Aimbridge Hospitality Purchases Three Hotels in Chicago

Leading hotel management company will operate three Hyatt hotels in Chicago

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. December 02, 2010

DALLAS, TX - December 1, 2010 - In a newly formed joint venture, affiliates of Aimbridge Hospitality and AREA Property Partners (formerly Apollo Real Estate Investment Fund) have acquired three Hyatt hotels located in suburban Chicago. Dallas-based Aimbridge Hospitality, one of the nation's leading independent hotel investment and management firms, will operate Hyatt Lisle, Hyatt Deerfield and Hyatt Rosemont.

“We are thrilled to bring the expertise and efforts of Aimbridge Hospitality to these three properties,” said Jim Chu, Senior Vice President, Owner Relations and Franchise Services at Hyatt Hotels & Resorts. “Hyatt appreciates the management expertise, knowledge of the industry and professionalism the Aimbridge/AREA joint venture brings to the Hyatt family of properties. As we continue to execute our strategy of recycling capital in order to expand Hyatt's presence around the world, we look forward to expanding our well established and successful relationship with Aimbridge Hospitality and AREA Property Partners.”

According to Dave Johnson, President and CEO of Aimbridge Hospitality, all three hotels will continue operating under the Hyatt brand and $13.5 million has been allocated for ongoing capital improvements to ensure these hotels continue providing the best service, amenities and experience possible for guests.

“We are delighted with all aspects of this joint venture acquisition,” said Johnson. “We are excited to expand our relationship with AREA Property Partners, while also strengthening our relationship with the brand by adding three full service Hyatt hotels to our portfolio.”

“This transaction continues our highly successful history of partnering with Aimbridge,” added Randy Torres, Partner of AREA Property Partners. “We are pleased to underscore our confidence in Aimbridge's management abilities and confident this will prove to be an excellent investment.”

The 316-room Hyatt Lisle features 13,200 square feet of meeting and function space and is located directly off Interstate 88 at the IL-53 N exit on Corporetum Drive, less than five miles from downtown Naperville. Each guest room in the hotel is suite-sized, with separate sitting areas, sleeper sofas and gorgeous city or Morton Arboretum views.

Located in Chicago's prestigious North Shore area, the 301-room Hyatt Deerfield features 15,000 square feet of function space and is just minutes from both downtown Chicago and O'Hare Airport.

The 206-room boutique-style Hyatt Rosemont is conveniently located minutes from O'Hare Airport and from downtown Chicago's bustling shopping, nightlife and cultural events.

For more information, please visit the company's Web site at www.aimbridgehospitality.com.

About Aimbridge Hospitality
Aimbridge Hospitality is one of the nation's leading independent hotel investment and management firms with a proven track record for delivering superior returns for its strategic partners in a variety of markets and economic cycles. Aimbridge provides management, asset management, development, renovation and consulting services. Based in Dallas, Texas, Aimbridge currently owns and/or manages over 60 upscale, independent and branded hotels with nearly 11,000 rooms across the United States and the Caribbean, including such affiliations as Marriott, Hilton, Embassy Suites, DoubleTree, Hilton Garden Inn, Hampton Inn & Suites, Aloft, Hyatt, Wyndham and the Phoenix Inn Suites chain of hotels. For more information on Aimbridge Hospitality, please visit www.aimbridgehospitality.com.

About AREA Property Partnersbr> AREA Property Partners is a leading international real estate fund manager that has been investing in the United States since 1993 and globally since 1995. Headquartered in New York City, with offices in Atlanta, London, Los Angeles, Luxembourg, Paris, Purchase and Mumbai, AREA has a team of more than 60 investment professionals focused on generating returns for its investors. AREA pursues a range of real estate investments that offer the opportunity for highly attractive risk-adjusted returns, whether through its opportunity funds, value-added funds or its lending business. AREA's investors consist of leading global government and corporate pension funds, sovereign wealth funds, insurance companies, foundations, endowments and high net worth families.