Marshall Adds Nine Management Contracts in 45 Days

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. November 15, 2008

NOVEMBER 14, 2008. Marshall Management, Inc., a leading, mid-sized hotel management company, today announced that it added nine management contracts in less than two months, expanding the company's portfolio to 44 open properties and 11 in various forms of development. The 2008 growth spurt is a part of Marshall's planned development, which will extend the company's geographic presence along the East Coast and Midwest, diversify its portfolio and showcase its breadth and depth of skills as an owner and manager.

"We have strategically added 35% more properties to our portfolio, in strong markets and aligning with some of the industry's top brands, while providing the detailed, individualized services that have become our hallmark," said Michael Marshall, president and CEO of Marshall Management, Inc. "We've increased our portfolio size while still maintaining a high level of personalized service, but remain firmly committed to be a mid-sized management company with a portfolio in the 40- to 60-property range. This has allowed us to carve out a niche that sets us apart from other management companies. We have added significant management bench strength and further honed our proprietary management systems and are leveraging our skills to increase our value to hotel owners and investors."

The nine contracts include:

---| Hilton Garden Inn Riverhead, N.Y. Opened Aug. 11

---| Mt. Vernon Hotel, Baltimore, Md. Management contract, obtained Aug. 1

---| Hopkins Inn, Baltimore, Md. Management contract, obtained Aug. 1

---| Quality Inn Philadelphia Airport, Pa. Management contract, obtained Aug. 19

---| Atlantic Hotel, Virginia Beach, Va. Renovation and management contract, re-opened Aug. 1

---| Radisson Hotel Norfolk Management contract, Sept. 1

---| Governor Dinwiddie Hotel & Suites Management contract, Sept. 1

---| Four Points by Sheraton Manhattan SoHo Opened in mid-September

---| Hampton Inn Manhattan SoHo Opened in mid-September

Marshall also has management contracts for nine additional properties currently under development. Two have scheduled openings in the first quarter of 2009; three are expected to open in the second quarter of next year; and the rest will open later in the year. "In addition to taking over and turning around properties, we are heavily involved in the development and pre-opening activities for our owners," Marshall said. "With the economy slowing and owners seeking to optimize return on investment, we expect to see additional business opportunities over the short-term."