Stanford Hotels Corp. Sells Norwalk CA Property

Company plans to use proceeds for further acquisitions

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. October 14, 2008

SAN FRANCISCO, CA, October 3, 2005. Stanford Hotels Corp., a San Francisco-based hotel ownership and management company, announced the sale of the Norwalk Marriott hotel, a full-service 171-room property centrally located between Los Angeles and Anaheim, to a Southern California private investor for an undisclosed amount. Denver-based Sage Hospitality, one of the nation's leading hotel management and development companies, will now manage the hotel.

The sale of the Norwalk Marriott is a part of Stanford's plan for further hotel acquisitions in other high-end markets. "We are pleased about the sale of the Norwalk property. The Norwalk hotel has been a great asset to Stanford over the years and this sale is another step forward in our long-term business plan," said Clyde Guinn, senior vice president of operations for Stanford Hotels.

Norwalk's General Manager Craig Parker will continue his services with Stanford and will move to the Sheraton Gateway San Francisco Airport property in the same position. Director of Sales Renee Spingola will also remain with the company, as she becomes associate director of sales at Stanford's Hilton Washington Dulles hotel in Herdon, Va. "Through a values-driven approach, the new management team will strive to continue to maximize revenue and provide stellar customer satisfaction at this property," said Walter Isenberg, president and CEO of Sage Hospitality.

Renovated in 2003, the Three-Diamond, award-winning hotel encompasses 171 rooms with a contemporary design, spacious marble bathrooms and personal care amenities. The property offers 13,000 square feet of meeting space, nine meeting rooms and features Marriott's "Wired for Business" program with unlimited internet access and free phone calling. The hotel also has an on-site restaurant, Cabrio's, specializing in Californian cuisine.

The Norwalk Marriott is located at 13111 Sycamore Drive and is centrally located 12 miles from Los Angeles and Anaheim on I-5, close to the 605, 91 and 105 Freeways. The hotel is conveniently close to Southern California's premier amusements and attractions, such as Disneyland and Knotts Berry Farm.