Davidson Relocates HQ to Southwind in Memphis, TN

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. October 14, 2008

MEMPHOS, TN, October 30, 2006. Davidson Hotel Company (DHC) today announced that it will relocate its corporate headquarters to Southwind, an upscale office park complex located off of Hacks Cross and Tournament Drive in East Memphis. The company has signed a long-term lease with Southwind owners, Highwoods Properties, Inc., for approximately 17,000 square feet of space in the Shadow Creek II building at 3340 Players Club Parkway. "It is the last large block of office space available in the park, bringing occupancy in Highwoods' Southwind buildings to 90 percent," said John Mercer, Highwoods director of leasing.

"We have taken a number of significant steps in 2006 to achieve our announced plan to double the size of the company over the next five years, including the expected addition of four to six new properties to our portfolio by year end," said John Belden, Davidson's president and chief executive officer. "This new space is slightly larger than our current space, but will be more efficiently configured for our business needs. The Southwind space not only accommodates our current needs, it will allow us to grow our local employment base by more than 25 percent as we execute our plan for the foreseeable future."

Davidson has engaged The Crump Firm, a full-service architectural, planning and interior design firm, to create state-of-the-art office space to house the company's approximately 45 Memphis-based associates. The centerpiece of the new offices will be a highly stylized, upscale lounge and club room, equipped with flat screen televisions, soft seating, wireless internet, cafe tables and coffee bar. The setting is designed to create a collegial atmosphere for Davidson team members to share ideas in an open setting, consistent with the company's philosophy that meetings and brainstorming can happen anywhere, not just in the board room.

Pat Gamble, vice president of CB Richard Ellis' Tenant Advisory Group, represented Davidson in the real estate transaction. CB Richard Ellis is the world's largest commercial real estate service provider. The Memphis-based Tenant Advisory Group handles the office real estate needs for firms on a local and international basis.