Dellisart Chicago Completes $42mil Financing to Develop a Staybridge Chicago

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. October 14, 2008

CHICAGO, IL, Janaury 16, 2007. First "Staggered Truss" Building Downtown to be Largest Staybridge Suites in System Officials of Dellisart Chicago LLC, a joint venture between Dellisart Lodging LLC, a hotel ownership, management, development and acquisition group, and Miglin Properties LLC, a Chicago-based real estate development and management company specializing in the development of commercial properties, today announced that the JV has secured $42 million in financing to develop a 206-suite Staybridge Suites in downtown Chicago, Ill., at the corner of LaSalle and West Huron. Financing was provided by CapitalSource, a specialized commercial finance company. The hotel will be managed by Dellisart Lodging LLC. Plans call for the hotel to break ground January 25, 2007.

"While we have numerous projects occurring internationally, we remain focused on expanding our U.S. portfolio, as well," said Douglas E. Artusio, Dellisart founder, chairman and CEO. "We have exceptional development and management teams in place to accommodate our accelerating growth. The Staybridge Suites brand, part of the InterContinental Hotels Group family of brands, is a great product, well suited to the needs of extended-stay business and leisure travelers seeking relaxed accommodations with high-tech amenities in high traffic markets."

When completed in the summer of 2008, it will be the largest hotel in the Staybridge portfolio. Staybridge Suites offer upscale, all-suite accommodations with fully equipped kitchens. Among the various hotel amenities are high-speed Internet access, 24-hour business centers, complimentary breakfast and evening reception, green space, fitness center and library with books, board games and television. Suites have separate living and work areas with two-line speaker telephones and personalized voice mail. A leased restaurant and parking facilities are planned for the ground floor.

The hotel will be constructed using the staggered truss structural system. The high rise building concept consists of a series of story-high trusses spanning the total width between two rows of exterior columns and arranged in a staggered pattern on adjacent column lines. The basic concept is that the total frame behaves as a cantilever beam when subjected to lateral loads. This process allows developers to build in all weather conditions and to lower costs based on shorter construction time and a faster completion date. Additionally, the finished product has more open space for increased flexibility of interior space.

"This marks our third Staybridge Suites in the greater Chicago metro area," Artusio noted. "Our other two properties already rank among the highest rated in the system, and we fully expect this hotel to equal or exceed those excellent results."

"The Staybridge Suites Chicago is among nearly 100 hotels in the brand's robust Americas pipeline and will be an excellent addition to our upscale extended-stay portfolio," said Robert Radomski, vice president, Brand Management, Staybridge Suites. "We are thrilled that

Dellisart Chicago LLC chose to build a Staybridge Suites for this ideal location in Chicago's bustling downtown area, and we look forward to offering the Staybridge Suites experience to our guests seeking extended-stay accommodations in downtown Chicago."

Amenity highlights planned for the new Staybridge Suites Chicago will include

three well-designed spacious suite options-deluxe studio, one-bedroom and two-bedroom/two-bath with:

---|32" flat panel TV's

---|In-room DVD/CD players

---|Functional, well-lit work stations with ergonomic seating

---|Complimentary wireless and wired high-speed Internet access

---|Complimentary local phone calls

---|Two-line speaker phones with direct-dial number

---|Fully equipped kitchens.

---|Deluxe complimentary daily breakfast buffet

---|Complimentary guest laundry

---|Complimentary workout facilities

---|24-hour business services center

---|Guest library with books and games

---|BridgeMart, the hotel's 24-hour convenience store stocked with snacks, sundries, beverages and easy-to-prepare meals

---|Evening "Sundowner" receptions three days a week with complimentary refreshments and light appetizers

---|A leased restaurant and covered parking facilities for the ground floor

About Staybridge Suites Hotels

Staybridge Suites(R) is an innovative, all-suite hotel brand meeting the needs of the extended-stay guest. It is ideal for travelers seeking a residential-style hotel that is perfect for business, relocation, and vacations. The amenities include three suite types with fully equipped kitchens, complimentary daily breakfast buffet and evening receptions three days a week, and 24-hour business services with high-speed Internet access.

Staybridge Suites entered the extended-stay market in December 1998 when its flagship location in Alpharetta, Ga., opened. Since that opening, the Staybridge Suites brand continues to grow rapidly. Close to four years since its inception, the brand celebrated the opening of its 50th hotel in 2002, becoming the "Fastest to Fifty," reaching this milestone faster than any other brand in the upscale extended-stay segment. Staybridge Suites also reached its 75th hotel opening faster than any other upscale extended-stay hotel brand in 2004.