Washington, DC Hotel to Re-open a As W Hotel Following Renovation

Property to Close after 90 Continuous Years of Operation

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. October 14, 2008

WASHINGTON, DC, November 29, 2007. Officials of Gemstone Resorts International, LLC, a leading hotel and resort management company, today announced that the historic Hotel Washington, Washington, D.C.'s oldest continuously operated hotel, will close its doors January 1st and undergo a 12-month renovation. Operating continuously as a hotel for 90 years, the property has hosted countless presidents and heads of state and will re-open as a W Hotel in 2009. The hotel will host a final New Year's Eve bash, to be announced at a later date, in order to give the property a proper farewell.

"The hotel's location, as the closest neighbor to the White House, is arguably the best in the city," said Craig Scott, the hotel's general manager. "Our guests over the years constitute a virtual 'Who's Who of the World,' including celebrities ranging from Marilyn Monroe to Elvis Presley-we even host the national Thanksgiving turkey every year. The hotel is an established cornerstone of D.C.'s history and will continue to be a major player in the market following its renovation."

Built in 1888 and converted to a hotel in 1917, the 328-room, 17-suite Hotel Washington is D.C.'s most coveted location, with unparalleled views of the White House and the National Mall from its roof-top Sky Terrance restaurant and bar. The completed renovations will include totally made-over rooms and amenities, in addition to an increased number of suites. HITT Construction will be the general contractor on the project, with Jones Lang LaSalle as the project managers, BBG-BBGM as the architect and Dianna Wong Architecture & Interior Design, Inc. as the design firm.

The Hotel Washington is managed by Gemstone Resorts International, LLC. Headquartered in Park City, Utah, with offices in Stamford, Conn., Gemstone is a full-service management and asset management company that specializes in luxury and upscale urban hotels and complex resorts. The company is engaged in resort and unique hotel marketing and management and asset management for a variety of major hotel real estate investors and owners. Gemstone currently manages or asset manages more than 20 projects. Additional information about the company may be found at www.gemstoneresorts.com.