Rick Besse to Head Up Dallas Office of Horwath Hospitality & Leisure LLC

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. October 14, 2008

SAN FRANCISCO, CA. September 23, 2005. Horwath Hospitality & Leisure, CEO Joel Hiser today announced that hospitality industry veteran Rick Besse has joined the firm as Senior Managing Director for the Southwest region based in Dallas, Texas.

"We're fortunate to have someone with Rick's diverse experience join our company. He will bring an insight to the real estate team and will be an immense asset for our clients", Hiser stated. "His connections and experience in the hotel investment community will be invaluable as the firm continues to grow with the accelerating pace of hotel real estate investments in the US", Hiser added.

Mr. Besse is a 25-year veteran of the hospitality industry. He holds a BA and MBA from the Hotel School at Michigan State University. He started his career with Pannell, Kerr, Forster and Company, writing hotel feasibility studies. He then moved to the restaurant industry where he was Vice President of Real Estate for Taco Bell. He was responsible for the development of over 500 restaurants. After Taco Bell, Mr. Besse formed his own consulting/brokerage company, specializing in the hospitality industry. Mr. Besse represented Marriott Corporation throughout the Southwest United States and was responsible for the acquisition of over 25 sites for Marriott's limited service hotel brands. Mr. Besse was retained by Bedrock Partners, a Dallas based acquisition firm, to source hotels that could be acquired and repositioned. He was responsible for sourcing eleven of the eighteen hotels Bedrock Partners acquired. Mr. Besse then formed a partnership to acquire hotels. Two hotels were purchased in the South Beach area of Miami Beach. He was the Managing Partner of the fund, responsible for the renovation of the two historic properties. The hotels were sold in early 2001. Since that time, Mr. Besse has been actively involved in consulting and brokerage in the hospitality industry, recently brokering two Florida hotels, one in Plantation, Florida and one in Jacksonville, Florida.

Mr. Besse is a member and former Board Member of the International Society of Hospitality Consultants. He has served on the Board of Directors for the Alumni Association at Michigan State University and was Chairman of the Board of The Sports Club in Irving, Texas, home of the Four Seasons Resort and Byron Nelson Golf Classic.

About his new position, Besse stated, "I am very excited about joining Horwath Hospitality and Leisure. The platform they have established, both nationally and internationally was a strong factor in my decision to join them. The platform, combined with the strong Horwath name is significant in today's competitive marketplace. I look forward to working with the existing team and being involved in the growth of the company."