Driftwood Signs Two Management Agreements and Launches Five Renovation Projects

Will Manage the Holiday Inn Express Tampa-Brandon in Florida and the Courtyard by Marriott Dallas NW Hwy. at Stemmons/I-35E in Texas

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. January 24, 2012

North Palm Beach, FL - January 23, 2012 - Driftwood Hospitality Management is set for a busy start to the New Year. The company today announced that its late-2011 expansion is continuing, adding two new properties already in the first month of 2012. In addition to new growth, Driftwood is also enhancing its existing properties, and today provided a progress report on full-scale renovations programs taking place at five of its premier hotels.(www.TheDriftwoodDifference.com )

Since January 1, 2012, Driftwood has signed two new hotel management contracts:

• Holiday Inn Express® Tampa-Brandon - located off I-75 near downtown Tampa, this 119-room hotel features flexible meeting space, a state-of-the-art fitness center, an outdoor pool and complimentary breakfast.

• Courtyard by Marriott Dallas NW Hwy. at Stemmons/I-35E - just 10 minutes from Love Field Airport and attractions like the Texas Motor Speedway and Six Flags Over Texas, this property features an outdoor pool, whirlpool and recently renovated accommodations.

In addition to growing its portfolio, Driftwood has begun the New Year with improvements to five existing hotels. Those include:

• Sheraton Columbus Hotel at Capitol Square - Acquired by Driftwood in early September, this 400-room hotel is undergoing a $9.5 million top-to-bottom renovation, currently the largest renovation in progress at the Driftwood properties. New exterior signage, sweeping views of the capital and a new high-end, state-of-the-art meeting space called The Gathering are just a few updates. After acquiring the property in 2011, Driftwood re-flagged the hotel, which was previously a Hyatt. The full revitalization of the property is expected to be completed by Sept. 1.

• DoubleTree Hotel Downtown Wilmington Legal District - A $4 million renovation to this property, which was acquired by Driftwood in October, includes everything from meeting rooms to restaurants and curtains to cappuccino machines. With a focus on art and design, the Driftwood-led renovation here includes the new artwork by Arnut Deeyoo.

• Fiesta Resort Conference Center - This Arizona resort's $1 million renovation will be completed in the first quarter of 2012 and includes updates to the interior and exterior of the property.

• Crowne Plaza Downtown Denver - The $1.5 million refurbishment of the Crowne Plaza Downtown Denver's bar, lounge and restaurant is expected to finish in the second quarter of 2012, making the hotel one of the city's top spots for nightlife.

• Crowne Plaza Hotel Chicago - This $1 million renovation will introduce 150 renovated guest rooms in the second quarter, all of which were completely redone including updated bathrooms, bedding, closets and furniture.

“At Driftwood, we are more invigorated than ever," said Peter Walz, Executive Vice President of Sales & Marketing. "With experience as an owner, operator, builder, manager and receiver, we have a unique understanding of the renovation and re-flagging process from start to finish, which helps ensure a smooth transition for our partners. We are excited about the opportunities that the New Year has brought and look forward to continuing with our ambitious expansion plans.”

For more information about Driftwood, visit www.TheDriftwoodDifference.com.

About Driftwood Hospitality Management
Based in North Palm Beach, Fla., Driftwood Hospitality Management, LLC is a leader in providing solutions-based services for the domestic and international hotel industry. Guided by The Driftwood Difference - Flexibility, Diversity, Integrity, Accessibility, Originality, the company covers the full spectrum of lodging business needs. From full-service, upscale and upper-upscale hotels to mid-size extended-stay, select and limited-service properties, Driftwood's portfolio represents virtually every segment of the hospitality industry. Focused on strategic acquisition, development, third-party management and receivership, Driftwood has extensive management experience and relationships with most major brands, including Starwood Hotels & Resorts Worldwide, Hilton Worldwide, InterContinental Hotels Group, Inc., Carlson, Choice Hotels International, Inc. and Wyndham Worldwide. With additional offices in Costa Rica, Scottsdale, Ariz. and Miami, Fla., the company and its hotels have received more than 20 industry awards in the past three years. For more information, visit www.TheDriftwoodDifference.com.

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