Sage Hospitality Jump-starts Expansion Plans for 2006

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. October 14, 2008

DENVER, CO, February 13, 2006. Sage Hospitality Resources, the Denver, CO based hospitality company specializing in developing and managing full service and luxury hotels, is moving aggressively forward on the firm's expansion plans for 2006 with three major initiatives. They include:

New Hotel Development and Management

Completion of the Residence Inn by Marriott Denver City Center, a joint venture hotel project that Sage is also managing.

Management of Luxury Hotel Properties

Opening and operating the 21C Hotel/Museum in Louisville, KY a luxury boutique hotel combined with a museum of contemporary art

Historic Adaptive-Reuse Development

Undertaking the $112 million renovation of Chicago's historic Blackstone Hotel into a luxury 335- room Renaissance hotel. "These three initiatives are an excellent match for the key components of our growth strategy," observed Walter Isenberg president and CEO of Sage Hospitality Resources. "We are identifying significant niche market opportunities in targeted areas such as the extended stay options offered by the Residence Inn; expanding the focus on luxury and showcase properties in our management portfolio and continuing our commitment to urban development and select historic renovation projects. "

Residence Inn by Marriott Denver City Center

The $44 million Residence Inn by Marriott Denver City Center is the only hotel built in Downtown Denver in over 30 years that is entirely privately financed. Part of a mixed-use development that includes 449-parking spaces and 4000 sq. ft. of retail space, the 229-suite Residence Inn is the first upper tier and nationally branded extended stay hotel in Downtown Denver. The $44 million hotel was built by Sage Hospitality Resources LLP in partnership with Shames-Makovsky Realty Co. Sage manages the property.

To celebrate the grand opening for the 14-story hotel, the Residence Inn hosted a Pajama Party with a special overnight package. All proceeds from the event benefited (Denver) Mayor John Hickenlooper's Commission to End Homelessness.

At the heart of the hotel, is a dramatic lobby designed using an "Aspen" motif with a large stone fireplace and etched glass screens as the centerpiece. A library---|offering a select variety of titles---|- combined with a high-tech business center is also located in the lobby and accessible around-the- clock. Throughout the hotel, guests can enjoy original artwork by regional Colorado artists. Each suite (ranging in size from one-bedroom studios to two bedroom suites with two baths) features high-speed wired and wireless Internet access, flat screen TV's, separate live/work areas and kitchens.

An outdoor patio and spa on the hotel's 8th floor (adjoining a state-of-the art-health club) offers panoramic views of the downtown and the Rocky Mountains. Hotel guests can also take advantage of a variety of custom services, on-site meeting/conference space and a complimentary breakfast buffet and a dinner social hour.

21C Hotel/Museum

The $26 million 21C Hotel/Museum, slated to open on March 15, is a renaissance development that is poised to serve as a yet another jewel in the cultural revitalization of downtown Louisville, KY. Located in the heart of the City's arts and theatre district, 21C combines a 90-room boutique hotel with a showcase museum of contemporary art. The 5,000 sq. ft. museum, located in the hotel's lobby, houses a permanent collection of over 80 important artworks by living American and international artists. Admission will be free and exhibits are expected to rotate at least three times annually.

The visionary 21C Hotel/Museum concept was conceived by Louisville philanthropists Steve Wilson and Laura Brown, a husband and wife team who are also the co-developers. Sage Hospitality Resources LLC of Denver, CO will manage the property.

21C offers 90 rooms (including 6 premier suites) that are elegantly appointed, complete with modern amenities including 42" flat-screen televisions, WiFi surroundings, luxury bedding and original works of art. A destination restaurant, Proof on Main, is also part of the hotel project. Scheduled to open in February, Proof will offer regional American cuisine with a Tuscan twist and will be operated by the Myriad Restaurant Group who own and manage the noted NYC restaurants Tribeca Grill, Montrachet and Nobu among others.

21C links five late-nineteenth century buildings that have been sensitively converted by New York architect Deborah Berke (Deborah Berke & Partners Architects LLP). The renovation successfully incorporates stylish contemporary design without compromising the historic integrity of the landmark buildings. The buildings (four warehouses and a bank) that comprise the hotel/museum are listed on the National Register of Historic Places and were renovated as a "certified historic rehabilitations" in accordance with preservation guidelines established by the Secretary of the Interior's Standards for Rehabilitation and Illustrated Guidelines for Rehabilitating Historic Buildings.

Blackstone Renaissance Hotel

The $112 million renovation of the 22-story, Beaux-Arts Blackstone Hotel, located on Chicago's stylish Michigan Avenue is slated to start this spring. The redeveloped Blackstone will be a luxury Renaissance hotel featuring 335 guest rooms, 16,000 sq. ft. of meeting and pre-function, a spa and treatment room and a destination restaurant and bar. Sage Hospitality is the project developer and will also serve as manager for the four-star property to open in the fall of 2007.

Vacant since 1999, the legendary 22-story Blackstone Hotel was developed in 1908 by prominent hoteliers Tracy and John Drake and designed in a Classical-Revival style by the architectural firm Marshall and Cox. The opulent Blackstone became known as the "Hotel of Presidents," serving as host to a dozen U.S. Presidents, including Woodrow Wilson, Theodore and Franklin D. Roosevelt, and John F. Kennedy.