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Realty Capital and Harrell Hospitality Partner to Purchase
and Renovate the 434 room Fort Worth
Ramada Plaza Hotel

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Fort Worth, Texas (May 3rd, 2004) – Harrell Hospitality (otcbb: HLTLA), the hotel management group based in Dallas, today announced that it has entered into a strategic alliance with Realty Capital Partners, Inc. of Colleyville, Texas. 
 
Realty Capital Partners is a real estate investment firm that has a successful track record in investing in commercial property developments across Texas, and the USA.

Realty Capital has entered into a contract to purchase the Fort Worth (Ramada) Plaza Hotel, located in downtown Fort Worth Texas. Harrell Hospitality will oversee the renovation of the hotel, and provide management.

Paul Barham, CEO of Harrell 


Fort Worth Plaza Hotel
1701 Commerce St.
Ft. Worth, Texas
Hospitality Inc, commented: “We believe the relationship with Realty Capital can play an important role in unlocking the investment potential of a key asset under our management – the Fort Worth Plaza Hotel.”

The Fort Worth Plaza is a 434 room hotel/conference center adjacent to the newly renovated and expanded Fort Worth Convention Center.

Donna Arp, President of Realty Capital Partners, commented: “We are particularly excited by the opportunities The Fort Worth Plaza Hotel presents given its spectacular location adjacent to the New Convention Center and Water Gardens. Independent research has shown that the area is in need of additional first tier hotel rooms and as such we believe it represents an excellent development and investment opportunity. Harrell’s plans for the renovated hotel will result in the positioning of this property among the first tier hotels in the City”

Harrell Hospitality is a publicly traded Dallas, Texas-based, company specializing in the management, turnaround and development of hotels. Harrell Hospitality is approved by numerous franchises including Sheraton, Hilton, Radisson, Clarion, Ramada, Holiday Inn and Marriott. Harrell is one of only a select few independent management companies approved by Marriott International to manage its full service franchised hotels. 

In March 2004, Harrell Hospitality announced that its subsidiary, Harrell Hotels (EUROPE) Ltd, had signed a letter of intent with Marriott Hotels International BV to participate in the development and management of the Courtyard by Marriott brand in the UK.

Realty Capital Partners is a real estate investment firm that provides real estate investment projects to investors who wish to diversify their investment portfolios. The company’s business plan assists its investors in spreading their risk by accepting a relatively small investment in each individual partnership. During the past decade, the experienced principals at Realty Capital Partners have invested over $50 million of equity capital to build shopping centers, acquire or develop office buildings, and purchase land.  Realty Capital Partners’ extensive knowledge of the Dallas-Fort Worth real estate market and its long standing relationship with the local real estate community enables Realty Capital Partners to find outstanding real estate investment opportunities. 


 
Contact:
Richard Myers
Realty Capital Partners
32 Village Lane, Suite 200
Colleyville, Texas 76034
(817) 488-4200, ext. 102)
myers@rcpinvestments.com

 Paul Barham 
Harrell Hospitality Inc
+1 972 380 0273

Also See: Harrell Hospitality Group has the Downtown Ft. Worth Ramada Plaza Hotel Under Contract; Planning $15 million Renovation / June 2002
Omni Hotels Proposing $90 million, 600-room Hotel Across from the Fort Worth Convention Center; Seeking $25 million in Tax Rebates and Public Incentives / May 2004
Negative Comments About the Conditions at Fort Worth Hotels Underscores Need for City Financed Luxury Convention Hotel / April 2003


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