Spire Hospitality Reflects On a Lucrative First Half of 2014

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. July 29, 2014

CHICAGO - July 29, 2014 - Spire Hospitality, one of the nation's leading and most respected hotel management companies is looking to build on its accomplishments of the first half of 2014 including the management, acquisition and renovation of ten hotels, the reinvention of two hotels, one resort and the addition and promotion of several in-house leaders.

“During the first half of 2014, we have added more than 2,500 hotel rooms to our management portfolio,” says Bill DeForrest, president & CEO of Spire Hospitality. “I could not be more pleased with the momentum Spire Hospitality has harnessed, and can only look forward to continued great performance from our team during the remainder of 2014.”

Spire Hospitality's accomplishments during the first half of 2014 include:

• Assumed the management of eight, newly acquired Embassy Suites Hotels. Upon taking over the Embassy Suites Hotels, Spire Hospitality immediately began a more than $50 million capital improvement repositioning of these assets, building on their strong performance to ensure each hotel continues to be a market leader and great brand representative.
• The opening, management and completion of a massive $10 million renovation of the 139 room Waterstone Resort & Marina - a DoubleTree by Hilton in Boca Raton, Fla., offering a distinct waterfront experience on the Intracoastal Waterway of the east coast of South Florida.
• The acquisition and management of the former Hotel Melia in Atlanta. The 501-room hotel has officially converted to the Crowne Plaza brand and will immediately undergo a total renovation, ultimately creating a dual branded 360-room Crowne Plaza hotel and a 102-room Staybridge Suites Hotel by January of 2016.
• The previously acquired Courtyard by Marriott Durham recently completed a sizeable renovation.
• High Peaks Resort in Lake Placid, NY. finalized a multi-million dollar renovation enhancing its curb appeal, amenities and public spaces and launching the Lake House, a 44 room Adirondack-inspired, classic motor lodge presenting spectacular lake and mountain views.
• Spire Hospitality unveiled a partnership between Hilton Jackson Mississippi and Drago's Seafood Restaurant. Recently finalizing a $4 million renovation, Hilton Jackson Mississippi will serve as the location for Drago's third restaurant, building on the Hilton's high reputation for great food and beverage quality and while adding to the hotel's guest experience and enhanced dining options.

To support the exponential growth of the Spire Hospitality platform, several talented leaders were either added or promoted to new roles within the company.

• Spire Hospitality successfully recruited Greg Horeth as chief operating officer responsible for driving total hotel performance of Spire Hospitality's portfolio.
• Gary Upton took command of the Embassy Suites Hotels portfolio as Spire Hospitality's vice president of suite operations.
• John Price was promoted to the position of vice president of lifestyle hotels supporting Spire Hospitality's single branded assets and top performing branded hotels.
• Spire Hospitality proudly named Linda Gulrajani as vice president of revenue management, responsible for leading the robust revenue management practices and capitalizing on revenue management opportunities.
• Deborah Cooley was named vice president of accounting, responsible for assisting the CFO in directing the organization's accounting and information system functions.
• Gail Terrible was named regional director of sales and marketing after many years of success as director of sales at Spire Hospitality's DoubleTree by Hilton Annapolis.
• Matthew Wheeler was appointed as general manager of High Peaks Resort, responsible for consistent delivery of product quality and service.
• Jeff Zelkin was stated as general manager of Embassy Suites Hotels Colorado Springs, overseeing constant delivery of product quality and service.

“Our executive talent has always propelled Spire Hospitality's achievement,” says Bill DeForrest, president & CEO of Spire Hospitality. “We could not have asked for a more talented and determined team, continuing to drive performance and deliver outstanding results for our owners and investors.”