In partnership with Mid-America Development Partners, The Harp Group purchased the 113-room Courtyard Cleveland Beachwood by Marriott in December 2005.  The purchase price of the hotel was $15,225,000.  Centrally located near downtown Cleveland and the affluent suburbs of Beachwood, Shaker Heights, Cleveland Heights and Chagrin Falls, the hotel�s large guestrooms, efficient work-desk area and free high-speed Internet with virtual printing networks make it an ideal choice for business travelers.  The hotel is operated by Portfolio Hotels & Resorts as a Courtyard by Marriott under a franchise license from Marriott International.

The Harp Group, through a joint venture with Mid-America Development Partners and The Fordham Company, acquired the historic Ambassador East Hotel and Pump Room restaurant in Chicago�s upscale Gold Coast neighborhood in December 2005 for a purchase price of $47,000,000.  The second phase of this acquisition project includes a total renovation of the hotel�s lobby, guestrooms and restaurant scheduled for completion by the end of 2006.  A member of Preferred Hotels & Resorts, this AAA Four Diamond hotel features 285 guestrooms including 74 suites and is conveniently located within walking distance of Chicago�s Magnificent Mile and Lake Michigan.  The renowned Pump Room is a Chicago dining destination known for its unparalleled cuisine, Booth 1 and Wall of Stars.  A former Omni hotel, The Ambassador East is now managed by Portfolio Hotels & Resorts.

�Both of these hotels hold significant importance in their communities,� said Peter G. Dumon, president of The Harp Group.  �We are excited to include them in our growing portfolio of hotels, and look forward to being part of these thriving neighborhoods.  We are actively seeking to acquire additional resort, full-service and select-service hotels throughout the United States.�

About The Harp Group:
Founded by Peter G. Dumon in 1997, The Harp Group specializes in creating hospitality and retail destinations through imaginative and enduring designs with a true understanding of the relationship between a project�s architectural appeal and the people drawn to it.  The company is recognized for its expertise in complex development projects that require a high degree of specialization and organization.  For more information on The Harp Group call 630-971-1360 or visit the company on the Internet at www.theharpgroup.com

About Portfolio Hotels & Resorts:
Based in Chicago, Ill., Portfolio Hotels & Resorts specializes in managing unique, boutique-style destination resorts and significant urban hotels in domestic and international markets.  The company currently operates the 106-room Orchard Hotel in San Francisco, the 285-room Ambassador East Hotel and Pump Room restaurant in Chicago, and the 113-room Courtyard Cleveland Beachwood by Marriott in Beachwood, Ohio.  Portfolio Hotels & Resorts has been selected to manage the following properties currently under development:  the 86-room Orchard Garden Hotel in San Francisco; the 200-room Everlee Hotel in Chicago�s trendy Lincoln Park neighborhood; and the 144-room La Quinta Inn and Suites and the 260-room Hilton Suites both in Des Plaines, Ill. For more information on Portfolio Hotels & Resorts call 630-971-1360 extension 105 or visit the company on the Internet at www.portfoliohotels.com.

Carol Peacher
[email protected]
630-820-6512