New Partnership Purchase Hotels

Amerimar Enterprises, a Philadelphia-based real estate investment company,
and Angelo, Gordon & Co., a leading investment management firm, today
announced that they have formed a limited partnership, which has acquired
the Ramada(R) Plaza Hotel and Conference Center in Meriden, CT and will
revitalize the property with more than $4.1 Million in renovations.

As part of the acquisition, Amerimar Enterprises, a company that
specializes in repositioning real estate assets, and Angelo, Gordon & Co.,
with strengths in non-traditional assets, will redevelop the property.
Redevelopment will include interior and exterior renovations, restaurant
updates and staff changes.

By the end of the summer of 2004, the Ramada(R) Plaza Hotel and Conference
Center in Meriden, CT will be re-branded to become a Four Points(R) by
Sheraton. Located at the entrance of Research Parkway, home to several
large corporations, including the world research headquarters of Bristol
Myers Squibb, the property will receive more than $4.2 Million in
renovations. In addition, it will be designed to accommodate the needs of
corporate travelers and weekend guests, who utilize the hotel due to its
proximity to many local schools and universities, including Yale
University and Wesleyan University. As a Four Points(R) by Sheraton Hotel,
all guest rooms will have complimentary in-room high-speed Internet access
and guests will be able to take advantage of the Starwood Preferred Guest
The hotel will undergo major renovations to the interior of the hotel,
including changes to the public spaces, meeting and conference spaces, the
pool area and its 150 guest rooms. Further, the restaurant will be re-
conceptualized and operated by the hotel`s management team.

Leading the changes at Ramada(R) Plaza Hotel and Conference Center is
General Manager, Ed Giamette, who has nearly 20 years of expertise in the
hospitality industry and has worked for various Sheraton hotels for 10
years. Currently, the property is recruiting candidates for the position
of director of sales and marketing.

In addition to the Ramada(R) Plaza Hotel and Conference Center, Amerimar
and Angelo, Gordon acquired The Westin(R) Morristown in Morristown, NJ and
the Holiday Inn(R) Select Bucks County in Trevose, PA, both of which will
undergo renovations. This transaction currently makes the duo owners and
managers of five hotels. Over the years, Amerimar and Angelo, Gordon have
been responsible for more than 30 real estate transactions including
hotel, office and multi- family assets across the U.S. Their hotel
redevelopment projects include the Radisson Hotel & Suites in Chicago,
Hotel George in Washington D.C., the Sheraton Atlanta Hotel and most
recently, Hotel Derek in Houston.


Based in Philadelphia, Amerimar Enterprises, Inc. is a national real
estate investment and management firm. The firm began doing business in
1993 as Amerimar Enterprises, Inc. The company is a recognized leader in
the renovation and repositioning of office, hotel, retail, multi-family
and mixed use properties throughout the country. Founded on the belief
that real estate in not a passive investment but an active, “hands-on”
operating business, Amerimar has become a major force in the redevelopment
of underperforming properties. Amerimar`s team of highly experienced real
estate professionals includes individuals with expertise in asset and
property management, leasing, finance, marketing, construction,
engineering, accounting and law.

Angelo, Gordon & Co., based in New York, was founded in 1988 and has
become a leading investment management firm specializing in
non-traditional assets. The company has more than 100 employees and
currently manages approximately $10 billion of assets in seven distinct,
but complementary, disciplines including merger arbitrage, convertible
arbitrage, utility hedging, distressed securities, private equity,
leveraged loans and real estate. Angelo, Gordon`s goal is to generate
consistent absolute returns in all market environments.