Home Inns updates preliminary 4Q results

SHANGHAI -- Home Inns & Hotels Management Inc. (Nasdaq: HMIN), a leading economy hotel chain in China, has provided an update regarding the impact of the slowing domestic economy on the Company's results.

The recent global economic situation has led to reduced business travel activities in China, and as a result, the Company experienced contraction in both chain-wide and like-for-like RevPAR (revenue per available room) during the fourth quarter of 2008.

(Shanghai day skyline, top right photo)

For the fourth quarter, the chain-wide occupancy rate was 84%, and ADR (average daily rate) was RMB 167. This resulted in fourth quarter RevPAR of RMB 141, a decline of 9% from RevPAR of RMB 155 for the fourth quarter of 2007. Also for the fourth quarter of 2008, like-for-like RevPAR for hotels that opened for a

t least 18 months contracted 3.9% compared to the same period in 2007. Due to such challenges, the Company believes that its revenue for the fourth quarter of 2008 will be at the low end of its previously announced forecasted range of RMB 535 - 555 million.

Home Inns opened a net of 205 new hotels in 2008, slightly exceeding its target of 200 new hotels for the year, to reach a total of 471 hotels in operation covering 94 cities in China. The 471 hotels in operation consist of 326 leased-and-operated hotels, which include the new H Hotel in Shanghai, and 145 franchised-and-managed hotels.

On a separate note, during the fourth quarter of 2008 the Company repurchased and retired RMB 219 million of its own convertible bonds for total cash consideration of US$16.59 million. After the repurchase, the Company had convertible bonds outstanding of RMB 895.7 million including principal and accrued interest.

The Company expects to recognize a gain for the convertible bond repurchases in the fourth quarter of 2008 and may effect additional such transactions in the future.

(Night skyline of Shanghai, bottom left photo)

Home Inns plans to attend Deutsche Bank's Access China Conference 2009, which will take place from January 13 through January 15, 2009 in Beijing, China. Attending the conference from Home Inns will be May Wu, Chief Financial Officer, and Ethan Ruan, Investor Relations Manager. On January 14, the Company will give a group presentation and hold investor meetings.

Home Inns is a leading economy hotel chain in China based on the number of hotels and hotel rooms, as well as the geographic coverage of the hotel chain. Since Home Inns commenced operations in 2002, it has become one of the best-known economy hotel brands in China.

Home Inns & Hotels Management, Inc., together with its subsidiaries, engages in the development, lease, operation, franchise, and management of an economy hotel chains in the People's Republic of China. The company operates its hotels under the Home Inn brand name. As of December 31, 2007, its Home Inns hotel chain consisted of 266 hotels, including 195 leased-and-operated hotels and 71 franchised-and-managed hotels. The company was incorporated in 2001 and is headquartered in Shanghai.

For more information about Home Inns, please visit http://english.homeinns.com/ .

For investor and media inquiries, please contact:
Ethan Ruan, Home Inns & Hotels Management Inc. Tel: +86-21-3401-9898 x2004 Email: zjruan@homeinns.com

FD Beijing Peter Schmidt Tel: +86-10-8591-1953 Email: peter.schmidt@fd.com

Halekulani to partner with Imperial Hotel

HONOLULU, Hawaii – Halekulani Corporation is pleased to announce a new partnership alliance with Japan’s legendary luxury hotel group, Imperial Hotel, LTD of Tokyo.

The alliance creates an exciting new synergy and an expanded service platform for these legendary hotel companies, providing new levels of enhancements to their brands.

Halekulani Corporation, which includes globally-acclaimed luxury resort Halekulani (middle right photo) and Waikiki Parc Hotel,(bottom left photo) is a wholly-owned subsidiary of Mitsui Fudosan Co., Ltd.

The announcement was made by Peter Shaindlin, (top right photo) Chief Operating Officer of Halekulani Corporation and Mr. Tetsuya Kobayashi, President of Imperial Hotel, Ltd., Tokyo.

Halekulani and Imperial Hotel are highly respected independent international iconic brands and pioneers in the global hospitality industry.

Both hotel groups share similar service philosophies, and maintain a legacy of unwavering commitment to brand excellence and decades-old historic and cultural traditions. Both are acclaimed for innovative and personalized world-class service for their loyal international guests and patrons.

“Imperial Hotel shares many core service values with Halekulani”, said Peter Shaindlin of Halekulani Corporation.

“As such, the unprecedented alliance with this iconic brand will significantly provide enhanced levels of service for our (Hawaii-based) hotels, especially to our many valued and loyal Japanese guests.

“The profiles of the Halekulani and Imperial customer complement each other, and this partnership will create infinite marketing opportunities for both our brands, including the enrichment of our customer base. Imperial’s marketing strength within Japan will ensure our continued presence in our most valuable Japan market.”

Effective April 1, 2009, Imperial Hotel will commence reservations service, sales, marketing and public relations activities within domestic Japan for Halekulani and Waikiki Parc Hotel.

The Tokyo-based reservations center will provide Halekulani and Waikiki Parc customers, Imperial Club members, and other Japan and international clientele with dedicated priority reservations service on behalf of Halekulani and Waikiki Parc Hotel.

Planning is underway for future alliance opportunities to include joint marketing and promotions in Tokyo and Hawaii.

The Imperial's president Tetsuya Kobayashi (top left photo) said, "The Imperial is delighted to be able to introduce the internationally acclaimed Halekulani resort and the Waikiki Parc to our many Japanese patrons.

“ With over a century of experience on both sides, the power of our shared professional human resources and our mutual spirit of hospitality to guests from around the world, we have in common a history of a superior quality of hotel industry culture.

“We anticipate our lengthy and diverse experience with urban hotels will dovetail most effectively with Halekulani's proven expertise as a leading resort and look forward to exploring opportunities for personnel development exchanges and cultural promotions that should strongly compliment both of our corporate brands and market place identities."

Halekulani Corporation owns and operates globally-acclaimed luxury resort Halekulani and Waikiki Parc Hotel in Hawaii. Halekulani represents a luxury hospitality legacy of unique and iconic proportions.
Halekulani, also known as the “House Befitting Heaven”, was named by Hawaiian fishermen over a century ago.

More than a brand, Halekulani embodies a profound lifestyle experience of immeasurable hospitality, fusing the indigenous cultural qualities of Hawaii with innovative personalized service.

Consistently ranked as one of the world’s finest hotels, Halekulani, on the Beach at Waikiki, has been hosting discerning travelers to Waikiki since 1917.

Setting new industry luxury standards with its re-opening in 1983, Halekulani’s reputation and legacy for gracious hospitality, impeccable service and magnificent cuisine continues today, unparalleled on Oahu and renowned throughout the world.

Halekulani Corporation is a wholly-owned subsidiary of Mitsui Fudosan America, which is a wholly-owned subsidiary of Mitsui Fudosan Co., Ltd.

CONTACT:

Martha Pulido, Account Executive, Travel and Hospitality, evins communications, ltd.,
635 madison avenue, new york, ny 10022
DIRECT 212.377.3581 MARTHA.PULIDO@EVINS.COM

phone: 212.688-8200, fax: 212.935.6730 i http://www.evins.com/

Arbor Closes 6 Loans Totaling $34M in 6 States

Hidden Pointe Apartments in Stone Mountain, GA Gets $15M Fannie Mae DUS® Loan

UNIONDALE, NY-- Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC, announced the recent funding of a $15,035,900 loan under the Fannie Mae DUS® product line to finance the 435-unit complex known as Hidden Pointe Apartments (top right photo) in Stone Mountain, GA.

The 10-year loan amortizes on a 30-year schedule and carries a note rate of 6.18 percent.

The loan was originated by Jay Porterfield, (top left photo) Vice President, in Arbor’s full-service Plano, TX lending office. “Arbor provided a loan to refinance this very attractive asset,” said Porterfield. “We are pleased to have had the opportunity to work with the Borrower on this transaction.”

Three DUS® Loans Totaling $13.2M Closed in 3 States

UNIONDALE, NY-– Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC, announced the recent funding of three (3) loans totaling $13,200,000 under the Fannie Mae DUS® product line. These loans include:

Cumberland Green Co-op, St. Charles, IL – Refinance of a 204-unit complex in the amount of $8,000,000 under the Fannie Mae DUS® product line. The 30-year loan amortizes on a 30-year schedule and carries a note rate of 6.64 percent.

Loma Vista West Coop, Kansas City, MO - 286-unit complex in the amount of $3,700,000 under the Fannie Mae DUS® product line. The 30-year loan amortizes on a 30-year schedule and carries a note rate of 7.15 percent.

North Pointe Apartments, (middle right photo) East Lansing, MI – 69-unit complex in the amount of $1,500,000 under the Fannie Mae DUS® Small Loan product line. The 10-year loan amortizes on a 30-year schedule and carries a note rate of 6.23 percent.

The loans were originated by Michael Jehle, (middle left photo) Midwest Regional Director, in Arbor’s full-service Bloomfield Hills, MI lending office. “Out of these three transactions, two were new clients and one was a repeat client for Arbor,” said Jehle. “We were happy to utilize Fannie Mae to close these diverse deals with ease.”

Mountain Paradise Village in Las Vegas Receives $5.1M Fannie Mae DUS® Loan

UNIONDALE, NY– Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC, announced the recent funding of a $5,100,000 loan under the Fannie Mae DUS® product line for the 72-unit complex known as Mountain Paradise Village in Las Vegas, NV.

The 7-year loan amortizes on a 30-year schedule and carries a note rate of 6.37 percent.

The loan was originated by Ronen Abergel, (middle right photo) Director, in Arbor’s full-service New York, NY lending office. “Mountain Paradise Village came to us as a non-contiguous, condo-conversion,” said Abergel. “Arbor’s DUS® execution of this deal illustrates our ability to finance multifamily deals anywhere in the country.”

Elm Street Apartments in Manchester, NH Obtains $1M Fannie Mae DUS® Small Loan

UNIONDALE, NY-- Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC, announced the recent funding of a $1,002,800 loan under the Fannie Mae DUS® Small Balance Loan product line to finance the 6-unit complex known as Elm Street in Manchester, NH.

The 7-year loan amortizes on a 30-year schedule and carries a note rate of 6.15 percent.

The loan was originated by John Kelly, (bottom left photo) Vice President, in Arbor’s full-service Boston, MA lending office. “This transaction represents our commitment to continue to provide quality small balance loans in very challenging capital market environments,” said Kelly.

CONTACT:

Ingrid Principe, Arbor Commercial Mortgage, 333 Earle Ovington Blvd., Suite 900,
Uniondale, NY 11553, P: 516.506.4298, F: 516.542.2555, http://www.arbor.com/