APRIL 12, 2002 � A number of industry-seasoned entrepreneurs launched Horwath International�s new transaction and capital markets group in the U.S. in the second half of 2001, during one of the most difficult times in the recent history for the lodging industry. Less than a year later the new group, named Horwath Hospitality Investment Advisors, finds a rebounding marketplace anxious to again look at investment opportunities with the support of Horwath�s deep management team and full-service approach to brokerage, debt and equity placement, asset management, MAI appraising and ancillary services.

Since its formation the firm has entered into dozens of exclusive listings for hotel investment sales and loan procurement. Additionally, Horwath is in the process of securing more than $40 million in loans for its clients, has closed several transactions and recently completed a very sizeable repositioning asset management assignment. 

Horwath currently has U.S. offices in gateway cities including New York, Miami, Atlanta, Dallas, Los Angeles and San Francisco, and plans to open another four offices this year in other major financial hubs to serve its rapidly growing client base. 

�Since we launched, the marketplace has been very challenging, but with our strong commitment and our great clients we are completing transactions,� said Joel Hiser, President & CEO of Horwath Hospitality Investment Advisors. He concluded, �The needs of our clients and the market dictate where and how transactions reach fruition.  Most importantly, we have laid a strong foundation for the future by assembling the best group of hotel transaction and resource professionals in the business.� 

Because Horwath�s network of professionals have their fingers on the �pulse of the market,� the revered brand is quickly becoming the best solution for knowledgeable hotel players seeking a �one-stop shop� for the new operating environment � combining top-notch advisory services such as real estate and mortgage brokerage, asset management, MAI appraisals, development services, litigation support services and more.

�As we emerge from the economic slowdown and the tragic events of September 11, owners and other hospitality professionals are readily accepting our team of experts to shepherd them through a variety of complex transactional, financial and asset management issues,� said Kent Schwarz, principal in Horwath�s New York City office. �Our management team � collectively possessing hundreds of years of transaction experience in the industry � can handle any job, from repositioning underperforming hotels to obtaining difficult bank loans and lines of credit necessary to consummate transactions in a difficult marketplace.� 

Hiser added that counter to general perceptions, there are many opportunities for investors to find and close transactions in the �under $25 million� range, especially in markets such as Atlanta with its wide variety of suburban hotels that surround a thriving city center.   �With our core capabilities, we are able to structure effective investment strategies for our clients. These strategies leverage off the untapped potential of each property and our capital markets expertise to wring out the maximum rate of return for our clients,� said Hiser.

Additionally, Horwath capitalizes upon the extensive international resources under the Horwath International umbrella of companies, located in over 80 countries, adding yet another layer of service for its clientele. 

Horwath Hospitality Investment Advisors is a full service hospitality real estate firm with offices in New York, Miami, Atlanta, Dallas, Los Angeles and San Francisco. As part of Horwath International -- a company with nearly 500 offices worldwide � Horwath is the undisputed leader in real estate services for the hospitality industry. The organization�s professional staff has unparalleled experience in identifying opportunities, assessing costs and benefits and designing action plans for hotel operators seeking to buy, sell or reposition lodging assets. Horwath also provides litigation support assistance and a wide variety of project development management services.