Acquisitions & Hotel Openings

Candlewood Suites in Tallahassee, FL Opens

Owned by Lakeshore Hospitality and Managed by Generation

RESEARCH TRIANGLE PARK, NC - March 5, 2010 - The Generation Companies, LLC, a Research Triangle Park, North Carolina-based real estate developer, asset manager and operator of extended-stay hotels, is partnering with Lakeshore Hospitality, LLC, a local hotel development and real estate company in Tallahassee, FL, on the new Candlewood Suites-Tallahassee. The mid-priced hotel, which opened in March, is owned by Lakeshore Hospitality and managed by Generation.

“We’re partnering with the top operator of Candlewood Suites in the country, The Generation Companies,” said Allen Harkins, managing partner with James Jarrett and Dixie Russell of Lakeshore Hospitality, LLC. “So, guests can expect to be delighted by an extra-clean hotel with super-smiling faces.” Vice-President of Operations Ron Jacobsen agrees the new hotel will be a boost to the area. “We’re very excited to partner with such quality-oriented owners in Allen, James and Dixie in operating their beautiful hotel. The local management team we’ve assembled, lead by our award-winning general manager Matt Coombs, will provide uncommon service to our guests, combined with unique Candlewood values.”

The brand-new 114-room hotel provides a unique amenity package, including free wireless and wired Internet service; an oversized desk and executive chair; recliner; bulletin board; and fully-equipped kitchens in every room, with appliances including a standard refrigerator and dishwasher, a range and complete set of utensils. All suites have at least one 32-inch flat panel LCD television and a DVD player. The Candlewood, a 100% non-smoking hotel that is pet-friendly, also boasts an around-the-clock fitness center, swimming pool, two outdoor gas barbecue grills, business center, meeting room for rent, free guest laundry, free local calls, a complimentary video and CD library, and the Candlewood Cupboard, a 24-hour honor system pantry. Rooms start at $89, with attractive weekly and monthly rates. For reservations, call 850.597.7000 or visit www.candlewoodsuites.com.

The Generation Companies, LLC is a Research Triangle Park, North Carolina-based real estate developer, asset manager and operator of extended-stay hotels in North Carolina, Virginia, Florida, Georgia, Kentucky, Texas, Arkansas, Kansas and Tennessee. Generation has more than $200 million in hotel assets under management comprising over 2800 rooms and employs more than 300 team members at 27 properties with two additional hotels opening this quarter. Generation is actively seeking new acquisition, management and development opportunities in the extended stay segment. For more about Generation, visit www.generationcompanies.com

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