Richfield to Manage 431-room Sheraton Fort Worth Hotel & Spa

Property Recently Completed $48 Million Renovation

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. August 02, 2011

FORT WORTH, TX / DENVER, CO - August 1, 2011 - Richfield Hospitality, a leading hotel management company, today announced the company signed an agreement to manage the 431-room Sheraton Fort Worth Hotel & Spa, in Texas, on behalf of developers and owners, Presidio Companies, a hospitality development and asset management company. The property recently underwent an extensive, top-to-bottom, $48 million renovation.

“Presidio Companies is highly regarded as strategic, expert developers of hotel real estate properties,” said Greg Mount, president of Richfield Hospitality. “The hotel, the second Sheraton property in our portfolio, is well-located, a block from the Fort Worth Convention Center, convenient to DFW International Airport and Love Field, and within walking distance of numerous restaurants and world-class entertainment venues. The recent renovation lasted two years and focused on all guest rooms and public spaces, including the addition of the all new, state-of-the-art Link@Sheraton Lobby. Coupled with the latet technological advances that meeting planners will appreciate, we predict the Sheraton Fort Worth Hotel & Spa will quickly become a revenue-driving leader in the Texas market. This is our first contract with Presidio, and we look forward to exploring other opportunities together in the future.”

“Richfield Hospitality's extensive track record of success with similar complex properties in major downtown markets made them a compelling choice as manager,” said Guneet Bajwa, chief operating officer, Presidio Companies. “The recently completed, extensive renovation affords guests the opportunity to enjoy an exclusive, unique experience in downtown Fort Worth that includes a stylish, 8,000-square foot luxury fitness center and spa, featuring a yoga room, Pilates studio and six treatment rooms and a Shula's 347 Grill.”

Located at 1701 Commerce Street down the street from the Fort Worth Convention Center, the Sheraton Fort Worth Hotel & Spa is near Dallas/Fort Worth International Airport and is convenient to the Museum of Modern Art and Rockwood Golf Course. The hotel features 22,000 square feet of flexible meeting and exhibit space, capable of accommodating 1,000 people, and onsite dining at Shula's 347 Grill.
Guest rooms offer 32” flat panel high definition televisions; rich, deep-grain wood furniture and 21st century art; complimentary high-speed wireless Internet access; and signature Sheraton Sweet Sleeper™ Bed. Those staying on the Club Level can enjoy private access to the Club Lounge and receive free morning breakfast and evening hors d'oeuvres with cocktails.

About Presidio Companies
Headquartered in Fairfield, Calif., Presidio Companies seeks and acquires under-performing, franchised properties in the United States to redevelop and transform them into successful, sustainable properties. Presidio also selectively develops new-build hospitality projects in high-barrier-to-entry markets. Presidio Companies has developed over $300 million of hospitality projects in the past eight years, always focusing on consistently high levels of achievement in every endeavor. The Presidio Companies services include development and construction supervision, brokerage, investment, and hotel asset management.

About Richfield Hospitality
Richfield Hospitality, Inc. is a leading hotel management company with a premier track record of maximizing profitability and improving asset values for hotel owners. Richfield and its affiliates offer proven solutions and expertise to approximately 500 hotels and resorts. From hotel operations and property management to electronic distribution and interactive marketing, Richfield achieves superior operating results through its strong commitment to owners, guests and associates. Based in Denver, Richfield is part of City Developments Limited, one of the world's largest real estate, hotel investment and technology conglomerates with a market capitalization exceeding US$6 billion. Additional information about Richfield Hospitality may be found at the company's website, www.richfield.com.