Driftwood Management Acquires 420-room Sheraton North Houston at George Bush Intercontinental

Expanding Portfolio Now Totals Eight Hotels Averaging 430+ Guestrooms

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. October 12, 2012

North Palm Beach, FL - October 12, 2012 - Driftwood Hospitality Management (www.TheDriftwoodDifference.com) today announced the acquisition of the Sheraton North Houston at George Bush Intercontinental. With eight hotels that average 430+ guestrooms and 33,500+ square feet of function space, this most recent addition signifies Driftwood's rapid expansion within the large, upscale sector.

“The diverse background of Driftwood's executive team brings an inherent understanding of the very specific needs and priorities of properties this size,” said Steve Johnson, EVP of Acquisitions at Driftwood Hospitality Management. “Our flexibility means we are able to quickly tailor an approach, management style and strategic growth plan to each of these hotels and resorts, ensuring their individual needs are met with a dual emphasis on employee and guest satisfaction.”

The 420-room Sheraton North Houston is located within one mile of the George Bush Intercontinental Airport and less than 30 minutes from the headquarters of several international corporations, including Continental Airlines, Halliburton, Exxon Mobil and Chevron. With more than 30,000 sq. ft. of meeting space, two private concierge floors, Sheraton Fitness programmed by Core Performance™, the Link@Sheraton® experienced with Microsoft® in the lobby, indoor and outdoor pools and a complimentary happy hour buffet weekdays from 5 to 7 p.m., the property is ideal for business travelers.

The hotel is also convenient for leisure travelers, combining proximity to the airport with ready access to entertainment destinations including the Houston Race Park, SplashTown Water Park and an array of championship golf courses.

The Sheraton North Houston at George Bush Intercontinental joins several other recent additions to Driftwood's full-service owned and managed portfolio, including:

The 750-room Tan-Tar-A Resort features an extensive range of amenities and resort activities, making it a destination in its own right. From boating to waterslides and spa pampering to mini golf, this Osage Beach complex has something for everyone. Tan-Tar-A boasts Missouri's largest indoor waterpark with a variety of adrenaline-boosting slides; Timber Falls, a state-of-the-art arcade; bowling; billiards; tanning beds and a fitness center.

Additional activities include boat rentals, tennis courts, two outdoor pools, a miniature golf course, full-service marina, water ski rentals, paddleboards, parasailing and horseback riding. Tan-Tar-A also features 27 holes of championship golf between two golf courses, including Hidden Lakes, a 9-hole course ranked by USA Today as one of the best 9-hole courses in the U.S.

With spacious and secluded accommodations to complement its diverse resort recreation, large and small groups alike are drawn to Tan-Tar-A for their event and conference needs. Boasting 90,000 sq. ft. of flexible indoor function space, Tan-Tar-A's 30 meeting rooms accommodate up to 3,500 guests. The resort's outdoor venues include stunning views of the lake and Ozark Mountains. From themed parties to golf tours and excursion boat rides, Tan-Tar-A's full-service convention managers have that eye for detail to make even the largest events trouble-free.

The 500-room Crowne Plaza Colorado Springs is ideal for couples, families and groups seeking convenience and affordable luxury. The hotel features two swimming pools, approximately 50,000 square feet of flexible meeting space and three on-property bars and restaurants. The property's indoor and outdoor event facilities cater to everything from weddings to corporate retreats. Nearby attractions include whitewater rafting on the Arkansas River, hiking in the Garden of the Gods Park, strolling through Old Colorado City and enjoying the annual Colorado Balloon Classic held every Labor Day weekend.

The 400-room Sheraton Columbus Hotel at Capitol Square was acquired by Driftwood last September and is close to completing a $9.5M top-to-bottom renovation, the largest such program in the company's history. Since acquiring the hotel in 2011, Driftwood has already re-flagged the hotel, which was previously a Hyatt. New exterior signage, a Link@Sheraton and a 1,500-square-foot Starbucks have been completed and an innovative, upscale meeting space called The Gathering is under way, which will expand and enhance the current meeting space. The full revitalization of this hotel, which is located across the street from the Ohio Statehouse, is expected to be completed by November.

“Driftwood continues seeking out full-service properties with unique facilities and amenities, because with unique positioning in their marketplace, these properties have more than high key counts to offer and are ideal additions to our family,” said Johnson.

For more information, visit www.TheDriftwoodDifference.com.

About Driftwood Hospitality Management

Based in North Palm Beach, Fla., Driftwood Hospitality Management, LLC is a leader in providing solutions-based services for the domestic and international hotel industry. Guided by The Driftwood Difference - Flexibility, Diversity, Integrity, Accessibility, Originality, the company covers the full spectrum of lodging business needs. From full-service, upscale and upper-upscale hotels to mid-size extended-stay, select and limited-service properties, Driftwood's portfolio represents virtually every segment of the hospitality industry. Focused on strategic acquisition, development, third-party management, asset management and receivership, Driftwood has extensive management experience and relationships with most major brands, including Starwood Hotels & Resorts Worldwide, Hilton Worldwide, InterContinental Hotels Group, Inc., Carlson, Choice Hotels International, Inc. and Wyndham Worldwide. With additional offices in Costa Rica, Scottsdale, Ariz. and Miami, Fla., the company and its hotels have received more than 20 industry awards in the past three years.