Molinaro Koger Secures Financing for Two Park City Hotels

For Navnish Development, LLC

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. October 14, 2008

NEW YORK, NY, September 13, 2006. The Capital Markets Group of Molinaro Koger (MK) announced today that the firm secured optimal financing totaling $13.2 million for two Park City, Utah, hotel properties, the Hampton Inn & Suites and the Holiday Inn Express & Suites on behalf of Navnish Development, LLC (Navnish) to support the purchase of the properties. The financing was provided by CIBC Capital Markets. Navnish has retained Integral Hospitality Solutions, LLC (Integral) to manage the hotels.

"Navnish is a highly adept, accomplished and energetic hotel company in an active acquisition mode," commented Ed Blum, Managing Director of MK's Capital Markets Group. "It was a pleasure to assist them in sourcing a loan which provided attractive terms and rates, thus improving the projected return on their investments."

Navnish selected the two properties in Park City based on the area's growing economy, the hotels' excellent physical condition and perceived performance upside. Originally built around three major ski resorts, Park City, Deer Valley and The Canyons, Park City is a fashionable year-round destination. It attracts more than 1.6 million skiers each year, served as one of the major venues for the 2002 Winter Olympics and hosts the world-renowned Sundance Film Festival every January.

"We are very pleased to add these two excellent properties to our portfolio. Navnish believes that the hotels' position within a growing segment of the Park City lodging market, combined with effective management, will lead to enhanced performance and a successful investment," commented Vamsi Bonthala, a Principal of Navnish.

"MK's Capital Markets Group conveyed the entire project, the market and our capacity in a sophisticated and compelling package that attracted many lenders to the transaction. The financing that MK arranged is allowing Navnish to move forward decisively with our plans to improve the quality of guest experiences and reposition the hotels," said Sheenal Patel, another Principal of Navnish.

Headed by individuals with varied experience in real estate and hospitality, Navnish is a real estate investment and development firm that focuses on the strategic acquisition, repositioning and development of commercial real estate assets, particularly mid-market full- and select-service hotels. Earlier this year, Navnish successfully acquired the Hilton Hotel, Sunrise/Fort Lauderdale, Florida, from Leisure Colony Management LLC at a significant discount to replacement cost in a transaction structured by MK.

During the last 12 months MK has structured more than $3 billion in hotel real estate transactions and funding worldwide, including such significant transactions as financing for Amanresort's Le M'el'ezin luxury ski resort in Courchevel 1850, in the French Alps, and the sale of the Westin Kierland Scottsdale, Arizona. For further information about this transaction and MK's capital markets expertise, please contact Ed Blum of MK's Capital Markets Group at 703.760.9600 or via www.mkhotels.com.