HRI Lodging Honored with “Best Conversion” Award From Hyatt Hotels Corporation

Award presented for the transformation of two existing properties into Hyatt-branded hotels

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. April 19, 2013

New Orleans, LA - April 19, 2013. Hyatt Hotels Corporation has awarded HRI Lodging, Inc. its Best Conversion award for the company's renovations of two New Orleans properties, Hyatt French Quarter and Hyatt Place New Orleans/Convention Center.

Hyatt presented the award to HRI Lodging at its global owners' conference in Orlando, Florida. The Best Conversion award recognizes a company for reconfiguring and transforming an existing property and converting it to a Hyatt-branded hotel.

“This honor really belongs to our parent company, HRI Properties, and the joint venture partners in these hotels, Carey Watermark Investors for Hyatt French Quarter and Interwest Capital Corporation for Hyatt Place,” said Gary Gutierrez, president of HRI Lodging. “This award recognizes their collective commitment to the growth of our lodging division,” Gutierrez added.

The Hyatt French Quarter property was originally constructed at the corner of Bourbon Street and Canal Street in 1849 as the D.H. Holmes department store and was later converted to a hotel in 1995 by HRI Properties.

An investment of $31.3 million by Carey Watermark Investors Incorporated in 2011 included funding for an extensive renovation of the property, completed in 2012. HRI Properties led the project, which included upgrades to the hotel's guest rooms, exterior, lobby, landscaping and pool and deck area decor. The total room count rose from 251 to 254, many with balconies overlooking Bourbon Street, the French Quarter or courtyards.

The Hyatt Place New Orleans/Convention Center was acquired in 2011 for $12,475,000 by a joint venture among affiliates of HRI Properties, Interwest Capital Corporation and Lubert-Adler Real Estate Funds. Located across the street from the Ernest N. Morial Convention Center, the eight-story, 170-room Hyatt Place initially opened in 1996 on the site of the Vatican Pavilion of the 1984 World's Fair in New Orleans' Warehouse District, which HRI Properties later pioneered as a residential neighborhood.

The hotel underwent extensive renovations in 2012 and features a soaring six-story atrium. Some of the upgrades included the Hyatt Grand Bed, a 42” high-definition television and an ergonomic work center in each room. Other features include a lobby-level lounge and restaurant, a fitness center, a business center and valet parking. Hyatt Place hotels feature complimentary Wi-Fi access, complimentary continental breakfast, a StayFit@Hyatt fitness center, a coffee and wine bar serving specialty coffees and premium wine and beer, and a Grab 'n Go case stocked with freshly made sandwiches and salads.

About HRI Lodging

HRI Lodging operates hotel properties in New Orleans, LA; Shreveport, LA; Baton Rouge, LA; Jackson, MS, Frisco, TX and Richmond, VA. HRI Lodging hotels include the restored D.H. Holmes department store in New Orleans, which last year was renovated as the Hyatt French Quarter. Other historic properties include the restored King Edward Hotel in Jackson, MS and the Miller & Rhoads department store in Richmond, VA, both of which fly the Hilton Garden Inn flag. HRI Lodging's other hotels are the Shreveport Hilton adjacent to the Convention Center in downtown Shreveport , the Hilton Garden Inn French Quarter/CBD and the Hyatt Place across the street from the New Orleans Convention Center. For more information, go to www.hrilodging.com.

Based in New Orleans, HRI Properties (HRI) is a full-service real estate development company and a national leader in the adaptive reuse of historic structures. HRI's mission is revitalizing cities by creating diverse, vibrant, sustainable communities. For more information, go to www.hriproperties.com.

About Interwest Capital Corporation

Interwest Capital Corporation is a La Jolla, CA based opportunistic investment firm that specializes in the acquisition of performing and non-performing commercial real estate loans and loan portfolios as well as direct real estate investments nationwide. Interwest owns a diverse portfolio of multi-family apartment communities, mixed-use retail centers, boutique hotels and office buildings. A significant portion of the portfolio consists of unique historic properties in vibrant downtown submarkets.

About Carey Watermark Investors

Carey Watermark Investors Incorporated is a publicly registered non-traded real estate investment trust (REIT) that was formed to make investments primarily in the lodging and lodging-related sectors. Carey Watermark Investors strives to create value in the lodging industry. For more information, go to www.careywatermark.com.