January 10, 2001

New Owner Milestone Hotel Partners To Give Hotel $9.0 Million Renovation

Silver Spring, Maryland -- Executives from Milestone Hospitality International, the operating entity of Milestone Hotel Partners, that owns and operates 15 hotels in 6 states, and Town Center Hotel, joined county officials this morning to announce the purchase of Town Center Hotel by Milestone and plans to begin immediate, major renovations of the hotel in preparation for its unveiling this fall as a full-service Hilton Hotel. The announcement was made before members of the Greater Silver Spring Chamber of Commerce during their monthly networking breakfast meeting at the hotel.

"We're very excited," said Bruce Finn, General Manager of the Town Center Hotel, and V.P. of Operations for Milestone Hotels. "We've been in the planning stages of this project since last year, and look forward to beginning the renovation work next month as we prepare for the upgrade to the Silver Spring Hilton."

The $9 million renovation will encompass every area of the hotel, including the exterior, lobbies, banquet rooms, restaurant, recreational facility, and all of the hotel's guestrooms. The renovation will also upgrade the hotel's furniture, fixtures, lighting and accessories, as well as add new wall and floor coverings throughout the property. The exterior will be resurfaced, and the parking garage reconfigured.

"The addition of a full-service Hilton Hotel to Silver Spring is yet another glowing illustration of the exciting transformation taking place in Silver Spring," said County Executive Douglas M. Duncan. "The County is delighted that Milestone saw the advantages of investing in Silver Spring, and we look forward to the unveiling of the new Silver Spring Hilton later this year."

Meeting and banquet areas of the hotel will be completely renovated, with the addition of state of the art technology for high-speed internet, video and media presentations. The total meeting space available will increase from 18,500 to 21,000 square feet. Future guests will enjoy two restaurants, a full-service business and conference center, and a newly remodeled exercise facility and indoor pool.

"We are pleased with the announcement of Hilton Hotel coming to Silver Spring," said Kelly Groff, Executive Director of the Montgomery County Conference and Visitors Bureau. "The county will soon have another attractive amenity for residents and visitors to Montgomery County and Silver Spring."

"We are very excited about having a premiere hotel like Hilton in Silver Spring," said Clarence A. Porter, President of the Greater Silver Spring Chamber of Commerce. "It can only help add to Silver Spring's re-emergence as a major business and entertainment hub within the County and region."

Milestone Hospitality International has reached a formal agreement with Hilton Hotels Corporation to flag the hotel a full-service Hilton Hotel once the renovation is completed, which is expected by late September, 2001. "The Hilton relationship is strategic in the positioning and in the longevity of this asset. It is one a strong brand with an invaluable reputation in the in the Washington, DC metropolitan area," said Lea Ann Kish, Chief Operating Officer and Principal of Milestone.

The Silver Spring Hilton will feature 263 newly remodeled guest rooms with warm, rich and comfortable fabrics and colors, as well as the latest in technology-ready amenities for the demands of today's corporate business traveler.

In addition to the physical changes at The Town Center Hotel, Milestone Hospitality International plans to upgrade services at the hotel as well, including new menus and a new concept restaurant, new banquet and meeting facilities and services, full concierge staff, bellmen and valet parking and a host of other services designed to meet the needs of today's business and leisure traveler, providing amenities and services that Hilton guests have come to expect.

The Hilton Silver Spring is owned by Milestone Hotel Partners, which operates the property under its management company, Milestone Hospitality International. The firm operates 15 hotels in 6 states including the Silver Spring Hilton, Silver Spring, MD; The Holiday Inn Harrisburg/Hershey, Grantville, PA; The Best Western Hershey, Hershey, PA; The Best Western, Utica, NY; The Holiday Inn, New Hartford, NY; The Microtel, Sulphur, LA; The Holiday Inn, Deland, FL; The Days Inn, Fort Lauderdale, FL; The Days Inn, Tampa, FL; The Days Inn, Fort Myers, FL; and a consortium of 5 Days Inn properties in Frankfort, Shepherdsville/Louisville, and Fort Wright/Cincinnati, KY.





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