Rich Musgrove Joins HREC as Principal and President

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. October 14, 2008

JANUARY 24, 2008. Hospitality Real Estate Counselors is pleased to announce the formation of a new Asset Management divisionwith industry veteran Rich Musgrove as principal and president. Based in Dallas, Rich will also participate with HREC's investment banking group in the Southeast/Texas region.

By combining a balance of creativity and relationship management with quantitative analysis, HREC Asset Management will provide a unique perspective to owners. The new division will bring an "art and science" real estate focus with the requisite hospitality expertise to optimize operating performance and maximize return on investment.

Rich Musgrove most recently served as Senior Vice President of Asset Management for Ashford Hospitality Trust (www.ahtreit.com) , where he was responsible for initiating the REIT's Asset Management Department and overseeing portfolio growth from $300 million properties) to over $5 billion (120 properties) within a three year period. In his capacity with Ashford he directed all ownership activities related to asset performance, including asset positioning and capital allocation. Prior to joining Ashford, Rich served as Vice President of Asset Management for Host Marriott (www.hosthotels.com) , where he managed a $1 billion property portfolio of upper upscale and luxury hotel and office properties.

His additional asset management experience includes positions with the Estate of James Campbell, a private real estate trust based in Kapolei, Hawaii, and the Trammell Crow Company, an international real estate development firm based in Dallas, Texas.

Rich received his BS degree from Cornell University's School of Hotel Administration and his MBA in Finance from the University of Chicago. His professional affiliations include: CPM - CERTIFIED PROPERTY MANAGER(R); CHA - Certified Hotel Administrator (CHA); CCIM - Commercial Investment Real Estate Member and the Real Property Administrator designation from the BOMI Institute. He is a member of the Cornell Hotel Society and is a licensed real estate broker in the state of Texas."Having known Rich since our days at Cornell, I am excited that he is bringing his nationally recognized asset management expertise and talent to the HREC team" states Mike Cahill, president and founder of HREC. "His unparalleled experience and reputation will undoubtedly allow us to provide much needed, value driven, asset management services to hotel owners throughout North America". "I am extremely pleased to become part of the HREC team," added Rich. "Its solid reputation, excellent resources and strong growth potential make HREC a great fit for me.

The addition of a focused Asset Management division should provide a perfect complement to HREC's current platform of services." With the addition of HREC Asset Management to its existing Consulting and Development Resources divisions, HREC is ideally structured to meet all the advisory service needs of hotel ownership. The new division is focused on helping owners achieve all strategic objectives during the holding period of their hospitality portfolios.