Concord to Operate Two Marriott Properties in Dallas Area

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. October 14, 2008

RALEIGH-DURHAM, NC, August 11, 2008. Jackson-Shaw, a national real estate development and investment firm, today announced that it has awarded management contracts to operate two Marriott properties in the Dallas area to Concord Hospitality Enterprises, one of the nation's top-ranked hotel developer/owner/operators. Concord also will provide pre-opening services for the hotels.

The two properties, a 102-room Residence Inn and 104-room Fairfield Inn & Suites, will anchor The Cascades at The Colony, Jackson-Shaw's 100-acre, master-planned community in The Colony, Texas, a suburb of Dallas. The hotels are expected to open in the spring of 2009 and represent Jackson-Shaw's continued commitment to expanding its hotel portfolio, with the planned development of another property in Dallas and one in Jacksonville, Florida.

"We went through an extensive process to choose a hotel management company that was aligned with our vision for the community, as well as with our values as a developer," said Christopher Sheldon, vice president of hotel operations at Jackson-Shaw. "Concord has the expertise and experience to deliver the level of quality and excellence we expect for these properties, which are located along a major corridor in an emerging suburb."

The addition of the two contracts increases Concord's managed properties to half of the company's total portfolio of more than 50 hotels, and moves the company towards its stated goal of doubling its portfolio size by 2010.

"Jackson-Shaw is one of the most respected real estate developers in the country, and we look forward to partnering with them to extend their track record of excellence," said Grant Sabroff, senior vice president of business development at Concord. "Concord intends to build on its reputation for successfully positioning new hotels and providing excellence in pre-opening services, in addition to working hand-in-hand with the owners and Marriott to leverage our expertise in managing upper select-service hotels."

Jackson-Shaw broke ground April 2, 2008 on two Marriott hotels and announced the completion of Phase I of The Cascades at The Colony, a 100-acre master-planned community located along the SH121 corridor in The Colony, Tex. The four-story Marriott Fairfield Inn & Suites will offer 104 guest rooms and a 7,540-square-foot event center, including a 3,325-square-foot ballroom. The four-story Marriott Residence Inn will feature 102 guestrooms.

Jackson-Shaw has completed the first phase of The Cascades at The Colony, known as the Campus @ Cascades, comprising six buildings totaling over 200,000 square feet of flex space, as well as the project's focal point, a two-acre park with cascading water feature. Upon completion of the entire development, The Cascades at The Colony will include 200,000 square feet of office space, 200,000 square feet of flex space and 100,000 square feet of retail space, in addition to the two hotel properties. In addition, KB Homes will develop 184 townhome units and 108 garden homes.