AWH Partners Acquires 133-room High Peaks Resort in Lake Placid, New York

Plans to Renovate

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. June 28, 2013

NEW YORK - June 28, 2013 - AWH Partners, LLC - a privately held, New York-based, real estate investment, development and management firm - announces today the acquisition and planned renovation of its eighth asset - High Peaks Resort in Lake Placid, NY.

"This transaction demonstrates our ability to source opportunities off-market, and identify value where others may not see it. Resorts continue to be the least-favored sector in the business and we see that changing rapidly over the next few years, making what we believe is a very good buy and an exceptional investment for AWH and our investors," says Chad Cooley, principal of AWH Partners.

The High Peaks Resort received substantial upgrades over the last five years but critical capital projects and operational improvements remain central to the business plan. High Peaks Resort will complete a multi-million dollar renovation over the next 18 months, enhancing the its curb appeal, amenities and public spaces, as well as executing the rebranding and renovation of the Lakeview Motor Inn, which has not been renovated in more than ten years and operates as de facto overflow accommodations for the resort today.

"We are excited to be able to finish what prior ownership envisioned. By completing the planned capital projects, independently branding Lakeview Motor Inn and improving operating standards and systems across the resort, we believe substantial gains will be made in market penetration and ultimately earnings," says Cooley.

Overlooking Mirror Lake, High Peaks Resort is an outstanding mountain getaway. Surrounded by the six-million-acre Adirondack wilderness, with miles of hiking and biking trails and hundreds of lakes for fishing, High Peaks Resort includes 133 beautiful guestrooms, all with lake views and many with direct waterfront access. Sister property Lakeview Motor Inn, a 44-room, 1960s vintage Adirondack-style inn, enjoys breathtaking lake and mountain views. The resort is located at the center of Lake Placid village and boasts three restaurants, two indoor and two outdoor freshwater pools, a fitness center, an Aveda Spa & Salon and numerous complimentary waterfront activities.

Spire Hospitality, a subsidiary hotel management arm of AWH Partners, will continue to manage the resort while AWH Development, AWH Partners' in-house development arm will oversee renovations.

AWH Partners, LLC is a privately held real estate investment, development and management firm formed in partnership between Russ Flicker, Jon Rosenfeld and Chad Cooley. For more information on AWH Partners, please visit www.awhpartners.com.

About AWH Partners, LLC

AWH Partners, LLC ("AWH") was formed by alumni from Blackstone and Related to invest in, develop and manage various hospitality-related ventures. Since 2009, AWH and its principals have completed in excess of $200 million of hotel investments, and have managed hotel redevelopment projects totaling more than $75 million. In early 2012, AWH acquired Lane Hospitality, a top-tier national hospitality platform formed in 1980, to expand AWH's capabilities in the hospitality sector by aligning its institutional investment expertise with Lane's first class operating platform and industry-leading executive team. In May of 2013, AWH rebranded Lane: Spire Hospitality. For more information, visit www.awhpartners.com.