Piedmont and Alex. Brown Realty Complete Renovation of Atlanta Holiday Inn

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. October 14, 2008

BALTIMORE, MD, September 18, 2008. Piedmont Hospitality (Piedmont) and Alex. Brown Realty, Inc. (ABR) recently announced the official reopening of the Holiday Inn Downtown Atlanta following the completion of a $4.0 million property improvement plan (PIP). The joint venture implemented the PIP immediately following its July 2007 acquisition of the 260-room full-service hotel.

"The hotel's 11-story exterior facade underwent a $1.4 million reskinning in 2006, but the hotel's interior was dated in appearance and had an inefficient layout," commented Peter Bancroft, ABR's senior vice president. "We saw the PIP as a great opportunity to elevate the hotel's profile among business and leisure travelers, increase its market penetration, and meet the brand standards set by the Holiday Inn franchise."

The renovated 260-room hotel now features a new full-service restaurant, an updated lounge with wall-mounted plasma televisions, a redesigned lobby with high-end finishes and granite floors, glass-walled meeting rooms, an updated fitness center, and a renovated exterior courtyard with enhanced public/pedestrian access. Approximately half of the PIP budget focused on guest room renovations. Guest rooms now feature new bedding packages, new furniture, 32" flat panel televisions, new carpet and HVAC units, and remodeled bathrooms.

The hotel is adjacent to Atlanta's Olympic Centennial Park and within walking distance to several business and tourist demand generators including the Georgia World Congress Center, Georgia Dome, Georgia Aquarium, CNN Center, and World of Coca-Cola museum. "Our $4.0 million renovation has been well-received by hotel guests and by visitors to our restaurant and bar," commented Robert Baldwin, Piedmont's founder, president and CEO. "The hotel's prime location has now been matched by first-class decor, ambiance and service - we have successfully positioned the hotel to become the 'value' choice for business and leisure travelers."

Prior to acquiring the Holiday Inn Downtown Atlanta, Piedmont and ABR acquired the Atlanta Airport Doubletree Hotel adjacent to the Hartsfield-Jackson Atlanta International Airport. Similar to the joint venture's acquisition strategy at the Holiday Inn, the Doubletree underwent a $2.0 million, 12-month renovation program designed to enhance its overall competitive position.