Bill Murney Joins HREC as SVP and Establishes HREC Office in Phoenix

. September 05, 2009

DENVER, CO / PHOENIX, AZ, September 8, 2009 - HREC, the nation's leading hotel real estate advisory firm, is pleased to announce that Bill Murney has joined the firm as a Senior Vice President, and will be in charge of the new HREC Investment Advisor's office in Phoenix, AZ.

Bill Murney spent the last five years serving as Managing Director of Molinaro Koger's Arizona office, focusing on hotel transactional work primarily in the southwestern United States. Prior to that, Bill spent 20 years as a Senior Vice President with CB Richard Ellis. During that time, Bill worked on hotel investment sales and played an integral role in the development of the hospitality brokerage operation within CBRE.

Bill has been involved in over $1B worth of hotel transactions during his 25 years in the hospitality industry, specializing on hotels ranging from select-service and full-service to resort properties. Bill has extensive experience representing institutional as well as individual hotel owners. In addition to working with property owners and buyers, Bill has worked with many lenders and special servicers, assisting with problem hotel loans as well as REO hotel properties. With a career spanning numerous real estate cycles, he is well-versed in the many facets of the hotel industry.

Bill received dual degrees in Marketing and Finance from the University of Arizona and maintains an Arizona real estate broker's license. His involvement with the Phoenix Thunderbirds, a local civic organization that runs the annual FBR Open PGA Tour event at the TPC Scottsdale, helped provide over $4.5M in 2009 to local Phoenix charities.

"My association with HREC is a culmination of 25 years of hard work and dedication to my clients," added Bill. "My hotel brokerage experience with two separate organizations provides me valuable insight into the organizational structure that best serves these client's needs. The HREC platform, with great market knowledge and skill sets combined with a team approach that works collaboratively on every opportunity, provides the highest quality service platform for my clients. I am excited to be a part of the HREC team, opening the new Phoenix office and helping HREC become the dominant company in this part of the country."

"HREC is thrilled to have Mr. Murney join the Team! The opening of our Phoenix office will further strengthen our western US practice, working synergistically with our existing offices in Los Angeles, San Diego and Denver. Bill's lodging expertise, proven sales track history and strong client relationships will make him a valuable senior member of HREC's team of professionals," commented Mike Cahill, CEO & Founder of HREC.

About HREC

HREC is the nation's leading lodging and gaming real estate advisory firm specializing in property sales, mortgage brokerage, equity/JV structuring, consulting (market studies and appraisals), asset management and litigation support. With offices throughout North America, HREC is distinguished by unwavering commitment to client service through its team approach, intellectual capital and hotel/casino specialization.

For additional information, visit HREC's website at http://www.hrec.com

Contacts:

Bill Murney

Senior Vice President

HREC Investment Advisors

2355 E. Camelback Road, Suite 505

Phoenix, AZ 85016

602-499-5535 (C)

[email protected]

Mike Cahill

CEO & Founder

HREC-Hospitality Real Estate Counselors