StepStone Hospitality Awarded Management of Doubletree Hotel Downtown Nashville

Renovation Planned for Hilton Property Later this Year

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. August 18, 2014

NASHVILLE, TN - August 18, 2014 - Rhode Island-based StepStone Hospitality, a premier hotel management company, announced today that it has assumed management of The DoubleTree by Hilton Hotel Downtown Nashville.

More than $7.5 million has been committed to renovating the 337-room hotel that will largely impact the hotel's lobby, guest rooms, and dining facilities with work beginning in December 2014. These renovations are in addition to the more than $2 million that has already been invested in upgrading the hotel's guest rooms over the last year.

"This is an exciting opportunity for us to take the reins of this prominent hotel in the Nashville community," said Tom Russo, StepStone's chief executive officer. "Our plans for this extensive renovation will build on the pillars that make the DoubleTree brand great, transform the guest experience and lead to a strengthened positive reputation for this hotel for years to come."

"StepStone's excellent record for enhancing asset value through investment, repositioning, and proven revenue-generating practices, coupled with the strength of the Nashville market, make this an exciting project for us," said Blair Wills, StepStone's president and chief operating officer. "We look forward to building a strong future for the DoubleTree Downtown Nashville."

The hotel is located just ten miles from Nashville International Airport and in close proximity to places of interest such as the Music City Convention Center, the Ryman Auditorium and the Bridgestone Arena. Spacious deluxe rooms feature 37-inch plasma flat-screen televisions, Internet access and weekday newspaper delivery. Other amenities include a swimming pool and fitness center and, of course, the signature DoubleTree warm chocolate chip cookies on arrival.

The hotel's flexible meeting space can accommodate events for up to 900 people. Dining options include in-room dining; a Starbucks® Grab and Go in the main lobby; and the Plaza Cafe for breakfast, lunch and dinner. Swanks Martini and Wine Bar features live music and entertainment.

StepStone Hospitality currently manages hotels under several brands, including Doubletree, Hampton Inn, Courtyard by Marriott, Hotel Indigo, Marriott, Residence Inn, Wyndham and independent properties. The complete StepStone Hospitality portfolio is available at www.stepstonehospitality.com.

About StepStone Hospitality

Rhode Island-based StepStone Hospitality specializes in management for full-service hotel and restaurant operations to deliver enhanced value to StepStone clients. The company provides a unique combination of strong, hands-on operations, world-class strategic asset management, and food and beverage expertise, maintaining a balanced focus between revenue enhancement, margin expansion and guest satisfaction.

About DoubleTree by Hilton

With a fast-growing, global collection of more than 370 upscale hotels in gateway cities, metropolitan areas and vacation destinations across six continents, every little thing we do at DoubleTree by Hilton inspires us to create a rewarding experience for our hotel guests, our team members and the communities we proudly serve. Our hospitality begins with a warm chocolate chip cookie welcome upon arrival and continues with the award-winning Hilton HHonors guest loyalty program, an array of fine services and amenities and our longstanding CARE Culture tradition that empowers more than 45,000 team members to provide the special comforts and acts of kindness that make the traveler feel human again.