Stout Street Hospitality Purchases Historic Mayfair Hotel in St. Louis, Missouri

Property Closes for Multi-Million Dollar Renovation; Will Reopen as Magnolia Hotel St. Louis

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. December 23, 2013

St. Louis, Mo. - December 23, 2013 - Leigh Hitz, president and chief executive officer for Denver-based Stout Street Hospitality, today announced that the company has purchased the historic Mayfair Hotel in downtown St. Louis from Chicago-based UrbanStreet. Stout Street Hospitality has closed the Mayfair for an extensive renovation and the company will reopen the rebranded hotel in early summer 2014 as Magnolia Hotel St. Louis. A total investment of $19 million will be made into the hotel between the purchase and a full property restoration.

"Stout Street has a long history of restoring and managing historic properties in urban markets," said Hitz. "We are excited to be a part of the urban renewal and renaissance of the historic Central West End St. Louis business and entertainment district. As the first boutique hotel of its kind in the area, we believe we'll provide both business and leisure travelers with a unique experience."

"UrbanStreet is excited about Magnolia Hotels' acquisition of the Mayfair Hotel," said Lisa Cioffi, senior vice president of UrbanStreet. "We believe that the brand is synonymous with our plans to revitalize the buildings around the Old Post Office Plaza in downtown St. Louis including Roberts Tower, The Lofts at OPOP and the Orpheum Theatre."

Stout Street Hospitality is a privately held hotel management and development company that operates upscale boutique hotels catering to the sophisticated traveler. The company focuses on development, management, acquisition, re-branding, new construction and conversion of existing independent hotel properties. The core product line consists of award-winning, independent boutique hotels under the Magnolia brand. The company currently operates Magnolia Hotels in Denver, Dallas, Houston and Omaha, Neb. and holds a third party management contract on the Holiday Inn Dallas Central - Park Cities in Texas.

The historic Mayfair hotel opened in 1925 and has welcomed actors, presidents and international dignitaries for 88 years. The 18-story, 182-room property was originally built by Preston Bradshaw who helped design the House and Senate Buildings in Washington, D.C. Bradshaw had already designed the Chase, Melbourne, Embassy and Coronado Hotels in St. Louis before commencing with the development of The Mayfair. The hotel was originally built for $2.5 million.

The property offers 8,000 square feet of meeting space and as part of the purchase of the hotel, Stout Street Hospitality also has secured a long-term lease on the 4,000 square-foot ballroom in the adjacent Roberts Tower. The Roberts Tower Ballroom will be the premier event space in downtown St. Louis for functions of up to 300 guests.

The property is conveniently located one block from the America's Center Convention Complex for large groups, meetings and trade shows. The Mayfair also is a short distance from Busch Stadium, home of the 2013 National League Champion St. Louis Cardinals, as well as the Edward Jones Dome, home of the St. Louis Rams football team.

The hotel, which was originally named after the elite hotel district in London, will be restored to its initial grandeur through a multi-million dollar renovation. Every area of the hotel will be restored and renovated to meet the needs of today's traveler. The design of the property will evoke a contemporary feel by balancing historic and modern touches. The inspiration for the interiors and finishes of the hotel come from the building's exterior limestone finish and detailing of the dentil molding in the architectural design.

The simplicity of the design will be illustrated through weathered tones of neutrals and grays, juxtaposed against the existing leaded glass windows. Complimentary accent colors will provide a fresh, contemporary feel.

When the property reopens in early summer 2014 as Magnolia Hotel St. Louis, guests will enjoy all of the special services they've come to expect from Magnolia hotels including complimentary daily American breakfast service, an evening reception featuring complimentary domestic beer, Magnolia Reserve wine and soft drinks as well as a bed time cookie buffet, downtown transportation service and high-speed Internet access.

Numerous items from the Mayfair Hotel will be preserved during the renovation and donated to three Ronald McDonald Houses in the greater St. Louis area. Items such as bedroom furniture, kitchen dishes, utensils and more will be contributed to the local houses. Ronald McDonald Houses offer loving, home-like environments, where families can find support and share experiences with others while on their journey to overcome a critical childhood illness.

About Stout Street Hospitality

Denver-based Stout Street Hospitality is a privately held hotel management and
 development company which operates upscale boutique hotels catering to the
 sophisticated traveler. The company focuses on development, management, acquisition, 
re-branding, new construction and conversion of existing independent hotel
properties. The company currently operates Magnolia Hotels in Denver, Dallas, 
Houston and Omaha, Neb. Magnolia Hotel St. Louis opens early summer 2014. Stout
 Street also recently took over the management of the Holiday Inn Dallas Central - Park Cities in 
the Dallas metropolitan area. For more information, visit www.stoutstreethospitality.com or call 303.607.0707.

About UrbanStreet

Since 1996, Chicago-based UrbanStreet has grown into a multi-faceted real estate organization with an experienced group of professionals. With expertise in finance, design, law and construction, UrbanStreet is uniquely qualified to evaluate and execute all aspects of the development process. For more information on UrbanStreet, please visit www.urbanstreetgroup.com.