DENVER, CO (June 23, 2003)—Destination Hotels & Resorts announced the appointment of Bernard Siegel to Executive Vice President of Hospitality Investments for Lowe Hospitality Group (LHG) and Senior Vice President for Destination Hotels & Resorts (DH&R). In his dual role, Siegel will manage hotel and resort acquisitions and dispositions for LHG and its affiliates and assist in business development for DH&R.

“With over 19 years of experience in lodging and resort investment strategy and analysis, Bernie will serve as a great resource to DH&R and LHG as we seek to manage and grow our businesses,” said Charlie Peck, President and COO of DH&R. “In addition to having great expertise in the fields of real estate and hotel finance, Siegel brings to our company a strong entrepreneurial spirit and a very clear understanding of how to help us grow our distinctive and unique company.”

“I am excited to be part of the DH&R and LHG teams,” said Bernie Siegel. “DH&R’s and LHG’s commitment to industry leading hotel investment, management and development capabilities will allow our team to provide outstanding operating and financial results that will continue to deliver superior returns to our investors. Additionally, Lowe has excellent capital relationships and is in the process of raising a $300 million hotel acquisition fund.”

With almost two decades of experience in lodging and resort investment, finance and analysis, Siegel’s most recent position was as Managing Director, Hospitality Division of Secured Capital Corporation, which he joined in 1992. There, he was responsible for the company’s $4.1 billion in hotel investment banking, debt and equity placement, brokerage, underwriting and advisory engagements.

Additionally, Siegel was previously a principal at Reach Associates, a real estate investment advisory firm in Denver, CO, and he has held positions for:

Marriott Corporation’s Real Estate Group in Washington, D.C. and Santa Ana, CA. He was also Assistant Project Manager for Longwood Retirement Associates in Massachusetts, and served as a hospitality consultant for Pannell Kerr Forster, CPAs, in Washington, D.C.

Siegel’s expansive knowledge of real estate investment banking and hotel company experience stems from his work on a wide variety of project types, including destination ski and beach resorts, convention hotels, five-star properties and limited service portfolios. His project experience also includes multi-family, office, retail, land and special use properties.

Siegel holds a B.S. from the Cornell School of Hotel Administration and a M.B.A. in Finance from the University of Colorado. He is a member of the New York Hospitality Council and the Cornell Society of Hotelmen and is a regular panelist at both the NYU Hospitality Industry Investment Conference and the ALIS Hotel Investment Conference.

Destination Hotels & Resorts (DH&R), a privately held company located in Englewood, Colorado is one of the largest independent lodging management companies in the United States operating 25 independent, luxury and upscale hotels, resorts and golf clubs in the United States. Destination Hotels & Resorts’ portfolio features more than 6,400 guest rooms, 16 golf courses and eight full-service spas. Each distinctive, well-situated Destination Hotels & Resorts managed property offers exceptional recreational, business travel and conference facilities.

Destination Hotels & Resorts’ managed properties include the Hotel del Coronado near San Diego; Algonquin Hotel in New York City; NINE ZERO HOTEL in Boston; Wild Dunes‰ Resort in Charleston; Vail Cascade Resort & Spa in Vail; Royal Palms Resort and Spa in Phoenix; Sunriver Resort in Sunriver, Oregon; and The Argent Hotel in San Francisco. You can visit Destination Hotels & Resorts online at www.destinationhotels.com. Travel professionals can access Destination Hotels & Resorts’ properties on the global distribution system via the company’s chain code, DN.

Destination Hotels & Resorts (DH&R) has formed a sales and marketing alliance with De Vere Hotel Group PLC, in the United Kingdom allowing DH&R to increase its portfolio presence in the UK with a company whose customer base and product offering is very similar to its own.

De Vere Hotels is a distinctive collection of 21 of the UK’s finest four- and five-star hotels, featuring 3,300 rooms and is highly regarded for delivering excellent service in hotels that have maintained their individuality. These include nine leading golf resorts, such as the world famous The De Vere Belfry, host to four Ryder Cups. De Vere also has an impressive string of south coast hotels including The De Vere Grand, Brighton as well as outstanding destinations such as the De Vere Cameron House on the shores of Loch Lomond, Scotland. The latest addition is the elegantly refurbished De Vere Cavendish, St. James’s, London, located in the heart of the fashionable West End. The hotels are positioned to serve both the conference and upper short breaks market as well as the discerning business traveler. www.devereonline.co.uk
——-