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DePalma Hotel Corporation Announces Acquisition of Two Hotel Management Contracts Totaling 578 Rooms
-- DePalma’s Management Portfolio Continues to Diversify With the Addition of the 432-Room Fort Worth Plaza Convention Hotel and the 146-Room Hearthside Suites Hotel Austin --

Arlington, TX, January 1, 2005:   Joseph DePalma, CEO of DePalma Hotel Corporation announced today the addition of two properties to the DePalma management portfolio.  “We’re very pleased to have these two great hotels in the DePalma family” said DePalma.  “Adding these properties at the end of the year brings a very busy 2004 to an exciting conclusion”.

The Fort Worth Plaza hotel—offering 432 guestrooms and 24,000 square feet of function space--is owned by Puson GCH, LP and is currently undergoing extensive renovations to comply with a potential chain affiliation.  “We’re looking at the majority of the upper-tier flags for the property to determine the most effective synergy between the property and a brand in this market” added DePalma.

The Hearthside Suites Austin is a 146 suite extended-stay property located in the Texas capital.  The property‘s institutional owners brought DePalma in to effect a turn-around.  “We have great
relationships with a number of financial institutions that look to DePalma to assist with distressed properties” said DePalma.

DePalma Hotel Corporation, founded in 1983, is a national hotel management company with a variety of hotel properties located throughout the country from select-service Inns to full-service convention Hotels.

DePalma’s broad range of expertise includes achievements for a wide variety of clients from independent hotel owners and multi-portfolio investment groups to asset management for national financial institutions.






Contact:

Robert Lepore, CHA
DePalma Hotel Corporation
Telephone: 267-688-5629
Email:  rlepore@depalmahotels.com   
700 Highlander Blvd Suite 400
Arlington, TX 76015
Telephone:  817-557-1811
Fax:  817-557-4333



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