CHM Selected as Asset Manager of Renaissance M Street - Washington

European Investment Firm Recognizes Value of a Hotel Asset Manager

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. October 14, 2008

APRIL 2, 2008. Capital Hotel Management (CHM), a leading hotel asset management and investment advisory firm, today announced that it has been engaged by Losan Hotels World to asset manage the recently acquired Renaissance M Street Hotel in Washington, D.C.

'We are extremely pleased to expand our select client base to include European hotel investment firm, Losan Hotels World. Overseeing the Renaissance M Street Hotel represents an alignment of interests and expertise within our hotel investment and asset management portfolio, which currently includes high-profile properties in major U.S. destinations collectively valued at nearly $5 billion', said CHM President, Chad Crandell.

The recent acquisition of the Renaissance M Street Hotel represents the second U.S. hotel purchased by Madrid-based Losan Hotels World, as part of an international expansion strategy. Losan's current hotel portfolio includes 15 properties, representing 4 and 5-star hotels located in major international cities such as New York, Washington, D.C., London, Paris and Brussels, among others.

'As we continue to expand our investment in U.S. hotels, we believe there is significant value to having CHM as our hotel asset manager and local owner representative, actively engaged in our most significant oversees investment to date', explained Cristina Fern'andez Hoyo, Chief Strategy & Investment Officer for Losan Hotels.

Prior to Losan's acquisition, the 355-room hotel underwent a $25.2 million renovation and was converted to the Renaissance brand in April 2007.

'The key to success of this hotel will be leveraging market opportunities that now exist given the superior product quality and up-market brand. Optimal market positioning, particularly during the continued post-renovation ramp-up phase, combined with effective pricing and operational strategies will provide a solid platform for value enhancement. We are excited to work collaboratively with the experienced Renaissance management team and put our innovative and effective approach to deriving hotel value and optimizing investment returns to work on behalf of Losan', said Crandell.