
  Average interest rate                   (b)     8.6%       8.3%      8.3%      8.2%     8.2%      8.6%       8.5%

Other variable-rate debt obligations            $   3      $  29     $  47     $   1    $  11     $  24      $ 115     $ 115
  Average interest rate                   (c)     4.8%       4.8%      4.8%      4.8%     4.8%      4.8%       4.8%
</Table>

         (a)      Includes amounts reflected as long-term debt due within one
                  year.

         (b)      For the long-term fixed rate debt obligations, the weighted
                  average interest rate is based on the stated rate of the debt
                  that is maturing in the year reported. The weighted average
                  interest rate excludes the effect of the amortization of
                  deferred financing costs.

         (c)      For the long-term variable rate debt obligations, the weighted
                  average interest rate assumes no changes in interest rates and
                  is based on the variable rate of the debt, as of March 29,
                  2002, that


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<PAGE>
                  is maturing in the year reported. The weighted average
                  interest rate excludes the effect of the amortization of
                  deferred financing costs.

         (d)      The 2002 balances include actual and projected principal
                  payments and weighted average interest rates for the year.

         (e)      The fair values of long-term debt obligations approximate
                  their respective historical carrying amounts except with
                  respect to the $300 million 1st Mortgage Notes and the $90
                  million 1st Mortgage Notes. The fair value of the first
                  mortgage note issues is estimated by obtaining quotes from
                  brokers.

PART II.  OTHER INFORMATION AND SIGNATURES

Item 1.  Legal Proceedings

                  Not Applicable

Item 2.  Changes in Securities and Use of Proceeds

                  Not Applicable

Item 3.  Defaults Upon Senior Securities

                  Not Applicable

Item 4.  Submission of Matters to a Vote of Securities Holders

                  Not Applicable

Item 5.  Other Information

                  Not Applicable

Item 6.  Exhibits and Reports on Form 8-K

    (a)  Exhibits

         None

    (b)  Reports on Form 8-K

         No reports on Form 8-K have been filed during the quarter for which
this report is filed.


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<PAGE>

SIGNATURES

         Pursuant to the requirements of the Securities and Exchange Act of
1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned thereto duly authorized.

                                            JOHN Q. HAMMONS HOTELS, INC.


                                            By:  /s/ John Q. Hammons
                                               --------------------------------
                                                     John Q. Hammons
                                                     Chairman, Founder, and
                                                     Chief Executive Officer


                                            By:  /s/ Paul E. Muellner
                                               --------------------------------
                                                     Paul E. Muellner
                                                     Chief Financial Officer

Dated: May 10, 2002


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