Gemstone Acquires 144-room Hotel Durant in Berkeley, California

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. January 17, 2013

BERKELEY, CA / PARK CITY, UT - January 17, 2013 - Gemstone Hotels & Resorts, a full-service hotel management company that specializes in owning and operating luxury and upscale urban hotels and resorts, today announced the company has acquired the Hotel Durant in Berkeley Calif.. The 144-room boutique hotel is adjacent to the University of California Berkeley campus.

“Hotel Durant is an outstanding addition to Gemstone's growing collection of 'one-of-a-kind' hotels in top destination markets with high barriers to new entry,” said Thomas Prins, Gemstone principal. “A boutique hotel set amidst a vibrant university campus meshes perfectly with the rest of our portfolio and allows us to meet the needs of our guests for an intimate, luxury experience in the greater San Francisco area.”

Gemstone's portfolio of major market boutique hotels also includes Maison 140 in Beverly Hills, the Mosaic in Los Angeles, the Copley Square Hotel in Boston and The Carlton in New York.

According to Prins, the deal was signed and closed in just 30 days.

“When this hotel became available, we knew it was perfect for Gemstone,” added Prins. “We aggressively are pursing other equity-based deals and are positioned to act quickly in the future when we can acquire and add immediate value. For 2013, we are optimistic that our active pipeline will yield some exciting hotels in excellent locations.”

“The addition of Hotel Durant to our portfolio is a great way to start the new year,” said Jeff McIntyre, Gemstone principal. “The hotel occupies its own niche in a very unique market, and I am confident that we can successfully reposition it to more fully take advantage of its prime location near this prestigious college campus.”

Located at 2600 Durant Dr., Hotel Durant is a Berkeley original; simultaneously quirky, luxurious, green-certified and true to its roots in a college town. The hotel boasts a prime location near the shopping and dining on Telegraph and College Aves. and is within walking distance of Cal Bears Stadium and the Lawrence Hall of Science.

Each of Hotel Durant's rooms is luxuriously appointed with Sealy pillow-top beds, 300-thread count cotton linens, and a choice of hypo-allergenic or down pillows and comforters, as well as black-out shades and ceiling fans. Laptop safes, iPod docking stations, and certified organic robes round out the amenities. Graduate floor rooms feature a concierge-style lounge serving a daily, complimentary breakfast and wine hour.

The hotel's signature restaurant, Henry's, serves breakfast, lunch and dinner and features craft-brewed beer, locally-sourced gastropub fare and an assortment of California wines. It has long been a favorite among locals attending UCal sporting events.

Additional information about the hotel may be found at www.hoteldurantberkeley.com.

About Gemstone Hotels & Resorts, LLC
Headquartered in Park City, Utah, with offices in Stamford, Connecticut, Gemstone is a full-service management company that specializes in luxury and upscale hotels and complex resorts. For more information about Gemstone, go to www.gemstoneresorts.com.

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