Twenty4Seven to Manage the 168-room Residence Inn by Marriott Phoenix

New Owner, Imara Holdings Inc.

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. July 11, 2011

NEWPORT BEACH, CA - July 8, 2011 - Twenty4Seven Hotels today announced it has assumed management of the Residence Inn Phoenix hotel. The announcement comes in conjunction with the sale of the hotel by Winston Phoenix Associates, L.L.C., to Imara Holdings Inc., which acquired the 168 guestroom hotel located in close proximity to the recently revitalized Metro Center Mall, a super regional premier shopping destination in Phoenix, and the many high tech office and industrial complexes along the Black Canyon (I-17) freeway corridor. The extended-stay all-suite hotel serves both short and long term stay business and leisure travelers to Phoenix.

"We are thrilled to be associated with one of the premier extended stay brands within the hotel industry. The Residence Inn Phoenix is a key addition to our management portfolio as we continue to build our operating base in the Southwest," said David Wani, Chief Executive Officer, Twenty4Seven Hotels. "We look forward to adding significant value for the new ownership by facilitating an extensive capital improvement plan which will enhance the guest's experience and amenities the hotel offers” added Wani.

The Residence Inn by Marriott Phoenix

Located at 8242 N. Black Canyon Rd. in Phoenix, AZ, the Residence Inn Phoenix has long served a diverse mix of corporate, government and amateur sports demand base along the Black Canyon corridor stretch of I-17, just north of downtown Phoenix. The hotel is a solid performer in the Black Canyon corridor submarket, which is currently the top rebounding hotel sub-market in Phoenix based on the percentage increase in key performance indicators in 2011 over 2010. Built in 1988, the hotel offers a selection of well-appointed studio, one and two bedroom suites with fully equipped kitchens and living rooms with a fireplace. In addition, each guest suite features luxury bedding, a work area with dual line telephones, and high speed wireless Internet access throughout the hotel. Consistent with brand standards the Residence Inn Phoenix provides a complimentary buffet breakfast and evening manager's reception with complimentary beverages and snacks. The hotel is in close proximity to area restaurants and attractions including the Wet n' Wild Water Park, ASU West, Anthem Outlet Mall, Arizona Cardinal's Stadium, the Metro Center Mall and the many top tier golf courses in nearby Scottsdale.

The Residence Inn by Marriott Phoenix is 15 minutes from Phoenix Sky Harbor International Airport (PHX) and Downtown Phoenix. For more information and reservations visit: www.marriott.com/phxri or call 800-331-3131.

About Twenty4Seven Hotels

Headquartered in Newport Beach, California, Twenty4Seven Hotels is a private hotel management company providing third party management, development/renovation, acquisition, consulting and accounting expertise to the hospitality industry. Twenty4Seven Hotels operates in a niche cross-section of premium brand hotels, including full service, select-service and extended stay operations; and is an approved operator for the top tier national hotel brands such as Marriott, Starwood, Hilton and Intercontinental Hotel Group. Twenty4Seven Hotels currently has six hotels under management with a total of 740 guest rooms in 3 western states. For additional information on Twenty4Seven Hotels please visit our website at www.twenty4sevenhotels.com.