Marshall to Manage Manhattan Four Points by Sheraton

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. October 14, 2008

NEW YORK, NY, April 22, 2008. Management, Inc., a leading, mid-sized hotel management company, today announced that it has signed a contract to manage the Four Points by Sheraton Manhattan Chelsea. This marks the company's fourth managed hotel in New York City under an agreement with The Lam Group, a leading hotel and real estate development firm owned by John Lam, and Lam Generation, a recently formed hotel development and ownership company operated by Jeffrey Lam. Under the terms of the agreement, announced in August 2007, Marshall will provide services to accelerate their planned development in New York City. Of the four Lam hotels to be managed by Marshall, the Four Points by Sheraton Manhattan Chelsea is the first to open; the remaining three are currently under development.

"Through our partnership with The Lam Group and Lam Generation, we have been able to utilize our expertise in urban, mid-market hotels to establish a presence in New York City," said Michael Marshall, president and CEO of Marshall Management, Inc. "We have found there is a demand for the type of customized services that are Marshall's hallmark in the Manhattan market-- Moderately-sized properties in an area where space is at a premium and competition is considerable, stand to benefit from our targeted, individualized attention. The Four Points Manhattan Chelsea aligns perfectly with our area of expertise, and we intend to maintain its standing as a key property in one of Manhattan's hippest neighborhoods."

The 158-room Four Points by Sheraton Manhattan Chelsea is within walking distance of Manhattan's most storied attractions, including Times Square, the Empire State Building, Madison Square Garden and the Chelsea Piers. It is also proximate to a number of corporate offices, including Hewlett Packard, GE, Verizon, Reuters, the Met Life Building, CBS/Viacom and New York University. Hotel guestrooms feature wide angle views of the Manhattan skyline, the signature Four Points by Sheraton Four Comfort Bed, and modern furnishings. The property also features a state-of-the-art fitness center, the U and Mei casual dining restaurant and more than 2,000 square feet of meeting space that can seat up to 10 people.