WEDGE Hotels Announces Purchase of Four Hilton Properties

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. August 09, 2012

August 9, 2012 - WEDGE Hotels Corporation today announced that it has acquired four Hilton-branded hotels, significantly expanding the WEDGE portfolio of hotels as the company pursues a strategy of growth through property acquisition. Kana Hotel Group, an award-winning independent hotel management company, has been retained to manage the properties. The acquired hotels are:

• The Hilton Garden Inn Huntsville South, Huntsville AL. -- A 104-room property located next to the Redstone Arsenal, a key facility for development of U.S. missile defense and space exploration technology and home of the Army Aviation and Missile Command.
• The Hilton Garden Inn Winston Salem Hanes Mall, Winston Salem, NC. - A 112-room hotel located near the corporate headquarters of R.J. Reynolds American Inc. and Krispy Kreme Doughnuts, Inc; Wake Forest University; the Forsyth Medical Center and the largest mall in the Southeast, Hanes Mall.
• The Hampton Inn and Suites Athens I-65, in Athens, AL. -- Offering 88 rooms and suites to visitors of nearby Huntsville, this hotel ranks in the top 1% among Hampton Inns for overall product quality and customer satisfaction.
• The Hilton Garden Inn Odessa, TX. - This 100-room hotel, one of the newest properties in the Odessa market, is located about 1.5 miles from downtown and 12 miles from the Midland-Odessa International airport. The property features over 3,000 square feet of versatile meeting and conference space and is located near Ector County Coliseum and the University of Texas of the Permian Basin.

“We are excited to announce the acquisition of these four hotels, demonstrating significant progress in our growth strategy,” said Brian Stage, President of WEDGE Hotels Corporation. The two properties in Alabama plus the North Carolina hotel were acquired from Kana, which also managed the properties. “We are very pleased with the collaboration between WEDGE and Kana on these acquisitions and we look forward to continued partnership on future expansion of our portfolio,” Stage said.

“Kana has earned a well-deserved reputation within Hilton as a highly capable management group and we are happy that they will be bringing this expertise to the management of these hotels,” he added. Stage noted that WEDGE Hotels is continuing to pursue a strategy of growth through property acquisition and is actively searching for new locations nationwide. In addition to the four newly acquired properties, the WEDGE hotel portfolio includes hotels within the Marriott, Starwood, Wyndham, and Radisson brands.

Kevin Mahoney, President of Kana Hotel Group commented, “We're excited to be partnering with Wedge on these acquisitions and look forward to pursuing more deals with them. We believe well-designed hotels that offer excellent customer service are the key to creating long-term value. As a private equity company, Wedge is similarly committed to sustainable success,” he added.

About WEDGE
WEDGE Hotels Corporation, owns hotels in Connecticut, Massachusetts, Texas, Alabama and North Carolina. WEDGE Hotels is part of WEDGE Real Estate Holdings, a privately-held real estate investment firm headquartered in Houston, TX. For additional information see: www.wedgerealestateholdings.com.

About Kana Hotel Group: Kana Hotel Group, located In Knoxville, TN., is an award-winning, independent third-party management company with over 2,200 hotel rooms under management and an additional 500 rooms in development. The portfolio is well diversified among major brands such as Hilton, Marriott and IHG. Kana Hotel Group has extensive relationships with institutional owners and lenders plus individual ownership groups. More information can be found at: www.kanahotelgroup.com.