Dow and AEW Capital Purchase Chicago Marriott Suites Deerfield
Plan to Undergo Multi-million Dollar Renovation Upgrade
SEATTLE, WA /DEERFIELD, IL, March 9, 2006. The Dow Hotel Company, LLC (DHC), a hotel ownership investment and management company, today announced that it has purchased for an undisclosed price the 248-suite Chicago Marriott Suites Deerfield in a joint venture with AEW Partners V, L.P., a real estate opportunity fund managed by AEW Capital Management, L.P. DHC also will operate the hotel under a long-term management agreement. It is the third hotel acquired by DHC in the past six months.
Located at 2 Parkway North, in the Chicago North Shore suburb of Deerfield, the hotel will undergo a several million dollar renovation and upgrade program to bring the hotel into top physical condition. Providing 248 two-room suites, each featuring a wet bar, refrigerator, microwave, and luxurious bath, the hotel is located in the heart of the Parkway North Center office park. The property is convenient to Six Flags Great America Theme Park, Six Flags Hurricane Harbor Waterpark, The Ravinia Music Festival, Chicago O'Hare International Airport, and Downtown Chicago.
"This is our second investment with AEW, and the second hotel we own and manage in the Greater Chicago area. We believe in the long-term growth potential this market holds, and we look forward to partnering again with AEW in the future," said Murray L. Dow II, DHC founder and president.
AEW provides investment advisory services to investors worldwide, and its clients include many of the world's leading private and public retirement programs, foundations, endowments and private investors. AEW and its affiliates currently manage approximately $23 billion of capital, which is invested in more than $32 billion of real estate and securities in North America and Europe. AEW has offices in Boston, Los Angeles, Paris, London, Barcelona, Milan, Stockholm, Luxembourg, Dusseldorf, Warsaw, Budapest and Prague.
The Dow Hotel Company, headquartered in Seattle, is a hotel owner/investor and operator of 10 first-class, full-service hotels throughout the United States. The company's portfolio of owned and managed properties is comprised of institutional grade hotels, under such brands as Marriott, Hilton, Embassy Suites, Sheraton, Crowne Plaza, Radisson and Doubletree.
In addition to the Chicago Marriott Suites Deerfield, DHC in the last six months also acquired the Hilton Atlanta NE and the Doubletree Hotel in the Seattle suburb of Bellevue. The company aggressively seeks to acquire, and/or manage mid- to large-size, institutional-grade, full-service hotels, especially those that have extensive food and beverage capabilities. Additional information about the company may be found at the company's Web site, www.dowhotelco.com.
Marriott International, Inc. (NASDAQ: MAR) is a global leading lodging company based in Bethesda,Maryland, USA, with more than 4,200 properties in 80 countries and territories. Marriott International reported revenues of nearly $14 billion in fiscal year 2014. The company operates and franchises hotels and licenses vacation ownership resorts under 19 brands, including: The Ritz-Carlton®, BVlgari®, EDITION®, JW Marriott®, Autograph Collection® Hotels, Renaissance® Hotels, Marriott Hotels®, Delta Hotels and Resorts®, Marriott Executive Apartments®, Marriott Vacation Club®, Gaylord Hotels®, AC Hotels by Marriott®, Courtyard®, Residence Inn®, SpringHill Suites®, Fairfield Inn & Suites®, TownePlace Suites®, Protea Hotels® and MoxyHotels®. Marriott has been consistently recognized as a top employer and for its superior business ethics. The company also manages the award-winning guest loyalty program, Marriott Rewards® and The Ritz-Carlton Rewards® program, which together surpass 50 million members. For more information or reservations, please visit our website at 
