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Pyramid Advisors LLC Appointed to Manage the Former
Hilton Hotel in Tarrytown, N.Y; 250-room Hotel
Converts to Doubletree Brand

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BOSTON, Mass., February 17, 2005 — Pyramid Advisors LLC (Pyramid), a Boston-based hotel development, management and ownership firm, today announced that the company has signed an agreement to manage the former Hilton Hotel in Tarrytown, N.Y.  The 250-room hotel recently was acquired by new ownership and will reopen today as the Doubletree Hotel-Tarrytown. 

The two-story property will undergo a $10 million renovation, beginning this summer.  The renovation will include a total makeover of all guest rooms, function space, and public spaces, including the hotel’s restaurant and lounge.  Plans call for an 8,000-square-foot ballroom to be added in 2006.

“This property is ideally situated in Westchester County, in the heart of the scenic upper Hudson Valley yet only a half-hour from downtown Manhattan,” said Jim Dina, Pyramid’s chief operating officer.  “It offers incredible views of the Hudson River and Tappan Zee Bridge and is surrounded by numerous business and office parks.  With the planned renovations, and improvement and expansion of the hotel’s meeting space, we expect to enhance this property’s reputation as a premier business meeting and social gathering destination among locals and among New York meeting planners looking for an attractive setting for a business retreat outside the city.” 

Warren Fields, chief investment officer, noted that the Tarrytown property is Pyramid’s first management contract in the metro New York City area.  “Westchester County has enjoyed unparalleled growth in every economic climate because of its incomparable quality of life, educated employment base and proximity to New York City.  Doubletree is a popular brand with both leisure and business travelers, known for its consistent quality, warm hospitality and hallmark chocolate chip cookies.  As a Hilton brand, Doubletree also offers guests all the privileges of the Hilton HHonors frequent guest program.  We think the brand will do extremely well in this market.”

Located at 455 South Broadway, the property is directly off I-287 at the Tarrytown exit 9, the last exit from New York going over the Tappan Zee Bridge to New Jersey.  The property is 30 minutes from downtown NYC and near such historic local tourist attractions as the Rockefeller Estate-Kykuit, Philipsburg Manor, and the Lyndhurst Castle, as well as a number of area colleges, including Iona, Mercy and Pace University.  The hotel also is proximate to several major corporate employers, including Kraft, Bayer, Dannon, IBM and Hitachi.

Currently, the hotel features a business center, a three-meal casual restaurant and separate sports bar, lounge meeting space, indoor and outdoor pools, fitness center, whirlpool/sauna, two tennis courts and more than 16,000 square feet of flexible meeting/function space, including a 4,000-square-foot Grande Ballroom, the 3,250-square-foot Hendrick Hudson Complex. 

Pyramid Advisors LLC, founded in 1999, is a full-service hotel company that owns, manages and asset manages hotels and manages hotel construction/renovation projects.  Pyramid Advisors currently has a portfolio of more than 30 hotels under management and asset management throughout the U.S. 

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Contact:
Pyramid Advisors LLC
http://www.pyramidadvisors.com
Also See: Pyramid Advisors Acquires the 423 room Hyatt Regency Oak Brook, Immediately Converts to Doubletree - Plans $15 million Renovation / February 2005
Pyramid Advisors LLC and the Morgan Stanley Real Estate Fund Plan $10 million Renovation of the former 303-room Adam's Mark Hotel in Columbia, South Carolina / December 2004


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