Generation Opens New Home2 Suites in North Charleston, SC

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. December 14, 2011

RESEARCH TRIANGLE PARK, NC - December 13, 2011 - The Generation Companies, LLC (Generation), an extraordinary real estate developer, owner, receiver, asset manager and operator of extended-stay hotels, recently celebrated the opening and sale of its Home2 Suites by Hilton Charleston Airport/Convention Center in North Charleston, South Carolina. Generation was the developer for the project, handling the site identification and acquisition, design, entitlements, construction, purchasing and opening of the hotel, which was then sold to one of the industry's top institutional owners.

The Home2 Suites by Hilton Charleston Airport/Convention Center is an upper mid-tier, 122-room extended-stay hotel with a “hip and humble” design and decor. “The hotel has incredibly good access to I-26 and I-526, the Charleston International Airport and Air Force Base, the Charleston Convention Center, Coliseum and Performing Arts Center, the Tanger Outlet Mall and the new Boeing 787 Dreamliner plant,” Jeff Castleberry, Generation's Director of Acquisitions, pointed out. “Generation conducted research to identify high performance markets during the downturn and discovered the Charleston market was doing well with a stable economy due to military and corporate support. The decision by Boeing to open the Dreamliner plant at that location was a great bonus, and further strengthened an already strong market.”

According to William F. Smith, Generation's Managing Director, Real Estate & Construction, the project was on the fast track since the ground-breaking on March 31st. "We received the permanent Certificate of Occupancy only seven months later on October 31st. We opened the hotel to guests on November 10,” he said. “While we've been told this is the fastest completion of a Home2 Suites to date, it was a careful balancing of speed with quality. Hilton is rigorous in its quality standards and assiduously checks all details to make sure everything is perfect. We are very appreciative of the support we received from the Hilton Home2 brand team members. Generation is an award-winning developer of Hilton hotels. This hotel was developed in that same manner.”

“We are delighted to bring this hotel brand to the Charleston market and to continue our legacy of being at the forefront of progressive, extended-stay lodging offerings,” said Generation President H. Mark Daley. “It was a pleasure serving as the development partner for one of the most prominent institutional hotel owners in the industry.”

The Generation Companies is a Research Triangle Park, North Carolina-based real estate developer, asset manager and operator of extended-stay hotels in North Carolina, South Carolina, Virginia, Florida, Georgia, Kentucky, Texas and Tennessee. Generation has more than 3,100 rooms and 300 team members at 27 properties, with more hotels coming soon. Generation is actively pursuing merchant development and management opportunities with multiple institutional owners in the extended-stay segment. For more about Generation, visit www.generationcompanies.com.