JRK Holdings Appoints John Flannigan President

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. December 02, 2008

DECEMBER 2, 2008. JRK Property Holdings (JRK), today announced the appointment of John Flannigan to president of the JRK Hotel Group. In his role as president, Flannigan will oversee the development and implementation of the Hotel Group's business strategy, with a continued focus on customer service.

Flannigan's years of experience in the boutique hotel industry has made him an expert in the field of hospitality management. Flannigan was most recently the general manager at JRK's own Hotel Roger Williams in New York City, where he oversaw the property's re-opening in 2004. Prior to joining JRK, Flannigan was the general manager of the Hotel Giraffe in New York City and spent four years with Wyndham Hotels where he started his career as the senior sales manager and later served as the food and beverage director.

"John's extensive background and years of experience in the industry allow him to bring a unique perspective to the company," said Jim Lippman, founder and chairman of JRK. "John's successful track record of redefining properties will not only strengthen our hotels but also create new opportunities for growth."

Flannigan's management experience within the JRK organization provides him with an exceptional understanding of the infrastructure of the company and its hotels. His impressive background of successfully launching hotels and defining each property's identity will be critical in the management of the JRK Hospitality Division, which currently includes four luxury boutique hotels across the country, including the Oceana Santa Monica, and the nation's largest Holiday Inn Express located in Nashville, Tenn.

"JRK is a leader in the boutique hotel industry with an impressive portfolio of world class properties," said Flannigan. "This is a wonderful opportunity to build upon the company's extraordinary successes and continue to offer our guests a first class experience at each of our properties. I am excited to be a part of the JRK family and look forward to working with the talented Hotel Group team."

Over the course of nearly two decades, JRK has established itself as the industry leader when it comes to fully-integrated commercial real estate ownership and operation. Recently, the Oceana properties have experienced great success; Oceana Santa Monica continues to raise its profile with national coverage, while Hotel Oceana Santa Barbara is thriving in light of the full renovation of the property, completed in September 2008.

JRK Property Holdings employs over 1,200 professionals involved in every aspect of real estate development. The JRK organization contains three specialized subsidiaries that further support the company's ownership, acquisition, capitalization, and operational objectives: JRK Residential Group, JRK Hotel Group and JRK Birchmont Advisors. Presently, the company's owned and managed portfolio is located nationwide and consists of over 31,000 multifamily units, four hotels, and 1,885 self storage units.