AP AIMCAP Holdings Completes Merger with Eagle

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. October 14, 2008

DALLAS, TX, September 4, 2007. AP AIMCAP Holdings LLC, a joint venture of Apollo Real Estate Investment Fund V, L.P., and affiliates of Aimbridge Hospitality, L.P. and JF Capital Advisors, LLC, announced the closing of their merger with Eagle Hospitality Properties Trust Inc. (NYSE: EHP), a Covington-based real estate investment trust. Eagle's common stockholders approved the previously announced agreement to be acquired by AP AIMCAP Holdings at a special meeting in early August. The transaction, valued at approximately $700 million including debt and preferred equity, closed on August 15, 2007.

The Eagle Hospitality portfolio consists of 13 upper upscale full-service and all-suite hotels encompassing 3,516 guest rooms located throughout the U.S., in Arizona, California, Colorado, Florida, New York, Kentucky, Ohio, Illinois, Massachusetts and Puerto Rico. The diversified group of high quality lodging assets also encompasses premier brands including Hilton, Embassy Suites, Marriott and Hyatt. Aimbridge Hospitality will manage 10 of the properties, while the remaining three properties in the portfolio will remain under brand management.

Dave Johnson "We are delighted with all aspects of this joint venture acquisition," said Dave Johnson, CEO of Aimbridge Hospitality. "We are thrilled to partner with Apollo Real Estate with their exceptional track record and experience in the hospitality industry."

Johnson went on to say the Marriott Burr Ridge/Chicago and Marriott Cincinnati RiverCenter Landmark give Aimbridge the opportunity to add Marriott to its list of brand partners. "We are very pleased to add both Marriott properties as we have been anxious to establish a relationship with the Marriott Full Service Brand family."

According to Johnson, $37 million has been allocated for ongoing capital improvements to ensure these hotels continue providing the best service, amenities and experience possible for guests, while also ensuring the engagement and satisfaction of team members.

"In today's market, hotel performance can be tied not only to the overall condition and level of guest service provided, but also to the level of employee satisfaction at the property. All of the property level associates were retained and the entire transaction has gone remarkably smooth."

Randy Torres, Vice President of Apollo Real Estate Advisors, said Apollo is always seeking attractive investment opportunities that provide value through intensive operational and financial management. "Specialized direct sales programs and online marketing strategies will be implemented to identify and measure performance goals and generate business leads for each property. We are confident that with Aimbridge Hospitality and JF Capital as our investment partners, this will prove to be an excellent investment."

Jonathan Falik, CEO of JF Capital Advisors said this transaction is highly exciting due to the strong brands, high quality assets and attractive markets. "This investment continues our highly successful history of partnering with Aimbridge, and leverages our long standing relationships with Apollo."