Ed Rohling Quotations

We are deeply saddened by the death and injuries, and our prayers are with our guests, associates and their families. We have relocated guests to other accommodations in the city. We will determine when the hotel will re-open following the investigation and evaluation of the extent of the damage.

In addition to totally refurbishing the public areas and guestrooms, we upgraded the major equipment and back of the house areas, and also took the opportunity to make the property as energy-efficient as possible. We added a new energy-efficient air conditioning system, new piping, new fire alarm system and reconfigured the catering space to provide more flexibility for social and small meetings. While we can't guarantee that we won't suffer any future damage during a hurricane, at this point we feel very good about the hotel's ability to withstand major storms.

Alex's extensive experience in the investment industry and capital markets further strengthens the diversity of our board.

Now that our overall portfolio is in a more competitive position and our markets are rebounding with the national average, we are focused on maximizing the returns on these upgraded assets. We will face some ramp-up time, but we are working very closely with our general managers and sales directors to realize the full potential of these renovated, highly competitive hotels.

Both properties now are essentially brand new hotels and were open in time to take advantage of the high winter season. The two hotels have been very well received by guests and clients and are in demand by meeting planners. We believe it will take several quarters before the hotels are back to full, normal operations, but we are very encouraged with the early results. Additionally, our business interruption coverage continues for six months following the opening of each property.

James has an impressive and extensive background in accounting and finance. His experience as CFO in two other publicly held companies also prepares him to provide the essential financial leadership we will need as we transition from a period of consolidation to a new stage of dynamic growth.