Fordham Company's Plan for Ambassador East Hotel

Includes Condominium-Hotel Units and a Revitalized Pump Room

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. October 14, 2008

CHICAGO, il, fEBRAURY 2, 2006. The Fordham Company today announced the acquisition and redevelopment of Chicago's famed Ambassador East Hotel, located at 1301 N. State Parkway in Chicago's Gold Coast neighborhood. The complete transformation of the classic 1926 hotel will include exquisite condominium-hotel units designed by Laurie Miller and a revitalized Pump Room. Financing was provided by Fremont Investment and Loan.

"With an incredible team in place that has their fingers on the pulse of design, culinary treasures, exciting entertainment and high-end hotel management, we will re-establish the Ambassador East as one of Chicago's finest destinations," said Christopher Carley, chairman of The Fordham Company. The property will include one of Chicago's finest spa and fitness centers and a new indoor pool, subject to city approval. "By beautifully appointing every room and leisure area in the Ambassador East, its elegance, charm and legacy will be restored and rebranded immediately as a new classic."

The Fordham Company, a leading developer of residential buildings in Chicago, including the planned Fordham Spire by Santiago Calatrava, the beautiful eight-story 65 E. Goethe, the award-winning Fordham at 25 E. Superior and the Pinnacle at 21 E. Huron, has begun taking reservations for the distinguished condominium-hotel units at the Ambassador East. They range in size from approximately 300 to 1,500 square feet, and prices range from $275,000 to $1,400,000.

Carley has established an outstanding partnership with a seasoned management team for the redevelopment project, including:

Chicago, Ill.-based Portfolio Hotels and Resorts, led by Helmut Horn, president, who also served as general manager of the Ambassador East during its height of popularity, and Graham Hershman, COO. Portfolio manages destination resorts and urban hotels, and provides asset management and consultation services for owners and investors.

Oak Brook, Ill.-based Mid-America Development Partners, LLC, led by David P. Bossy, president, and Michael D. Firsel, principal and CEO. Mid-America is a full-service real estate development firm committed to creating functional, attractive developments that enhance their surrounding communities.

Lombard, Ill.-based The Harp Group, led by Peter G. Dumon, president, and Timothy G. Franzen, senior vice president. The Harp Group specializes in hospitality and retail development and brands itself as a "value creation enterprise" that strives for uniqueness in every project.

The Ambassador East Hotel has become a part of the Preferred Hotel Group, which features worldwide premier hotels, including The Peninsula Chicago and Hard Rock Hotel Chicago. The Ambassador East is rich in Chicago tradition. For nearly 80 years, movie stars have called it their home away from Hollywood and dined at the hotel's famed Pump Room. The Ambassador East has been the setting for many movies, including Alfred Hitchcock's North by Northwest and My Body Guard.