TPG Hospitality Plans Major Portfolio Improvements Affecting 26 Properties throughout U.S.

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. September 28, 2015

PROVIDENCE, R.I. September 28, 2015 - TPG Hospitality announced today that it is in the process of a major portfolio improvement effort, which includes upgrades to nearly half of its national operating portfolio of sixty (60) hotels throughout the United States. Property upgrades range from cosmetic improvements to expansive property overhauls involving comprehensive construction, renovation and in some cases brand conversion.

"Adhering to the highest product quality standards and delivering premier guest experiences are top priorities for TPG Hospitality," states Paul Sacco, TPG's Chief Development Officer. "Our effort to secure a substantial infusion of fresh equity for our hotels enables us to execute improvements to already well-positioned, strong performing properties while also providing the catalyst for aggressive renovation and rebranding efforts. TPG Hospitality is focused on continually improving performance and maximizing value to ownership groups, investment partners, and guests."

Representative property renovations and brand conversions include: •The Waterford Marriott in Oklahoma City converting to a Lifestyle-oriented Renaissance Hotel •InterContinental Kansas City at Country Club Plaza undergoing comprehensive renovation to all guestrooms, banquet & meeting space as well as a complete restaurant renovation with new concept •Renovations to public space and guest rooms at the Hyatt Regency Lexington Center, Hilton Boston-Dedham, DoubleTree Guest Suites Santa Monica and Westin Fort Lauderdale •Converting a select service hotel in Providence to the city's first Hilton Garden Inn

TPG Construction is managing all property improvements across the entire operating portfolio. For more than three decades, TPG Construction has successfully completed hundreds of property renovations and rebranding projects and has earned the industry's top brand awards including; InterContinental's "Developer of the Year," Hilton Hotels "Best Renovation Award," Marriott's "Renovation of the Year," and many others.

"As TPG Hospitality takes on an increasing number of third party management assignments for external capital sources, we have the instinctive ability to view properties through the lens of an owner. This unique perspective provides strategic clarity in terms of identifying and prioritizing needed improvements to position hotels for immediate and long term success," Sacco said.

Additionally, TPG Hospitality has multiple lifestyle properties currently under development including California's first Marriott AC Hotel in San Jose as well as several ground-up new lifestyle hotel development projects in New Orleans, Washington DC, and other major U.S. cities.

About TPG Hospitality

Ranked among the top five largest U.S. hotel management companies, TPG Hospitality (est. 1985) boasts a national operating portfolio of more than 60 hotels representing nearly 20,000 guestrooms in 26 states. TPG Hospitality is an approved/preferred operator of all major brands and delivers top-tier performance of core branded & lifestyle full service and select service properties to multiple ownership groups and capital partners. For more information, please visit www.tpghospitality.com

Contact:
Ralph V. Izzi Jr.
[email protected]
401-946-4600