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Marriott Paducah West Dow Hotel Acquires Hilton Orrington Joint Venture at Orlando Hotel Williamsburg Hotel Lakeway Resort and Spa Crowne Plaza Columbus North Hotel Crowne Plaza Tampa East Sheraton Hotel Denver Tech Center

Blue Cougar Hospitality Acquires Courtyard by Marriott Paducah West in Kentucky


Palm Beach, FL — Blue Cougar Hospitality and a US-based investment management company have acquired the Courtyard by Marriott Paducah West hotel in Paducah, KY. The purchase is the first transaction funded through a $50 million joint venture raised by Hospitality Funding, LLC for the purpose of acquiring select-service hospitality assets. The propertys management has been transferred to Interstate Hotels & Resorts, Inc., the countrys largest independent hotel management company.

The 100-key hotel is ideally located halfway between Nashville and St. Louis off of Interstate-24, and is the only major stopping point for motorists. The property underwent a comprehensive $1.6 million renovation in 2011, and features 1,000 square feet of meeting space, a Bistro, indoor swimming pool and whirlpool, fitness center, business center, market, and guest laundry room.

Hospitality Funding LLC, a Palm Beach, Fla.-headquartered boutique investment firm focused on raising equity, mezzanine and debt financing for hospitality assets, advised the buyer group on the transaction. For more information on Hospitality Fundings capital raising capabilities, please visit www.hospitalityfunding.com.

Third Dow Acquisition in Nine Months, One of Most Active Pipeline in Companys History


Evanston, Ill. & Seattle — The Dow Hotel Company, LLC (DHC), a hotel ownership, investment and management company, today announced that it has acquired in a joint venture with The Carlyle Groups (NASDAQ: CG) Carlyle Realty Partners VI, the 269-room, Four Diamond-rated Hilton Orrington hotel in Evanston, Ill. It is the third property acquired by DHC and its investment partners in the past nine months. DHC will operate the hotel. The hotel will undertake an approximate $6 million renovation/upgrade over the next 12 months. The improvements will focus primarily on guest rooms, corridors, upscale lounge and coffee concept, meeting and other public space.

The property completed a total transformation in 2004 and further upgraded from an independent property to the Hilton brand in 2010. Additional enhancements are designed to provide guests and local residents with an unparalleled North Shore lodging experience.

Located at 1710 Orrington Ave., the Hilton Orrington features a 12,000-square-foot, state-of-the-art, International Association of Conference Centers (IACC)-certified center. The hotel also offers an additional 20,000 square feet of ballroom and other meeting space capable of serving up to 550 guests. The property includes a 173-space parking garage, business center and retail shoppes.

Our first step will be to reach out to establish close ties with the Evanston community, Northwestern University and our other neighbors, said Murray Dow, president of The Dow Hotel Company. We will build on the hotels reputation as the North Shores preferred gathering place and will implement a dramatic enhancement to the food and beverage experience.

The cornerstone of the F&B upgrade is the opening of Farmhouse Evanston, which will have an entrance off the hotels lobby. The restaurant will be a sister eatery to the Michelin-rated Farmhouse Chicago and will feature 36 craft beers on tap and Midwestern cuisine sourced from local farms.

Stepping Up Acquisition Program

Dow noted that the company has aggressively stepped up its acquisition program in the past year. This is our third transaction with The Carlyle Group, and we look forward to building on our relationship, as well as with our other institutional investors, he said. We finally are seeing a substantial number of attractive, quality, full-service properties coming to market and have one of the most active pipelines in our companys 15-year history, he added. We expect the next several years will create strong growth, including acquisitions, joint ventures, and third-party management, as well as improved returns from our current 13-hotel portfolio. To support this recent growth, weve added key new staff, including Rick Rogovin as vice president of hotel investment, to support our acquisitions and financings and Amy Wiseman, project support. Hospitality Funding LLC, a Palm Beach, Fla.-headquartered boutique investment firm, focused on raising equity, mezzanine and debt financing for hospitality assets, advised the buyer group on the transaction.

About The Carlyle Group

The Carlyle Group (NASDAQ: CG) is a global alternative asset manager with $176 billion of assets under management across 114 funds and 76 fund of funds vehicles as of March 31, 2013. Carlyles purpose is to invest wisely and create value on behalf of its investors, many of whom are public pensions. Carlyle invests across four segments -- Corporate Private Equity, Real Assets, Global Market Strategies and Solutions -- in Africa, Asia, Australia, Europe, the Middle East, North America and South America. Carlyle has expertise in various industries, including: aerospace, defense & government services, consumer & retail, energy, financial services, healthcare, industrial, technology & business services, telecommunications & media and transportation. The Carlyle Group employs more than 1,400 people in 34 offices across six continents. Web: www.carlyle.com.

About The Dow Hotel Company

Founded in 1997, Seattle-based The Dow Hotel Company is a hotel owner/investor and operator of 13 first-class, full-service hotels with properties throughout the United States. The companys portfolio of owned and managed properties consists of institutional-grade hotels, under such brands as Marriott, Hilton, Hyatt, Embassy Suites, Doubletree, Sheraton, and Crowne Plaza. The company aggressively seeks to acquire, co-invest with joint venture partners and/or manage mid- to large-size, first-class, full-service hotels, especially those with extensive food and beverage capabilities. The company currently operates food and beverage facilities around the nation, ranging from upscale dining to trend-setting, bars/lounges, as well as with Starbucks and Tullys coffee outlets. The divisions proprietary restaurant concepts also include Basils Kitchen, Mastersons, SunSpot, and BC Bistro. Additional information about The Dow Hotel Company may be found at www.dowhotelco.com.

Interstate Enters into the Sixth Acquisition with Waramaug Hospitality


Arlington, VA and Orlando, FL — Expanding its joint venture with Waramaug Hospitality, Interstate Hotels & Resorts announces its sixth acquisition with Waramaug Hospitality LLC and a private investment group of the 382-room Sheraton Orlando North Hotel effective May 22, 2013. Hospitality Funding LLC, a Palm Beach, Fla.-headquartered boutique investment advisory firm, advised the buyer group on the transaction. The hotel, managed by Interstate under a long-term agreement, will immediately undergo a comprehensive $4.1 million renovation encompassing a property-wide refresh of the guestrooms, hallways, public areas, lobby, food and beverage outlets and meetings spaces.

Part of Interstates success is attributed to the strategic relationships the Company has fostered throughout the industry, and joint ventures like our agreement with Waramaug are evidence of these solid connections, said Jim Abrahamson, Interstates chief executive officer. This is our sixth agreement with Waramaug the second in 2013 and Interstate is enthusiastic to maximize this hotels potential and profitability for our investment partners.

With significant hotel transition experience worldwide, were confident that Interstates ignition process, our proprietary property transition program, along with our experienced operators and regional corporate teams will produce a seamlessly executed conversion, said Leslie Ng, Interstates chief investment officer. With the planned renovations and strong market projections, were eager to lead the Sheraton Orlando North Hotel to a successful bottom line.

The fundamentals are strong in this market and we anticipate a significant upside potential, especially with the upcoming refresh, said Paul Nussbaum, Waramaugs chief executive officer. Working with Interstate has proven successful in the last five endeavors and were eager to see the Sheraton Orlando North Hotel gain more market share. The Sheraton Orlando North Hotel features a glass-domed atrium with a captivating waterfall surrounded by tropical foliage. With 382 guestrooms, 14,000 square feet of meeting space including a 7,500 square foot ballroom, four dining options, an outdoor pool with water feature, a concierge floor with private Club Lounge, fitness center and Link@Sheraton business center, the hotel invites travelers to relax in warm ambiance and Sheraton Sweet Sleeper beds.

For more information about the Sheraton Orlando North Hotel, visit www.sheratonorlandonorth.com or call 1-800-325-3535 for reservations.

About Interstate Hotels & Resorts

Interstate Hotels & Resorts, Inc., a wholly-owned subsidiary of a 50/50 joint venture between subsidiaries of Thayer Lodging and Jin Jiang, is the leading U.S.-based global hotel management company, operating branded full- and select-service hotels and resorts, convention centers and independent hotels worldwide. Interstate and its affiliates manage 353 hotels with more than 67,000 rooms in North America, Europe and Asia-Pacific, including six wholly owned hotels. In addition, Interstate has executed agreements to manage 38 hotels with more than 7,300 rooms under construction or development throughout the world. For more information, please visit www.interstatehotels.com. Connect with Interstate at www.linkedin.com/company/interstate-hotels-resorts, www.facebook.com/InterstateHotels, and http://jobs.interstatehotels.com.

About Waramaug Hospitality LLC and Waramaug Hospitality Asset Management LLC

Waramaug Hospitality LLC, headed by Chief Executive Officer Paul Nussbaum, founder of Patriot American Hospitality, is an active acquirer of hotels internationally. Waramaug Hospitality Asset Management LLC, the asset management affiliate of Waramaug Hospitality, has in-depth capabilities and experience in hotel asset management and renovation. Jay Litt, a former Executive Vice President of Wyndham International, leads the companys asset management responsibilities.

Joint Venture Capital Raised by Hospitality Funding, LLC Results in Acquisition of the Williamsburg Hotel & Conference Center


Palm Beach, Florida — A joint venture comprised of Waramaug Hospitality LLC, Interstate Hotels & Resorts, Inc., and a US-based investment management company has acquired the295-room Williamsburg Hotel & Conference Center (formerly, the Marriott Hotel Williamsburg). The purchase is the fifth transaction to be funded through a more than $200 million joint venture that was raised by Belrose Capital for the purpose of acquiring distressed hospitality assets.The propertys management has been transferred to Interstate, the countrys largest independent hotel management company, and will immediately undergoa $7.5 million comprehensive renovation and conversion to the upper upscale DoubleTree by Hilton brand.

We continue to build on our strong relationship with Waramaug, a leader in hospitality real estate investments, adding our fourth project with them in the past 17 months, said Jim Abrahamson, Interstates chief executive officer. With the planned renovation and rebranding, in addition to an ideal location close to significant demand drivers, we expect the hotel to take a leadership position in this market.

This hotel offers some of the largest meeting and event space in Williamsburg, is close to all of the major historic, recreational and shopping attractions, and also serves a large nearby corporate base, said Paul Nussbaum, Waramaugs chairman and chief executive officer. The substantial hotel renovation and repositioning, in addition to Interstates operations experience all offer excellent upside for this property in a rebounding market.

Located on 15 wooded acres within the Busch Corporate Center in Williamsburg, Virginia,the hotel is the closest hotel to Busch Gardens and within minutes of Colonial Williamsburg, the College of William & Mary and world-class golf courses, with easy access to both the Richmond and Norfolk airports. The Williamsburg Hotel & Conference Center features 45,000 square feet of meeting space for up to 1,600 people and an auditorium with capacity for more than 700. Other amenities include three dining options, an indoor/outdoor connecting swimming pool, seasonal tennis courts and a full-service fitness and business center.

Belrose Capital, a Palm Beach, Fla.-headquartered boutique investment firm, focused on raising equity, mezzanine and debt financing for hospitality assets, advised the buyer group on the transaction. For more information on Belrose Capitals capital raising capabilities, please contact Jeri Netter Henoch at henoch@belrosecapital.com or visit http://www.belrosecapital.com.

About Waramaug Hospitality

Waramaug Hospitality LLC, headed by Chief Executive Officer Paul Nussbaum, founder of Patriot American Hospitality, is an active acquirer of hotels nationally. Waramaug Hospitality Asset Management LLC, the asset management affiliate of Waramaug Hospitality, has in-depth capabilities and experience in hotel asset management and renovations.

About Interstate Hotels & Resorts

Interstate Hotels & Resorts, Inc., a wholly-owned subsidiary of a 50/50 joint venture between subsidiaries of Thayer Lodging and Jin Jiang, is the leading U.S.-based global hotel management company, operating branded full- and select-service hotels and resorts, conference centers and independent hotels worldwide. Interstate and its affiliates manageand/or have ownership interests in nearly 400 hotels with more than 70,000 rooms in North America, Europe and Asia-Pacific. The Company has ownership in 58 of those hotels, including six wholly owned hotels. In addition, Interstate has executed agreements to manage 45 hotels withmore than 8,300 rooms under construction or development throughout the world.

The Carlyle Group and The Dow Hotel Company Acquire Lakeway Resort and Spa 174-room Lake Travis Property Features 1,000 Feet of Waterfront, Flexible Meeting Space


Austin, Tex./SEATTLE, Wash., July 10, 2012 — The Dow Hotel (DHC), a Seattle-headquartered hotel owner/investor, today announced that a joint venture between DHC and The Carlyle Groups (NASDAQ: CG) Carlyle Realty Partners VI have acquired the Lakeway Resort and Spa near Austin, Texas. In addition, the new owners said they plan to invest more than $5 million to complete a renovation started by the prior ownership group. Operations of the resort will not be affected by the sale.

Situated on 12 acres with 1,000 feet of waterfront on Lake Travis in the Texas Hill Country, the AAA Four Diamond resort features 174 luxury guest rooms, suites and villas. The property is less than 30 miles from Austin and offers more than 24,000 square feet of flexible meeting and function space for both business and leisure groups. Key resort amenities include the San Saba Spa, a full range of water activities and world-class tennis with 24 outdoor courts and two indoor climate-controlled courts.

With the hotel industry in the midst of a recovery, we believe the Lakeway Resort has excellent growth potential, said Thad Paul, managing director of The Carlyle Group. The strong job growth we are seeing in the Austin feeder markets around Texas, and the opportunity to reposition the property through capital improvements and new management makes this an attract investment.

The hotel is in good condition having recently completed a $15 million renovation in the past few years, said Murray L. Dow II, DHC founder and president. We will upgrade the restaurant and introduce an expanded menu and complete some mechanical improvements this year. We also will undertake a complete makeover of all the guest rooms and bathrooms. Other plans for next year also call for upgrading the ballroom, creating a unique wedding experience space and refreshing the lobby and corridors. When completed, we will have a like-new resort in a stunning destination setting on Lake Travis.

Hospitality Funding LLC, a Palm Beach, Fla.-headquartered boutique investment firm, focused on raising equity, mezzanine and debt financing for hospitality assets, advised the buyer group on the transaction.

About The Carlyle Group

The Carlyle Group (NASDAQ: CG) is a global alternative asset manager with $159 billion of assets under management in 94 active funds and 63 fund of funds vehicles as of March 31, 2012. Carlyle invests across four segmentsCorporate Private Equity, Real Assets, Global Market Strategies and Fund of Funds Solutionsin Africa, Asia, Australia, Europe, the Middle East, North America and South America. Carlyle has developed expertise in various industries, including: aerospace, defense & government services, consumer & retail, energy, financial services, healthcare, industrial, technology & business services, telecommunications & media and transportation. The Carlyle Group employs more than 1,300 people in 32 offices across six continents. Web:www.carlyle.com.

About The Dow Hotel Company

Founded in 1997, Seattle-based The Dow Hotel Company is a hotel owner/investor and operator of 12 first-class, full-service hotels throughout the United States. The companys portfolio of owned and managed properties consists of institutional-grade hotels, under such brands as Marriott, Hilton, Embassy Suites, Sheraton, and Crowne Plaza. The company aggressively seeks to acquire, co-invest with joint venture partners and/or manage mid- to large-size, first-class, full-service hotels and resorts, especially those with extensive food and beverage capabilities.

The company currently operates 14 food and beverage facilities, ranging from casual dining to upscale, bars/lounges and Starbucks and Tullys coffee outlets. In addition to Basils Kitchen and Bistro, the divisions restaurant concepts include SunSpot, BC Bistro, and Basils Bistro. Additional information about The Dow Hotel Company may be found at www.dowhotelco.com.

*Hospitality Funding is a subsidiary of Belrose Capital.

Joint Venture Capital Raised by Belrose Capital Results in Acquisition of the Crowne Plaza Columbus North Hotel


Palm Beach, FL — A joint venture comprised of Waramaug Hospitality LLC, led by industry veteran Paul Nussbaum, Interstate Hotels & Resorts, Inc., and a US-based investment management company closed on the purchase of the Crowne Plaza Columbus North hotel in Columbus, OH. The purchase is the third transaction to be funded through a more than $200 million joint venture that was raised by Palm Beach, FL-based Belrose Capital for the purpose of acquiring distressed hospitality assets.

The propertys management has been transferred to Interstate Hotels & Resorts, the countrys largest independent hotel management company, and will immediately undergo an 18-month, $5.25 million renovation.

Located at 6500 Doubletree Avenue, the 300-room hotel offers 20,000 square feet of meeting space, a business center, indoor/outdoor swimming pool, fitness room, and on-site restaurant and lobby lounge. The hotels location is convenient to the areas 20 colleges and universities including Ohio State University, major technology and distribution businesses, and the citys convention center. It also offers easy access to shopping centers and Huntington Ballpark, home of the Cleveland Indians triple-A baseball team.

Mr. Nussbaum served as Founder, Chairman & Chief Executive Officer of Patriot American Hospitality, Inc., a paired shared real estate trust (and its predecessor Patriot American Group) that owned the Wyndham, Grand Bay, Maimaison, Summerfield, and Clubhouse proprietary brands.

Joint Venture Capital Raised by Belrose Capital Results in Acquisition of the Crowne Plaza Tampa East


Palm Beach, FL — A joint venture comprised of Waramaug Hospitality LLC, led by industry veteran Paul Nussbaum, Interstate Hotels & Resorts, Inc., and a US-based investment management company closed on the purchase of the Tampa East Crowne Plaza Hotel. The purchase is the second that has been funded through a more than $200 million joint venture that was raised by Palm Beach, FL-based Belrose Capital for the purpose of acquiring distressed hospitality assets.

Located adjacent to the Sabal Business Park and near many businesses and visitor attractions, the 269-room hotel offers over 30,000 square feet of flexible event space, more than any other full-service hotel in the area. The hotel also contains a business center, outdoor swimming pool, recreation and sports court, fitness center, and restaurant. The propertys management has been transferred to Interstate Hotels & Resorts, the countrys largest independent hotel management company, and will immediately undergo a comprehensive $8.5 million renovation.

Mr. Nussbaum served as Founder, Chairman & Chief Executive Officer of Patriot American Hospitality, Inc., a paired shared real estate trust (and its predecessor Patriot American Group) that owned the Wyndham, Grand Bay, Maimaison, Summerfield, and Clubhouse proprietary brands.

Joint Venture Capital Raised by Belrose Capital Results in Acquisition of the Sheraton Hotel Denver Tech Center


Palm Beach, FL — A joint venture comprised of Waramaug Hospitality LLC, led by industry veteran Paul Nussbaum, Interstate Hotels & Resorts, Inc., and a US-based investment management company closed on the purchase of the Sheraton Denver Tech Center. The purchase is the first transaction to be funded through a more than $200 million joint venture that was raised by Palm Beach, FL-based Belrose Capital for the purpose of acquiring distressed hospitality assets.

Located minutes from downtown Denver, the 262-room hotel offers 10,500 square feet of meeting space, a business center, outdoor swimming pool, fitness center, club-level guest lounge, and gift shop, as well as the Redfire Restaurant & Lounge. The propertys management has been transferred to Interstate Hotels & Resorts, the countrys largest independent hotel management company, and will immediately undergo an 18-month, $5.75 million renovation.

Mr. Nussbaum served as Founder, Chairman & Chief Executive Officer of Patriot American Hospitality, Inc., a paired shared real estate trust (and its predecessor Patriot American Group) that owned the Wyndham, Grand Bay, Maimaison, Summerfield, and Clubhouse proprietary brands.

Sunset Financial Resources


$130mm IPO with JP Morgan, WR Hambrecht, and Stifel Nicolaus; $250mm Warehouse Credit Agreement with JP Morgan.

Alliance Bancorp


$175mm acquisition; Belrose Capital served as M&A advisor.

United Financial Mortgage Corporation


$38mm acquisition; Belrose Capital served as M&A advisor.

ACM Financial


Belrose Capital served as advisor on acquisition of mortgage origination platform to create a fully integrated mortgage REIT.

Solutions Funding Inc.


Belrose Capital served as advisor on “walk over” acquisition of $750mm production team.

Boutique Club International, LLC


Belrose Capital hired as senior advisor on $100mm capital raise for expansion of existing company platform to include Fractional Development.

Sienna Capital


Belrose Capital served as advisor on $200mm capital raise in four traunches for purchase of senior life settlement policies.