Shamrock-Hostmark Completes Renovation of Doubletree Princeton

Conversion of the Former Radisson Hotel Princeton, New Jersey

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. October 14, 2008

PRINCETON, NJ, March 24, 2008. Doubletree Hotels welcomes a new addition to its New Jersey portfolio with the opening of the Doubletree Hotel Princeton. Equidistant from New York, Newark and Philadelphia in central New Jersey, this 238-room, full-service hotel is just six miles from world-renowned Princeton University and minutes from numerous Fortune 500 companies. Formerly a Radisson hotel, this conversion is part of a $12 million renovation project that has reinvigorated guest rooms, meeting space, dining facilities and much more.

The Doubletree Hotel Princeton, located at 4355 Route 1 at Ridge Rd, Princeton, New Jersey, is operated by Shamrock-Hostmark Princeton Hotel, LLC under a franchise license agreement with a subsidiary of Hilton Hotels Corporation.

"Our $12 million hotel makeover will truly establish the Doubletree Hotel Princeton as one of the most contemporary, upscale hotel offerings in Princeton township," said Bruce Hutcheon, hotel general manager. "Our team members welcome travelers from around the world, to experience the Doubletree difference with an industry-leading guest reward program, the welcome of our legendary chocolate chip cookie and a refreshed and relaxing hotel environment."

The Shamrock-Hostmark Hotel Fund acquired the 6-story, 241-room Radisson Hotel located in Princeton, NJ, in 2006. The Fund will modify, convert and reposition the hotel to Hilton's Doubletree, a business-oriented brand, for approximately $8 million. During the renovation period, the hotel will be unbranded and operated under the name "Princeton Premiere Hotel". As a Doubletree, the renovated and re-branded property will be targeted to a specific underserved market niche. The hotel will be positioned to fulfill the demand of customers looking for a quality full service business class hotel with all of the appropriate amenities without the price tag associated with the upscale options in the market, including the Hyatt and Westin.

Currently, those customers are forced to accept an outdated, tired product or to choose a limited-service facility. This was considered a compelling acquisition opportunity due to the strategic components of 1) Location 2) Market 3) New Brand 4) New Management Team and 5) Acquisition Cost Below Replacement Cost. Hostmark Hospitality Group http://www.hostmark.com

"We are very excited to welcome the world's travelers to the newly renovated Doubletree Hotel Princeton. From Cambridge in Massachusetts to Berkeley in California, Doubletree is proud to continue expanding its upscale, full-service hotel offerings adjacent to some of the country's most distinguished universities," said Dave Horton, senior vice president - brand management for Doubletree Hotels. "This sixth Doubletree hotel in New Jersey is another great example of our development commitment to providing business travelers with contemporary style, convenience and warm, caring service across the Garden State."

The spacious guest rooms and suites at the Doubletree Hotel Princeton have been significantly updated. Contemporary comforts include complimentary, wireless high-speed Internet access; MP3-compatible, stereo clock radios; Wolfgang Puck(R) gourmet, in-room coffee service; Neutrogena(R) bath and body products; and the brand's signature Sweet Dreams(R) by Doubletree sleep experience with plush pillows, a luxurious linen package and a specially designed plush-top mattress and box spring system that helps ensure a great night's sleep. Guest bathrooms have been dramatically redesigned to include upgraded lighting, new vanities with granite counters, framed mirrors and a curved shower rod that allows for 20% more space in the shower.

Business travelers can enjoy large workspaces with outlets at desk height; ergonomic desk chairs; and virtual in-room printing services in every guestroom. A 24-hour, self-service business center is also convenient for those last-minute office needs. Executive Floor rooms with additional upgrades and an Executive Lounge with complimentary continental breakfast in the morning and a manager's reception* in the evening during the work week also are available. A complimentary hotel shuttle is available for transportation to all major businesses and tourist destinations within a five-mile radius.

The 8,500-square-feet of meeting space at the Doubletree Hotel Princeton can easily accommodate groups of up to 250 for corporate conferences, workshops, seminars, and trade shows. Equipped with the latest meetings technology, a dedicated team is available to assist in creating the ideal executive meeting, training session, business luncheon, wedding or social gathering.

To unwind at the beginning or end of a long day, guests may enjoy the hotel's heated, indoor swimming pool. The Doubletree Hotel Princeton also provides business and leisure travelers with a Fitness by Precor(R) facility that has been upgraded with the latest in cardio and weight training equipment. Delicious fresh Atlantic seafood, succulent steaks and chops cooked on the bone and tapas are on the menu at the On The Bone Restaurant & Lounge. Delicious room service selections during peak dining hours also are available.