Hard-Hit Sovereign Wealth Funds Avoid Further Bank Bailouts but Expect to Re-Enter Market by Year End

LONDON—There is good news, bad news and just fair news today on when the U.S. economy might begin to turn around – and it isn’t coming from 1600 Pennsylvania Avenue.

It’s coming from London-based Financial Dynamics International, a 27-year-old global financial and corporate communications consulting firm.

The good news: The world’s major Sovereign Wealth Funds are betting the downward price spiral of American companies’ stock values will bottom out by the end of this year.

The bad news: Values are expected to drop even further over the next six months.

The just-fair news: Ailing U.S. financial institutions may no longer be able to depend on a life jacket from SWFs.

FD has just completed personal interviews with senior executives from many of the world’s leading Sovereign Wealth Funds. Those funds account for over 50 percent of the U.S. $5 trillion worth of collective global funds held by the SWF asset class.

The FD data focused on current SWF attitudes towards valuations, investment strategies and where they see regional investment opportunities.
Here are the highlights:

SWFs are broadly adopting a very cautious approach to the current market, expecting better value to materialize later during the year.

SWFs are primarily interested in acquiring minority equity stakes in listed companies, with no desire to take management control, have board representation or act as “activist” investors.

SWFs are particularly cautious with regard to supporting further bailouts of distressed companies.

SWFs currently see the most attractive regions for investment being Brazil, China and areas of Central America.

Western European markets are also seen as offering the most compelling value with PE ratios of publicly listed companies down more than 40% from their peak, and markets trading at the lowest absolute price earnings ratios of under 10.0x.

SWF investment decisions on average are made on a minimum of a five year investment perspective, with dividend yield being as critical an investment criterion as capital growth.

In the short term, some SWFs are seeing their cash in-flows diverted from their global portfolios to invest in their home countries/regions to add stability and economic stimulus to local markets.

“Our research confirms that while Sovereign Wealth Funds are currently adopting a very cautious investment approach to world markets, they are clearly poised to re-enter the global equity markets in the not too distant future with compelling valuation propositions beginning to present themselves across North American and Western European equity markets,” notes FD Group CEO Charles Watson. (top right photo)

"Our research has also determined that contrary to widespread perceptions, Sovereign Wealth Funds are primarily genuine long term passive investors who have no agenda to exercize management control or behave in an activist way.”

Watson finds that “while a number of key SWF investments have been made over the last 18 months and SWFs are still interested in broadening their portfolios, the findings showed that this particular class of investor is keeping a watchful eye on global markets, waiting for the right time to make deep value investments.”

FD carried out the research to identify which markets still held the best value for investors. The findings showed that actually despite market conditions, Western Europe and North America were identified as the best investment regions in financial terms.

Declan Kelly (top left photo) and Oliver Pawle (middle right photo) are co-founders of Financial Dynamics International. Pawle is chairman and works out of the company’s London office. Kelly is CEO of the company’s U.S. and Ireland offices. Declan Kelly of Financial Dynamics is not related to Declan Kelly, Ireland’s Ambassador to Canada.

HFF announces $15M in closed Southeast U.S. shopping center sales

ATLANTA, GA, Feb. 16, 2009 – The Atlanta office of HFF (Holliday Fenoglio Fowler, L.P.) announced today it has closed more than $15 million in shopping center investment sale transactions in the Southeast United States on behalf of Centro Properties Group.

The two properties are: The Shoppes at Letson Farms (top right photo) in McCalla, Alabama and Hampton Plaza (top left photo) in Tampa, Florida.

HFF senior managing director Whitney Knoll, (middle right photo) managing director Brad Peterson (bottom left photo) and associate director Justin Greider marketed both properties on behalf of the seller.

DLC Management Corporation purchased The Shoppes at Letson Farms for $12.675 million in February 2009. Gator Investments purchased Hampton Plaza in November 2008 for $2.6 million.

The Shoppes at Letson Farms is situated on 15.8 acres at 4750 Eastern Valley Road in McCalla, near the junction of Interstates 459 and 20 in southwest Birmingham.

Completed between 2002 and 2004, the grocery-anchored shopping center has 95,092 square feet and is currently 95% occupied by tenants including Food World (anchor tenant), Movie Gallery, H&R Block, Subway, and Curves.

Situated on 6.2 acres, Hampton Plaza is located at 5300 Gunn Highway near the Citrus Park Town Center. The 44,420-square-foot, neighborhood center was completed in 1990 and is currently 95% occupied by tenants including Big Lots (anchor tenant), Dollar General and Metro PCS.

HFF (NYSE: HF) operates out of 18 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry.

HFF offers clients a fully integrated national capital markets platform including debt placement, investment sales, structured finance, private equity, loan sales and commercial loan servicing. http://www.hfflp.com/.

Contacts:

C. Whitney Knoll, HFF Senior Managing Director, 404 832 8460, wknoll@hfflp.com

H. Bradley Peterson, HFF Mnaging Director, 407 514 2620, bpeterson@hfflp.com

Kristen M. Murphy, HFF Associate Director, Marketing, 713 852 3500, kmurphy@hfflp.com

Tri-City Electrical Starts $505,000 Apartment Job in Hillsborough County, FL

HILLSBOROUGH COUNTY, FL – Orlando-based Tri-City Electrical Contractors, Inc. is under way on $505,000 of work at the new 122,804-square-foot, 96-unit Hunt Club Apartments in Hillsborough County, FL, under its contract with First Florida Construction, Miami. Completion is slated for May 2009.

Contact: Kenneth H. Cristol, 407-774-2515

Terry's Electric Completes Job at Villas at Lake Eve Condo-Hotel in Orlando, FL

ORLANDO, FL – Terry’s Electric, Inc., one of Florida’s leading electrical contractors, completed a multimillion-dollar electrical contract at the new 14-story, 176-unit, 266,966-square-foot Villas at Lake Eve Condominium/Hotel (top right photo) located on International Drive, Orlando, FL. The Douglas Company, Orlando, serves as the general contractor according to Mark Neveu, Commercial Divisionpresident of Terry’s Electric.

Contact: Kenneth H. Cristol, 407-774-2515

Melrose-Sovereign Companies awarded contract to manage Harmony Community in Osceola County, FL

ORLANDO, FL -- Melrose-Sovereign Companies, a property management firm based in Orlando with more than 100 employees and offices in Jacksonville, Tampa, Bradenton, Fort Myers, Palm Harbor and Port Charlotte, has been awarded a contract to manage the Harmony community in Osceola County.

(Ashley Park pool, Harmony, FL, top right photo)

Ellen G. Lumpkin, co-founder and partner at Melrose-Sovereign Companies, said Harmony, located off U.S. 192 between St. Cloud and Melbourne, includes more than 7,000 residential units planned or under construction.

Jack B. Hanson, co-founder and partner at Melrose-Sovereign Companies, said the firm currently manages properties for more than 150 developers, investors and owners throughout Florida, including Taylor Morrison Homes, Ryland Homes, The Landmark Group, Emerson International and Benderson Development Corp.

For more information, contact:

Ellen G. Lumpkin, Partner/Co-founder, Melrose-Sovereign Companies 407-228-4181; elumpkin@melrose-sovereign.com;

Jack B. Hanson, Partner/Co-founder, Melrose-Sovereign, Companies 407-228-4181; jhanson@melrose-sovereigh.com;

Larry Vershel or Beth Payan, Larry Vershel Communications 407-644-4142; Lvershelco@aol.com

Senior Housing and Healthcare Borrowers Need to Keep Funding Options Open, Expert Says

CHICAGO, IL--Many capital sources that have traditionally been there for industry borrowers get failing or near-failing grades in a new “report card” issued by one of the nation’s leading senior housing/healthcare lenders.

Speaking at a seminar jointly sponsored by Chicago-based Cambridge Realty Capital Companies and the Northbrook, Illinois-based accounting firm of Frost, Ruttenberg & Rothblatt, P.C., Cambridge Chairman Jeffrey A. Davis (top right photo) said FHA-insured HUD loans and loans from commercial banks remain the primary funding sources for long-term care and senior housing, to which his firm awards an “A” letter grade in the current credit crisis.

In the company’s scoring system, governmental conservators Fannie Mae and Freddie Mac have slipped a full letter grade to a B due to changes in underwriting, and taxable and tax-exempt bond funds earned the same letter grade as well.

Venture capitalists earned a C+ grade, but insurance companies, pension funds, investment banks and the equity markets earned near-failing marks (a D), and conduits (REIMICs) are off the grid entirely with a failing grade.

“Despite all the disheartening news on the economic front, funding is still available for qualified projects at rates that are very competitive by historical standards. Borrowers shouldn’t automatically assume that it’s impossible to improve their financial situation in the current climate,” he advised.

The jointly sponsored seminar was entitled The Changing Landscape … How Our New President and the Current Economic Slowdown Impact the Economics of Senior Housing and Long-Term Care in Illinois.

Presenters for the accounting firm were Ted Bokios, CPA, a senior manager in Accounting and Auditing; Steven N. Lavenda, CPA, (middle right photo) founding director of FR&R Healthcare Consulting; Betsy Anderson, (top left photo) an officer and director of FR&R Healthcare; and Gary H. Barron (bottom left photo) , director and founding member of the FR&R Tax Department.

Also on the program was Cambridge Realty Capital Ltd. of Illinois CEO Andy Erkes.

Davis believes the President’s stimulus package will have a long-term positive impact on the senior housing/healthcare industry. For the short-term, he outlined the issues owners will need to consider when pursuing capital in today’s tight credit market.

“Now more than ever, it’s important for borrowers to be ready with a thoughtful business plan, a thorough market feasibility study and a financial forecast that includes appropriate financials for the business.

"The plan should detail the qualifications of principals and fully describe how the funds will be used. An up-to-date title report should also be provided,” he said, adding:

“Preparation is the key to a successful presentation, and borrowers must be ready to provide requested information and documentation in a timely fashion. It’s important for borrowers to thoroughly understand their product. And it helps to know where the lender’s hot buttons reside.”

Erkes described the organizational and administrative changes that have revolutionized the way HUD processes healthcare loans for its Section 232 funding program. In making long overdue changes, HUD has consistently sought the advice and counsel of experienced FHA-MAP-approved lenders, and continues to work on timing and product delivery issues, he noted.

Responsibility for processing HUD 232 loans has shifted to FHA’s Office of Insured Health Care Facilities (OIHCF) in Washington, D.C. Loan applications are now being filed electronically, feature fewer exhibits and require conventional market-based appraisals instead of HUD-specific reports.

The goal is for HUD to be able to review an application, issue a commitment and get to closing within 40 days, Erkes said.

Contact: Evan Washington, Phone: (312) 521-7603, Fax: (312) 357-1611, E-Mail: ew@cambridgecap.com

HFF named by First Centrum, LLC to secure joint venture equity for Daniel Island, SC Project

WASHINGTON, D.C. – The Washington, D.C. office of HFF (Holliday Fenoglio Fowler, L.P.) has been named by First Centrum, LLC to secure a joint venture equity partner for the development of Verena at Daniel Island, (top right photo) a 110-unit, senior independent living apartment community on Daniel Island, an island town in Charleston, South Carolina.

HFF directors Dave Nachison (top left photo) and Alan Davis (middle right photo) are leading the effort to arrange the equity financing on behalf of the sponsor.

“First Centrum, LLC is confident in their ability to secure construction and mini-permanent financing for the project and is seeking a joint venture partner that will provide approximately $5.0 million in equity,” said Davis.

“The project generates a return on cost that clearly justifies and compensates for taking development risk even in this economic environment.”

Located in the center of Daniel Island’s urban village, Verena at Daniel Island residents are within walking distance of retail shops, restaurants and community amenities accessible via miles of dedicated pedestrian paths.

The one- and two-bedroom apartments will have “condo level” finishes and will range in size from 658 to 1,385 square feet.

Community amenities will include a community/dining room, coffee bistro, hair salon, exercise center, wellness and massage room, theater, art studio and game room. Each resident’s rent will also include daily breakfast and another served meal, all utilities except phone and cable, weekly maid service, a dedicated bus for transportation and access to a full time activities director.

First Centrum brings more than 30 years of multifamily and senior housing development experience to this project and applies a fully integrated approach with in-house architecture, general contracting, development and property management capabilities.

First Centrum's development efforts have included luxury rental, single family and multifamily for-sale communities restricted or targeted to residents 55 years of age and older.

Contacts:

David R. Nachison, HFF Director, (202) 533-2500, dnachison@hfflp.com

Alan M. Davis, HFF Director, (202) 533-2500, adavis@hfflp.com

Kristen M. Murphy, HFF Associate Director, Marketing (713) 852-3500, krmurphy@hfflp.com

Interstate Hotels & Resorts Elects Chris Shackelton to Board

ARLINGTON, VA—Interstate Hotels & Resorts (NYSE: IHR), a leading hotel real estate investor and the nation’s largest independent management company, announces that Chris Shackelton has been elected to its board of directors, bringing the total number of directors to nine.

Shackelton is a managing partner and co-founder of Coliseum Capital Management, LLC, currently Interstate’s largest shareholder with 3.7 million shares held, or approximately 12 percent of the company’s outstanding shares.

Coliseum is a private investment partnership that makes long-term investments in both public and private companies.

Prior to Coliseum, Shackelton was an analyst at Watershed Asset Management. Previously, he worked in the investment banking division of Morgan Stanley & Co.

“Chris’s impressive depth and breadth of experience encompasses a wide range of investment and financing activities, and he will be a valuable resource to our board,” said Thomas Hewitt, (top right photo) chief executive officer.

“As Coliseum is our largest shareholder, Chris already is thoroughly knowledgeable about our company and will be able to make an immediate contribution.”

CONTACTS:

Julie Tullbane, Daly Gray Public Relations, T 703-435-6293, F 703-435-6297, julie@dalygray.com

Bruce Riggins, Chief Financial Officer, Interstate Hotels & Resorts, (703) 387-3344

CB Richard Ellis No. 1 in U.S. Investment Sales Activity in 2008

Leader in Office, Industrial, Multi-Family and Retail Transactions

LOS ANGELES, CA – CB Richard Ellis Group, Inc (CBRE) was the No. 1 firm in U.S. investment sales activity on a national basis in 2008, with a 17.9% market share—according to Real Capital Analytics' 2008 data.

RCA, which tracks national commercial real estate sales of $5 million and greater, found that CBRE, with $25.3* billion in transaction values, had a commanding 10.3 percentage point advantage over the second place firm and sold more property than the number two and three firms combined.

CB Richard Ellis was the leader in office, retail, industrial and multi-family properties. RCA estimates that over $141 billion** of office, industrial, retail, multi-family and hotel properties were sold in the U.S. in 2008.

"During challenging times clients seek out the platform and the professionals that delivers superior market insight and unrivaled transaction execution," said Gregory S. Vorwaller, (top right photo) CBRE Investment Properties President. "2008's results underscore that CBRE is the trusted advisor of choice across all categories of commercial real estate investing."

Other significant findings include:

CBRE was the nation's top firm in office sales in 2008 with a market share of 21.9% representing $11.5 billion of transactions.

CB Richard Ellis' market share in multi-housing sales was an industry leading 18.3% in 2008. The firm's $6.8 billion in sales was double that of it nearest competitor.

In industrial sales, CBRE dominated with $ 4.5 billion in sales, for a market share of 21.4%/--three times the nearest competitor.

CB Richard Ellis recorded the highest market share—9.7%—in the retail sector, totaling $1.9 billion in transactions in 2008.

* Does not include CBRE's individual property sales valued at less than $5 million.** Excludes privatization activity.

Contact: Robert McGrath, 212.984.8267, robert.mcgrath@cbre.com

The Georgian Terrace Hotel Names Carl Dees General Manager

ATLANTA, GA—Officials of The Georgian Terrace Hotel, (top right photo) Atlanta’s iconic hotel, today announced the promotion of Carl Dees to general manager.

In his new role, Dees will be primarily responsible for overseeing the completion of the property’s current $11 million renovation, as well as the day-to-day operations of the hotel.

The luxury, all-suite hotel is owned by a real estate fund managed by San Francisco-based Fremont Realty Capital, with management provided by Virginia-based Crescent Hotels & Resorts.

“Carl Dees is a well respected, hotel professional with more than 25 years of hospitality experience,” said Matthew Reidy, (middle left photo) senior managing director of Fremont Realty Capital.

“He brings with him a successful track record of directing properties under such brands as Hilton and Marriott, while improving upon their bottom lines. His proven leadership skills, high energy and creative approach to hospitality will help drive the renovation project and long term success of The Georgian Terrace.”

Before joining The Georgian Terrace Hotel, Dees was general manager of the 224-room Livonia Marriott in Mich., where he oversaw a $4.9 million renovation.

Prior to that, he was general manager of the Detroit Airport Marriott in Romulus, Mich., which generated $10 million in annual revenue under his supervision. He studied Business Administration at Mississippi State University, Meridian campus.

Built in 1911, The Georgian Terrace Hotel, located at 659 Peachtree Street NE in midtown Atlanta and listed on the National Register of Historic Places, has played host to some of Atlanta’s most preeminent events, including the star-studded party for the 1939 premiere of the classic, Oscar-winning film, “Gone with the Wind.”

For more information, please contact the hotel at (404) 897-1991, or online at the hotel’s Web site: http://www.thegeorgianterrace.com/.

Additional information about Crescent Hotel & Resorts may be found on the company’s Web site http://www.chrco.com/.

Contact: Chris Daly, Vice President, Daly Gray Public Relations, ph: 703-435-6293, chris@dalygray.com

C&W negotiates lease for new Firehouse Subs in Leesburg, FL

ORLANDO, FL –Cushman & Wakefield of Florida, Inc. (C&W) announced the lease of 2,400 sf at 717 North 14th Street in Leesburg for a new Firehouse Subs Restaurant.

Headquartered in Jacksonville FL, Firehouse Subs has 349 locations in 17 states nationwide. This seven-year lease represents the 59th Firehouse Subs location in Florida.

Retail Brokerage Associate Mindy Boehm (top right photo) negotiated the lease, representing the landlord, Walling Enterprises, in the transaction for the property.

Contact: Brook Hines, Tel: 407-541-4401, brook.hines@cushwake.com
www.cushwake.com

Leading Hotel Management Company Changes Name to Marshall Hotels & Resorts, Inc.

SALISBURY, MD– A major mid-sized hotel management company has taken a new name to reflect its growth over the past five years and a broader range of services.

Maryland-based Marshall Management is now Marshall Hotels & Resorts, Inc. In addition, the company announced that it has moved to new, larger headquarters in Salisbury, Maryland.

“We have essentially doubled in size over the past five years and now operate 48 hotels, with a total asset value in excess of $750 million,” said Michael Marshall, (top left photo) president and CEO of Marshall Hotels & Resorts.

“Our range of hotels now extends from limited-service to four-star branded and independent hotels and resorts.

"We also have an active development and renovation division, as well as provide a variety of back-of-the-house services, including asset management; accounting; sales, marketing and advertising, insurance programs, consulting; and a host of other services.

"While a somewhat subtle name change, it better communicates who we are and our role as a major, full-service hotel management and services organization.”

“We founded the company based on the idea of providing true hands-on service by a highly experienced senior management team,” said Chuck Marshall, (top right photo) chairman of Marshall Hotels & Resorts.

“That founding principle hasn’t changed in our 29-year-history. We’ve become more sophisticated and added depth, but our core values remain the same.

"Our strategy for success also remains the same: providing experienced property-level operators backed by strong strategic direction and support from a seasoned senior management team, who are involved on an on-going basis.”

The company’s new headquarters facilities encompass 9, 000 square feet, nearly 30 percent more than the company’s previous headquarters. “We literally were bursting at the seams, and now we have room for additional expansion,” Marshall said.

The new address for Marshall Hotels & Resorts is:

1315 South Division Street
Salisbury, Maryland 21804
Phone: (410) 749-8464
http://www.marshallhotels.com/

Contacts:

Rick Day, Senior Vice President – Sales and Marketing, Marshall Hotels & Resorts, (410)749-8464, rday@marshallhotels.com

Jerry Daly, media, Daly Gray Public Relations, (703) 435-6293, jerry@dalygray.com

Starwood's Eva Ziegler assumes top role for W Hotels

WHITE PLAINS, N.Y.--(BUSINESS WIRE)-- Starwood Hotels & Resorts Worldwide, Inc. (NYSE: HOT) has announced the appointment of Eva Ziegler (top right photo) as Global Brand Leader for W Hotels Worldwide.

In her new role, Vienna-born Ziegler will be responsible for leading the global development and growth strategy for the innovative and category-busting W Hotels Worldwide.

With 10 years of proven success, largely in North America, W Hotels will triple its footprint by 2011, assuming its role on the global stage with properties scheduled to open in primary, vibrant international markets from Paris to Milan, Barcelona to London, Santiago to Vieques Island, Dubai to Doha, Hollywood to South Beach, and Shanghai to Bali.

In addition to overseeing the global launch of W Hotels, Ziegler will continue in her role leading Le Méridien as the brand continues its re-launch globally. As Global Brand Leader for the two contemporary design-led brands, Ziegler will define the vision and brand strategy across all disciplines.

Marcus & Millichap Names Scott Lamontagne Regional Manager of Encino, CA Office

ENCINO, CA– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has named Scott Lamontagne (top right photo) regional manager of the firm’s Encino office and Western Director of the firm’s Special Assets Services (SAS) division, according to Harvey E. Green, (top left photo) president and chief executive officer.

“Scott continues to excel as a manager and real estate investment market expert,” explains Green. “In only seven years, he has risen from the post of associate in the Dallas office to regional manager of the firm’s Encino office, where our corporate headquarters is based,” adds Green.

“Because of his investment expertise, ability to execute transactions and excellent relationships with investor and lender clients, Scott will thrive as the firm’s Western Director of the SAS division,” says Bernard J. Haddigan, (bottom right photo) a senior vice president and managing director, who also serves as the National Director of the firm’s Special Assets Services division.

Lamontagne served as the regional manager of Marcus & Millichap’s Los Angeles office since November 2007.

He joined the firm in August 2003 as an investment specialist in the Dallas office and became sales manager of that office in June 2007.

In 2006, Lamontagne was named a director of the National Multi Housing Group, achieved senior associate status and became a member of the firm’s Seven Figure Club. He has also won a number of prestigious internal sales awards from the firm.

Lamontagne is a graduate of the University of Kansas where he received a bachelor’s degree in business communications. Previous to joining the firm, he was the owner of a retail franchise in Tampa, Fla., a business-to-business call center in St. Louis and a small investment company in Dallas.

Press Contact: Stacey Corso, Communications Department, (925) 953-1716

Jin Lee Joins Thayer Lodging Group as Managing Director and Chief Investment Officer

ANNAPOLIS, MD—Thayer Lodging Group announces that Jin Lee (top right photo) has joined the company as a managing director and will serve as its chief investment officer.

In his new role, he will be responsible for sourcing, due diligence, negotiating and structuring transactions.

“Jin brings extensive hotel investment expertise, with 19 years in the industry, in acquisitions, financing, development and dispositions, having been involved in more than $2 billion of transactions in his career,” said Leland Pillsbury, (top left photo) Thayer Lodging’s CEO and co-chairman.

“He will play a major role in our growth as we seek ways to take advantage of the current economic climate. We have considerable equity available, and believe we will be one of only a small group of serious investors in 2009.”

“We believe the opportunity for hotel acquisitions will increase substantially over the next 12 to 18 months, and we intend to be a major investor,” added Bruce Wiles, (middle right photo) Thayer’s chief operating officer.

“Our focus remains on finding complex projects where we believe we can add substantial value through repositioning, rebranding and possibly changing management."

Prior to joining Thayer Lodging Group, Lee was senior vice president of acquisitions and development at HEI Hotels & Resorts, where he was involved in $1.5 billion of transactions, personally closing on $500 million in acquisitions.

Previously, he served as vice president of acquisitions and development at Kimpton Hotel & Restaurant Group. Before that, he served as director of development planning and feasibility at Marriott International and vice president at HVS International.

Lee is a graduate of Cornell University’s School of Hotel Administration and has an MBA from the University of California, Irvine. He is a member of the Urban Land Institute and the Cornell Hotel Society.

Lee will fill the role formerly held by Bill Reynolds (bottom left photo) who remains an advisory director and will maintain an advisory role with the company. “Bill has taken on development responsibilities for his alma mater, Trinity College. He added value to our portfolio during his tenure and we applaud him for his commitment to Trinity,” Pillsbury noted.

About Thayer Lodging Group

Annapolis, Maryland-based Thayer Lodging Group is a privately held, real estate venture capital operating company with a portfolio of 14 hotels consisting of more than 2,800 guest rooms.

Formed in 1991, the firm has sponsored five hotel investment funds for investors and has a portfolio of hotels operating under the Marriott, Hilton, Wyndham and Six Continents brands.

Additional information about the company may be found at http://www.thayerlodging.com/.

Contact: Chris Daly or Jerry Daly 703 435-6293, chris@dalygray.com, jerry@dalygray.com