Media Contacts:
Kristin Yantis, Destination Hotels & Resorts, (303) 268-6819, kyantis@destinationhotels.com
Charlotte Novom, Novom Marketing, (323) 882-8333, cnovom@novom.com

LOCAL LANDMARK PROPERTIES GAIN WITH NEW MANAGEMENT BY
DESTINATION HOTELS & RESORTS
Capital Improvement Projects Planned for 2005

Englewood, Colo. - August 22, 2005 - Destination Hotels & Resorts will invest 35 million dollars in capital improvement projects for two local properties: the Hamilton Park Hotel & Conference Center in Florham Park, N.J. and Tarrytown House Estate & Conference Center in Westchester County, N.Y. This commitment to updating facilities and services will strengthen the stature of both properties in the hospitality industry. The investment also broadens Destination's portfolio of conference centers in the Northeast, which are dedicated to the highest professional standards and certified by the International Association of Conference Centers (IACC).

Over 25 million dollars is earmarked for the expansion and renovation of our guest rooms, conference rooms, lobby, ballroom space and fitness facilities at Hamilton Park, with another 10 million dollars planned for renovations at Tarrytown. These renovations include upgrading of the Estate's guest rooms, meeting rooms, recreational facilities and public areas," said Joe Crimmins, managing director of both properties. Work on the renovations is slated to begin late in November 2005 with a projected completion date of early March 2006. Both hotels will remain open for business during construction.

Set on 13 acres of rolling woodlands in New Jersey's historic Morristown area, just 20 minutes from Newark Airport, Hamilton Park Hotel & Conference Center presents a beautiful setting for corporate gatherings, social occasions, weddings and leisure stays. It currently features 219 luxurious guest rooms and suites, 40 meeting rooms, indoor and outdoor pools, a comprehensive fitness club, a range of exquisite dining options and a full-service business center.

Tarrytown House Estate & Conference Center in exclusive Westchester County, New York blends historical charm with modern conveniences to create a conference facility unlike any other. Overlooking the Hudson River on a magnificent 26-acre estate, the property features two spectacular 19th-century mansions: the King House and Biddle Mansion (including a carriage house and a guest cottage), along with a contemporary atrium-style conference center. A total of 30 meeting and banquet rooms are available.

Each property managed by Destination Hotels & Resorts and is operated with an entrepreneurial spirit reflective of the individual property and its surrounding community. Building and enhancing local social business, creating employment opportunities, and encouraging community involvement are key elements of Destination's managerial approach. Community involvement throughout the company is as diverse as each of its 35 properties. Some hotels match employee contributions to local organizations, others get involved in local fundraising events and the corporate office supports a number of local and national philanthropic organizations.

Destination Hotels & Resorts builds, acquires and manages one-of-a-kind, quality properties. Unlike many hotel owners and operators, the company consistently provides excellent financial performance for the assets it manages. The company was recently ranked No. 5 on the list of top independent hospitality management companies by Hotel Business magazine (ranking based on 2004 gross annual revenue). Rapidly growing, Destination Hotels & Resorts has acquired four properties in the last two months, with three more slated to be acquired by the end of September 2005. The company boasts 7,500 employees, over 8,000 guest rooms and more than $1.7 billion in assets under management.

Most hotels and resorts in the Destination collection provide a setting highlighted by natural beauty or historical significance that cannot be duplicated elsewhere. The company is committed to preserving the natural landscape on which it operates by investing back in properties and their communities. In 2005 alone, Destination Hotels & Resorts plans more than $40 million in capital improvements at select properties.

Destination Hotels & Resorts is a privately held lodging management company located in Englewood, Colorado. With 33 independent, luxury and upscale hotels, resorts and golf clubs, Destination is the fifth largest independent hospitality management company in the country. The company's portfolio features more than 8,000 guest rooms, 15 golf courses and 10 full-service spas. Destination Hotels & Resorts' properties are located in key metropolitan and resort markets including New York, San Francisco, Washington, D.C., Chicago, Denver, Dallas, Boston, San Diego, Aspen, Phoenix, Palm Springs, Jackson Hole, Maui and Lake Tahoe. For more information on the properties in the Destination Hotels & Resorts collection, please visit www.destinationhotels.com.

For high resolution, downloadable pictures of properties in the Destination Hotels & Resorts collection, please visit www.leonardo.com.