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 Ross Woods Named Director in PricewaterhouseCoopers
New York Hospitality & Leisure Practice

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New York, June 6, 2005 - PricewaterhouseCoopers announced that Ross Woods, a veteran hospitality consultant, joined the firm's New York Hospitality & Leisure Practice as Director. In his new position he will lead selected engagements in New York as well as national client projects in his specialties.

Reporting to Bjorn Hanson, Ph.D., the global leader of PricewaterhouseCoopers' Hospitality & Leisure Practice, Mr. Woods will be responsible for hotel portfolio strategy and investment analysis.

"Ross has a well-deserved reputation and a demonstrated record for providing exceptional service to clients by using highly quantitative decision, risk, efficiency and productivity techniques to maximise returns in the acquisition, development, financing, management and disposition of real estate assets," said Dr. Hanson. "His skills include the strategic and tactical implications of real estate cycles on investment decision-making and the use of pioneering efficiency and productivity techniques to improve the profitability of hotel portfolios."

Mr. Woods said he was delighted to join the firm at a time of rapid improvement in the U.S lodging industry and the New York lodging market. "The firm employs a unique consulting style that integrates a high level of strategic and analytical expertise with creative approaches to problem solving, strategy implementation and transaction execution and is widely known for its frontier work that advances state-of-the-art decision making in the lodging industry", said Mr. Woods.

Mr. Woods said that with over 20 years consulting and asset management experience in the U.S and South-East Asia, he looked forward to serving the needs of an increasingly complex lodging industry.

Prior to joining PricewaterhouseCoopers he was a Vice President, Hotel Investments with Prudential Real Estate Investors (PREI) where he was responsible for maximizing returns and minimizing losses from a $470 million portfolio of 18 performing and non-performing full-service hotels. He held budget responsibility for $175 million gross revenue and $49 million in operating profit for hotels held in joint venture equity partnerships in commingled, open-ended and single client accounts. In addition, his responsibilities included the design and implementation of hotel investment strategies, sourcing and negotiating potential acquisitions, management and franchise selection and contract negotiation, due-diligence reviews and underwriting new acquisitions.

Prior to joining PREI, Mr. Woods was a Director of Horwath Asia Pacific, based in Brisbane, Australia. He is a member of the Hospitality Asset Managers Association (HAMA) and has lectured at universities throughout the Asia Pacific region and more recently at New York University. He has a Bachelor of Natural Resources from the University of New England, Australia.

Contact:

 Cheryl L. Riporti
Hospitality & Leisure
PricewaterhouseCoopers LLP
300 Madison Ave.
New York, New York   10017
Phone:  646-471-7837

Also See: Chuck Bedsole Named Director of PricewaterhouseCoopers Hospitality & Leisure Practice in Dallas / June 2004
Cheryl Boyer Named Leader of PricewaterhouseCoopers' New York Hospitality & Leisure Practice / March 2004


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