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Lane Hospitality Announces Three Contracts

To begin what it believes will
be a significant year of growth, Lane Hospitality today announced that it
has executed three management contracts. One of the contracts is an
extension to be the exclusive manager of the Holiday Inn Hotel & Suites
Chicago, IL for an additional five-year term. The other two include the
Holiday Inn Gulfport Beachfront in Gulfport/Biloxi, MS, and a hotel in
downtown Milwaukee, WI which are both planning significant renovations and
brand repositioning. Northbrook, IL-based Lane Hospitality owns and
manages 18 hotels, resorts and time-share properties across the U.S. “We appreciate the confidence these three separate ownership groups have
shown in our organization, and look forward to the opportunity to create
significant value in their hotels,” said Bill DeForrest, President and CEO
of Lane Hospitality. “Each of these assets has tremendous upside real
estate value. Our experience in developing strong operating and marketing
strategies, implementing successful business plans, especially in
renovating, re-branding and repositioning assets, will allow us to help
ownership maximize their hotels performance.”

  Property highlights include:
  - The Holiday Inn Hotel & Suites Chicago is a 145-room hotel in the
downtown area.  The property offers 27 suites, several meeting rooms,
an outstanding local restaurant (Aurelio’s Pizza), and rooftop pool.
  - The Holiday Inn Gulfport Beachfront in Gulfport is a 229-room property
that occupies five acres of   prime waterfront land in the dynamic
Biloxi area.  The owner, Gulfshores, Inc., has hired Lane Hospitality
to explore redevelopment opportunities to reposition the property in this fast-growing market that attracts 21 million visitors annually.
  - On January 1, 2005, Lane Hospitality began managing a 148-room hotel in
the downtown area of Milwaukee, with plans in place for conversion to a
major brand.

Lane Hospitality continues to look for acquisition opportunities focusing
on under-valued assets requiring both an infusion of new capital and a
creative approach to repositioning. In addition, Lane Hospitality offers
full-service management expertise to owners and investors seeking to
benefit from an aggressive approach to property appreciation. For
additional information, contact Bill DeForrest at 847-291-5716 or email
[email protected].