Concord Hospitality Adds Hampton Inn Cleveland Downtown to Management Portfolio

Property to Undergo Complete Renovation

CLEVELAND & RALEIGH, N.C.--(BUSINESS WIRE)--Officials of Concord Hospitality Enterprises, one of the nation’s top-ranked hotel developer/owner/operators, today announced that through an affiliated entity, it had acquired a partnership interest in the 194-room Hampton Inn Cleveland-Downtown owned by Cleveland-based The Ferchill Group. The property is slated to undergo a complete renovation of all public spaces and guest rooms. Concord will manage the hotel, as well as oversee the renovation, which is expected to begin this summer and be completed by the 2012 first quarter.

“Downtown Cleveland is experiencing an economic revitalization, and we expect this property to take full advantage of it, particularly with the expected positive impact of the renovation”

“Downtown Cleveland is experiencing an economic revitalization, and we expect this property to take full advantage of it, particularly with the expected positive impact of the renovation,” said Mark G. Laport, president and CEO of Concord. “This is our third hotel in the greater Cleveland area and our 11^th in the state, creating marketing and operating synergies that will benefit the hotel. Joint venture acquisitions like this one will continue to be a primary growth avenue for us, along with third-party management and new development.”

According to Grant Sabroff, SVP of business development, the hotel is centrally located in the financial district, and is within easy walking distance to downtown office tenants, the new Medical Mart & Convention Center (under construction), and the proposed site for the Rock Gaming and Caesar’s Entertainment casino (under development), the Rock and Roll Hall of Fame and Cleveland’s three professional sports venues.

“Following the renovation, the Hampton will be in like-new condition, and we expect our expertise in operations, sales and revenue management, and excellence in guest service will yield immediate and long-lasting benefits to the hotel.”

The hotel’s renovation will include a complete redesign of the street-level lobby and public space featuring Hampton Inn’s “Perfect Mix Lobby.” Guest rooms will contain the brand’s latest innovative “Right Style Design,” “Cloud Nine, the Hampton Inn Bed Experience” with enhanced bedding, 32-inch HD flat panel TVs and all new case and soft goods.

Hotel guests receive complimentary high-speed Internet access in all guest rooms and public areas, and a complimentary On the House^® hot breakfast. The hotel also features a 24/7 business center, fitness center, self and valet parking, and 1,200 square feet of flexible meeting space.

About Concord Hospitality

Concord Hospitality Enterprises Company, an award-winning hotel management and development company based in Raleigh, N.C., manages or has under construction more than 80 hotels, offering more than 10,000 guest rooms in 21 states and two Canadian provinces. The company operates hotels and resorts under such well-known industry elite brands as Marriott, Hilton, Hyatt, Starwood, IHG and Choice Hotels, as well as select independent boutique hotels. Formed in 1985, Concord recently was ranked as one of the top management companies in the nation by independent sources. Concord properties are some of the most awarded hotels in the country, having won a number of top honors for operating and development excellence in the past two years alone, including Marriott’s Hotel of the Year and Developer of the Year, and Best Opening of the Year awards. For more information, visit www.concordhotels.com.