October 7, 2004

New Owner Hospitality Associates of Harrisburg, L.P. To Undertake a $5.5 Million Renovation

Boca Raton, Florida based Milestone Capital Corporation, owner of fifteen hotel properties in six states, announced this morning their acquisition of the Holiday Inn Harrisburg East Hotel (4751 Lindle Road, Harrisburg, PA 17111), and unveiled plans for a $5.5 million renovation effort which is set to begin immediately. The announcement was made at Milestone's corporate headquarters located in Boca Raton, Florida. The property will be managed by Milestone's operating affiliate, Milestone Hospitality.

"We're very excited," said Mason W. Mednick, Executive Vice President of Milestone. "The property is ideally situated in a growing and vibrant region that we have successfully operated in for the past six years. With 299 guest rooms and more than 28,000 square feet of flexible meeting space, the physical asset features facilities that are unparalleled within the market."

Milestone currently owns and operates two other properties in the Harrisburg region: the Holiday Inn Harrisburg-Hershey (Grantville, PA) and the Best Western Inn Hershey (Hershey, PA). The acquisition of the Holiday Inn East brings the Milestone Portfolio in the Harrisburg market to three hotels representing 622 guest rooms and 50,000 square feet of meeting space.

Lea Ann Kish, Chief Operating Officer of Milestone Hospitality, said, "Because of the hotel's strategic geographic location in south central Pennsylvania, equidistant between our two other properties and with close proximity to the State Capital and regional airport, it is an ideal addition to our existing property ownership, and will allow us to further deploy the incredible talent and abilities of the Milestone management and marketing personnel assigned to this area. The Holiday Inn Grantville has been a top performer in the Milestone Portfolio and within the Holiday Inn system of hotels and is a consistent recipient of quality excellence awards bestowed annually by the Intercontinental Hotels Group. We fully expect the Holiday Inn Harrisburg East Hotel to attain the stature and success of our incredible Grantville operation in short order".

Ms. Kish further advised that longtime Holiday Inn Grantville General Manager Richard Gold, CHA CHME, would serve as the General Manager of the Holiday Inn Harrisburg East, and that Dawn Richards CHME, a key member of the Grantville sales and marketing team, would become the Director of Sales at the property.

The $5.5 million renovation will encompass every aspect of the hotel, including the exterior facade, roof, parking facilities, lobby, banquet rooms, restaurant, recreational facilities, and each of the hotel's 299 guest rooms. The renovation will also feature a comprehensive upgrade of the hotel's furniture, fixtures, lighting and accessories, as well as the addition of new wall and floor coverings throughout the property. Technological upgrades are also planned throughout the property, with high-speed, wireless computer accessibility a key and critical focus of the Milestone renovation plan.

Meeting and banqueting areas of the hotel will be completely renovated, with a strong focus placed on technological upgrades in order to meet the needs of an ever more sophisticated corporate and association clientele. In addition to high-speed internet accessibility, the renovated meeting facilities will feature state-of-the-art audio, video and media equipment capable of meeting a variety of presentational requirements. The total meeting space available will increase from 28,000 to 32,500 square feet. Future guests will enjoy a newly remodeled restaurant, lounge, full-service business and conference center, and upgraded exercise and swimming facilities.

A centerpiece of the planned meeting room renovation is the creation of a state-of-the-art "technology amphitheater" capable of accommodating approximately 100 meeting participants. The space dedicated for this use will cleverly combine two existing meeting rooms that are located on different levels of the property. Tiered seating will allow all participants an unobstructed view of presentations, and will further provide individual electrical connections and "lighting on demand" at all seats/work stations. The room will furthermore feature wireless high speed computer accessibility, video conferencing capabilities, drop down screens, and advanced audio and lighting controls.

The renovated Holiday Inn Harrisburg East will feature 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 Holiday Inn Harrisburg East, Milestone Hospitality operates the Hilton Washington DC/Silver Spring Hotel (Silver Spring, MD); the Holiday Inn Harrisburg-Hershey (Grantville, PA); the Best Western Inn Hershey (Hershey, PA); the Best Western Gateway Adirondack Inn (Utica, NY); the Holiday Inn Utica (New Hartford, NY); the Microtel Inn & Suites (Sulphur, LA); the Holiday Inn Deland (Deland, FL); the Days Inn Oakland Park (Fort Lauderdale, FL); the Days Inn Busch Gardens Maingate (Tampa, FL); the Days Inn North Fort Myers (Fort Myers, FL); and a consortium of 4 Days Inn properties in Frankfort, Shepherdsville, LaGrange, and Fort Wright/Cincinnati, KY.




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