Silver Companies Announces Fourth Hotel at Celebrate VA

Silver Companies plans to build a fourth hotel to serve the Fredericksburg/Metro Washington D.C. mar

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. October 14, 2008

CELEBRATE VIRGINIA, VA, August 11, 2006. Located within Celebrate Virginia's tourism and conference campus, Hyatt Place - a brand new select service hotel concept by Global Hyatt Corporation - will join the previously-announced three Hilton-brand hotels.

Celebrate Virginia's 148-room Hilton Garden Inn opened November 2005 and Silver Companies has already broken ground on a 124-room Homewood Suites that is expected to open 2nd Quarter 2007. A 122-room Hampton Inn & Suites is slated to open 4th Quarter 2007, and the 139-room Hyatt Place is expected to open 4th Quarter 2008. In total, 533 new rooms will be available within the next two years.

'We are extremely excited to bring Hyatt PlaceTM to Celebrate Virginia,' said Silver Companies CEO Larry D. Silver. 'The name Hyatt signifies quality. It is a brand that we have long admired, and the design and features of this new concept are ones we think will be attractive to the metro Washington D.C. and tourism markets to which we cater. The Hyatt Place coupled with the Hilton products already at Celebrate Virginia will allow our guests a wide array of quality choices in hotel stays.'

Master-planned by Silver Companies and jointly developed with the MMI Hotel Group, the hotels' location within Celebrate Virginia offers striking advantages.

Situated along three major roadways - Exit 130 of I-95, Virginia Route 3 and US Route 1 - approximately 143,000 highway travelers pass the site daily on I-95 alone. In addition, the Celebrate Virginia hotels are in close proximity to an impressive number of demand generators and area amenities.

The newly-opened Fredericksburg Expo Center is a state-of-the-art 116,000 sq. ft. facility located adjacent to the hotel sites. Opened in January 2006, the Expo Center has booked over [160] events for 2006 and anticipates growth in bookings in 2007 and 2008 as well as a 15,000 sq. ft expansion in the next three years. In close proximity is Central Park, considered to be the East Coast's largest 'power center' with an extensive tenant list that counts among its 140 retail destinations 25 national retailers (e.g., Borders Books & Music, Sports Authority, Best Buy, Kohl's, Toys 'R' Us) and over 50 national restaurant chains (e.g., Outback Steakhouse, T.G.I. Friday's, Smokey Bones and Bonefish Grill). Local companies such as GEICO Insurance and the Fredericksburg Auto Auction generate commercial business in the area, along with government/military demand from Quantico Marine Base, Fort AP Hill and Dahlgreen Naval Center. Fredericksburg also is home to Mary Washington University and within a one-hour drive of three major airports, including Dulles International Airport, Ronald Reagan Airport and Richmond International Airport. Expanded corporate, commuter and freight service capabilities are provided by Stafford Regional Airport.

Location and landmarks further make Celebrate Virginia a prime location for hotels. Located mid-way between the capital of the Confederacy and the capital of our nation - and along the highway connecting the eastern seaboard from Maine to Florida - the area in and around Celebrate Virginia is rich in history. The four Fredericksburg Civil War battlefields receive roughly 700,000 visitors a year according to area officials and are within easy driving distance. Additional attractions include George Washington's boyhood home, President James Monroe's law office and 350 original 18th and 19th century buildings in Fredericksburg's 40-block national Historic District, not to mention Washington D.C. itself. The nationally-recognized golf course at Cannon Ridge Golf Club and such future projects as the National Slavery Museum and a host of other eco-adventure and entertainment outlets will further add to Celebrate Virginia's destination appeal.