Molinaro Koger Announces Midyear Highpoint

More than $2 Billion in Hotel Real Estate Transactions YTD 2007

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. October 14, 2008

MAY 31, 2007. Molinaro Koger (MK), announced that the firm has marketed, structured and closed 39 hotel real estate transactions year to date 2007 totaling more than $2 billion. Hospitality assets handled by MK thus far in 2007 circle the globe, ranging from the Copenhagen Marriott Hotel to a nine property full-service portfolio in the United States.

'As one of the most active transactional years for hotel assets, 2007 marks a time when the hospitality sector has clearly come into its own right in the world of real estate and international institutional investments,' remarked Rob Koger, President of Molinaro Koger, in announcing his firm's year to date sales figures.

'On an internal level we are, of course, pleased that our ability to demonstrate the unique attributes of the asset's we market elicited strong investor interest and result in sales which meet our clients' disposition goals,' continued Mr. Koger in reference to the firm's outstanding sales year.

Hotel transactions structured thus far in 2007 by Molinaro Koger as a result of their marketing efforts include:

o-- A portfolio of nine U.S. hotels for $450 million. Sold by Cranston, Rhode Island-based hotelier Procaccianti Group to Bahrain-based Investcorp. Procaccianti will continue to manage the properties, comprised of Marriott, InterContinental, Hilton and Starwood brands. The portfolio totals 2,828 rooms and more than 252,500 square feet of meeting space.

o-- The Washington Marriott Hotel and retail complex. Sold to Rockpoint Group and Highgate Hospitality for an undisclosed amount on behalf of Angelo, Gordon & Co., Amerimar Enterprises, and Greenebaum & Rose Associates. Washington, D.C., is one of the most expensive markets in which to build due to limited quality land sites, a wealth index of 143% (US average is 100%), and strict government regulations.

o-- The Copenhagen Marriott Hotel. The 395-room asset was sold to an affiliate of certain real estate funds managed by the Blackstone Group ('Blackstone'), acting on behalf of Danish joint venture company Hotelinvest Kalvebod A/S, which is owned 49 percent by Nykredit and 51 percent by Marriott International. Built as a new five-star property, the Copenhagen Marriott Hotel was opened in early September 2001 and will continue to be managed under a long-term contract with Marriott International.

o-- The Marriott Fairview Park. The 395-room hotel was sold by Host Hotels & Resorts to JER Partners for $108.5 million. The Fairview Park Marriott is one of the premier hotels in Northern Virginia just inside the Capital Beltway.

o-- A portfolio of six Sheraton Suites Hotels located in the United States. Sold by Starwood Hotels & Resorts Worldwide and IHV International for an undisclosed price to The Procaccianti Group. The portfolio consists of 1,492 two-room suite hotels located in Wilmington, Delaware; Kansas City, Missouri; Elk Grove, Illinois; Columbus, Ohio; Dallas, Texas; and Alexandria, Virginia.

o-- A portfolio of seven extended-stay Hyatt Summerfield Suites. Sold to Hersha Hospitality Trust on behalf of LodgeWorks, L.P. The sale price for the upscale extended-stay portfolio of 1,005 suites was approximately $169 million.

In other news, MK expanded the firm's Capital Markets division and opened offices in India in early 2007. During the last 12 months MK has structured more than $3.8 billion in hotel real estate worldwide. For further information about these transactions and current hotel property offerings, please contact MK at 703.760.9600 or via www.mkhotels.com.