The Harp Group Acquires The Doubletree Hotel Los Angeles International Airport

. October 14, 2008

CHICAGO, IL, February 16, 2006). The Harp Group, a Chicago-based real estate investment and development company specializing in hospitality and retail projects, announced today that it has acquired the Doubletree Hotel Los Angeles International Airport in El Segundo, Calif. for a purchase price of $30.5 million. Colliers International Hotels' Irvine and San Francisco offices brokered the deal. The 215-room hotel with 4,500 square feet of meeting space will retain the Doubletree flag and be managed by Portfolio Hotels & Resorts based in Chicago.

Located less than two miles from Los Angeles International Airport at 1985 East Grand Avenue, the Doubletree Hotel Los Angeles International Airport is a full-service hotel providing convenient access to Los Angeles area attractions, destinations, beaches and business districts.

"We are pleased to add the Doubletree Hotel at LAX to our hotel portfolio," said Peter G. Dumon, president of The Harp Group. "We hope that this is the first of several acquisitions in the area as The Harp Group is actively seeking additional hotel assets in the southern California region. We are looking to purchase both stabilized assets as well as repositioning opportunities."

Business and leisure travelers alike will enjoy the contemporary California-style hotel with its spacious guestrooms featuring the signature Sweet Dreams Bed by Doubletree, wireless high-speed Internet access, business center, Roxii Restaurant & Bar, fitness center, heated outdoor pool and complimentary airport shuttle. The hotel's flexible meeting and banquet space can accommodate groups up to 160 with private meeting suites available for smaller conferences.

About The Harp Group:

Founded by Peter G. Dumon in 1997, The Harp Group is a Chicago-based real estate investment and development company with a focus on hospitality and consumer real estate projects. The company specializes in creating hospitality and retail destinations through imaginative and enduring designs with a true understanding of the relationship between a project's architectural appeal and the people drawn to it. The Harp Group is recognized for its expertise in complex development projects that require a high degree of specialization and organization. For more information on The Harp Group call 630-971-1360 or visit the company on the Internet at www.theharpgroup.com.

About Portfolio Hotels & Resorts:

Based in Chicago, Ill., Portfolio Hotels & Resorts specializes in managing unique, boutique-style destination resorts and significant urban hotels in domestic and international markets. The company currently operates the 106-room Orchard Hotel in San Francisco, the 285-room Ambassador East Hotel and Pump Room restaurant in Chicago, and the 113-room Courtyard Cleveland Beachwood by Marriott in Beachwood, Ohio. Portfolio Hotels & Resorts has been selected to manage the following properties currently under development: the 86-room Orchard Garden Hotel in San Francisco; the 200-room Everlee Hotel in Chicago's trendy Lincoln Park neighborhood; and the 144-room La Quinta Inn and Suites and the 260-room Hilton Suites both in Des Plaines, Ill. For more information on Portfolio Hotels & Resorts call 630-971-1360 extension 105 or visit the company on the Internet at www.portfoliohotels.com.