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 The Harp Group Acquires The Ambassador East and Pump Room
in Chicago and the Courtyard Cleveland Beachwood by Marriott
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CHICAGO—(January 19, 2006)—The Harp Group, a Chicago-based development company specializing in hospitality and retail projects, announced today the recent acquisition of two prominent hotels, the Courtyard Cleveland Beachwood by Marriott in Beachwood, Ohio, and The Ambassador East and Pump Room in Chicago, Ill.

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.

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Contact:

Carol Peacher
cpeacher@m-k-t-g.com
630-820-6512


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