AMC Delancey and Paramount Hotel Group Partner on Third Real Estate Venture

Newly Acquired Hotel in Orlando Market to Undergo a Multimillion Dollar Makeover

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. October 14, 2008

MAITLAND, FL, OCTOBER 10, 2005. AMC Delancey Group, Inc., a Philadelphia-based national real estate investment company, and its partner, Paramount Hotel Group, LLC, have announced their third joint hotel acquisition, this time in Maitland, Florida within the bustling Orlando market. The 394-room hotel, formerly known as Orlando North Hotel, was acquired from LaSalle Bank National Association.

The property, which was once the premier landmark hotel conference facility in Maitland's business corridor, will undergo a multimillion-dollar, comprehensive renovation. Upon completion in 2006, the hotel will regain its position as the area's foremost first-class lodging and conference venue and re-emerge under the banner of a highly recognized international brand, which the new owners expect to announce within the next several weeks.

Kenneth P. Balin, President and CEO of AMC Delancey Group said, "We are extremely excited to announce our third acquisition with operating partner, Paramount Hotel Group. Following our award-winning renovation of the Radisson Hotel Jacksonville Butler Boulevard and the strong repositioning efforts underway at the new Radisson hotel in Largo, Maryland/Washington DC, we are confident that the transformation of Orlando North Hotel will be a monumental success."

Peter Marino, Senior Vice President at Paramount Hotel Group commented, "We are pleased to once again partner with AMC Delancey in the repositioning of a strategically-located hotel asset. This new property will re-emerge in a rapidly strengthening market, and we are certain with our hospitality vision and management expertise it will become the preferred destination for all business and leisure travelers, as well as the business community seeking convenient, full-service conference facilities. The hotel will cater to guests offering price advantages over similar accommodations in the area and higher-standard amenities, such as LCD flat screen televisions and state-of-the-art communication capabilities. In addition, our on-site restaurants will be welcomed as culinary alternatives in the region by guests and local residents alike."

Originally built in 1984, the hotel is situated on 9.47 acres and is located off Interstate 4 and Maitland Boulevard, within the 6.4 million-square-foot Maitland Center. In addition to its 394 rooms, the fully renovated facility will feature 16 individual conference rooms, nine conference rooms, two executive boardrooms, a 7,500-square-foot ballroom, and a 45-seat tiered classroom. All new furnishings will be featured throughout, including the already spectacular atrium lobby and bar, which will serve as a gathering place for conference attendees, hotel guests and area visitors. Currently housing two restaurants, a new upscale dining establishment will also be added, targeted to the Maitland Center and surrounding North Orlando market area.

Balin commented, "Our strategic hotel investment program with Paramount Hotel Group as our operating partner enables us to pursue multiple investment opportunities simultaneously. We have a proven track record of effectively executing our strategy of acquiring underperforming properties and investing the necessary time, energy, resources and expertise to help them realize their fullest potential. The AMC Delancey/Paramount team has demonstrated an incredible ability to successfully reposition and re-brand full-service hotels in diverse markets; and while this 394-room facility is the largest our team has undertaken, we are highly confident that it will become our most dynamic and exciting hotel."

AMC Delancey and Paramount Hotel Group have built an impressive track record as partners. Their first joint venture acquisition was the former Doubletree Club Hotel in Jacksonville, Florida. After an extensive renovation and repositioning, the hotel was reopened in early December 2004 to rave reviews as the Radisson Hotel Jacksonville Butler Boulevard, in time to host sellout crowds for Super Bowl XXXIX. This year, the two companies also teamed up to acquire the Doubletree Club Hotel in Largo, Maryland, which is currently undergoing a major renovation to open as the new Radisson Hotel, Largo, Maryland/Washington DC in early September.