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 Kelly Capital Investing $75 Million in Upgrade of San Diego Landmark; 
MTM Luxury Lodging Will Reopen the Maryland Hotel as the
Ivy Hotel, a 159 room Luxury Hotel
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SAN DIEGO - July 5, 2006 -- Kelly Capital today announced a fall 2006 grand opening of The Ivy Hotel, a new luxury urban resort. The $75 million property will be managed by MTM Luxury Lodging, one of the nation's premier operators of independently minded four- and five-star lodging establishments, and will be a member of the Preferred Hotels & Resorts Worldwide collection, a global brand of independent luxury hotels and resorts known for exemplary standards and service. 

Located adjacent to the Gaslamp Quarter at 6th Avenue and F Street, the cornerstone of The Ivy is a 159-room luxury hotel featuring 16 suites, two presidential suites and one signature suite boasting two levels with a spiral staircase leading to a private poolside cabana. Additional amenities include a 225-seat fine dining restaurant, a 17,000 square foot rooftop with a pool and entertainment venue, a four-level nightclub, and 10,000 square feet of flexible meeting and function space. 

"We have assembled a dream team of development and hospitality professionals who have envisioned an indulgent, design-forward urban destination resort beyond compare locally," said Michael Kelly, Chairman and CEO of Kelly Capital. "The Ivy will occupy a unique niche in the high-end hotel market. We are creating an adult playground where the guest experience will be 100 percent focused on luxury, pleasure and decadent surprises." 

Targeting the upper echelon of travelers and locals, The Ivy Hotel will offer a refreshing appeal and service levels unseen in San Diego. Incorporating a unique aesthetic and international sophistication, the vision for The Ivy Hotel combines New York style and chic, Las Vegas vibe and energy and L.A.'s casual elegance. 

Further elevating the guest experience, The Ivy Hotel will join properties such as the Montage Resort & Spa, The Carneros Inn, the Inn at Spanish Bay in Pebble Beach and the Sanctuary on Camelback Mountain as a member of the Preferred Hotels & Resorts Worldwide collection. 

"We are proud to welcome The Ivy Hotel to our family of best-of-class properties," said John Ueberroth, Chairman of the Board and CEO of Preferred Hotels and Resorts Worldwide. "The owners and management of The Ivy Hotel share our philosophy of top-shelf amenities and service while the resort promises a singular personality and charm. Guests are sure to enjoy a truly unforgettable experience." 

The Design: Dayna Lee and Ted Berner of Powerstrip Studio in Hollywood are the principal designers. The duo with their bright design team have created some of the most talked about hotel and dining environments in recent years including 39 Degrees Lounge & Pool at the Sky Hotel in Aspen, W Los Angeles, W New Orleans, and the Hotel Derek in Houston. Current projects include the Hotel Zoo in Berlin and conceptual design for two new undisclosed brands - one property with 150 rooms and the second with 2000 rooms. 

Lee and Berner have worked in the motion picture industry with more than 20 movies and 30 commercials to their credits as Art Director, Set Decorator and Production Designer. They have worked with directors Jim Jarmusch, Ridley Scott, Kevin Costner, Wayne Wang and Paul T. Anderson, among others. Their design of a private concert for Sting in Tuscany earned them a 2002 Emmy Nomination for Outstanding Art Direction. 

Guided by their approach to film and television design, Lee and Berner are setting the stage for an unforgettable lodging, dining and nightlife scene at The Ivy Hotel. 

Once the crown jewel of downtown San Diego, the original structure's classic, sophisticated exterior design will be re-established. The interior spaces, however, will exude contemporary, residential luxury. A yin and yang balance of modern and classic and masculine and feminine elements will influence the palettes, textures and furnishing. Stylish guest rooms will feature custom fixtures and amenities, flat panel televisions, and generously sized glass-enclosed bathrooms. More radical elemental and design touches are being kept under wraps until the grand opening. 

Dining & Nightlife: The street level restaurant will showcase true modern, regional cuisine with an accent on rare and exclusive gourmet products and a core menu of local and fresh ingredients. Before or after dinner, guests can sip an exotic cocktail under the stars of the glamorous outdoor venue - the largest rooftop entertaining space in downtown San Diego - featuring plush furnishings and breathtaking wraparound views of the skyline. Post-dining, a multi-level nightclub and lounge will be a sought after destination for trend-setting scenesters in search of the ultimate adult playground. 

Hotel Management Company: MTM Luxury Lodging, which specializes in managing luxury independent hotels, inns and resorts, has been selected as the hotel management company. Partners Jim Treadway, James Simkins, and Marc Pujalet share over 100 years of high-end hospitality experience, most of it with Westin Hotels where Treadway served as President, North America, Simkins led Westin's Asia development efforts, and Pujalet was responsible for Worldwide Sales and Marketing. The MTM collection includes The Woodmark Hotel & Spa, Willows Lodge, Alderbrook Resort & Spa, The Freestone Inn, the Cave B Inn and Hotel 1000. Each property is unique and distinctive, with a sophisticated abundance of character and ambience that appeals to discerning and affluent business and leisure travelers. More information about MTM is available at www.mtmluxurylodging.com. 
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MTM'S HISTORY

MTM was founded in 1996 by Michael Malone, Jim Treadway and another local entrepreneur. When Treadway left Westin in 1995, Malone, co-owner of the Sorrento, asked him to consult at his hotel and help find a capable general manager. Treadway spent a month as the interim general manager of the Sorrento and fell in love with the historic hotel. Excited by his new project, Mr. Treadway developed the idea of a management company with the hotel owners, set about re-energizing the Sorrento, building the management company, and closing management agreements with other independent hotels in need of professional management. Malone and Treadway attracted the Woodmark in March 1996, and MTM was now a two-property group. In 1998, MTM took over the operation of the Freestone Inn; a year later added Resort Semiahmoo. Also in 1999, MTM became involved with the development of Willows Lodge, which opened in 2000.

James Simkins was brought on board in early 2000 to manage Willows Lodge and take on multi-property responsibilities as MTM grew. Treadway and Simkins began their careers together in Johannesburg, and were reunited after long stints with Westin, but in different geographies.

In 2001, Simkins was instrumental in adding Alderbrook to MTMís growing family of managed properties.

In 2002, MTM entered into an asset management relationship with The Madison Hotel in Washington, D.C., which underwent a $30 million renovation in 2002 and  2003, re-opening in August, 2003.

In early 2003, MTM terminated its relationship with Resort Semiahmoo.

Also in 2003, the Madison relationship was transferred to MTM's sister company, FST Asset Management (fstassetmanagement.com).

Since then MTM has added Cave B Inn at SageCliffe in Quincy, WA; Hotel 1000 in Seattle; the Charles Street Jail project in Boston; The Maryland Hotel in San Diego and the Yountville project in Napa Valley.

MTM's relationship with the Sorrento Hotel ended in mid 2005.

Marc Pujalet and Rob Fix joined the MTM family in 2005 in the senior marketing and finance positions respectively.

So in 2006 MTM has five operating properties, four in various stages of development for a total of nine, with goal of doubling in size by 2009.   

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The Development & Construction Team: Kelly Capital's Real Estate Group is spearheading the redevelopment under the direction of Senior Vice President Louise Kelly. Prior to joining Kelly Capital more than a decade ago, Kelly spent six years with the Gaslamp Quarter Association, where she was involved with the redevelopment of the 16-block historic district into Southern California's premiere dining and entertainment destination. San Francisco-based SB Architects, specializing in hospitality design, is the project architect. Krump Construction of Reno, Nevada is the general contractor. 

About Kelly Capital 

Kelly Capital is a San Diego-based private investment firm established in 1993 by brothers and co-founders Michael and Richard Kelly. The firm and its affiliate companies have structured and completed more than $3 billion in transactions as principal investors focused on value and special situations investments in operating companies, debt, and real estate. In addition to San Diego, the firm has offices in Atlanta, Dallas, and Nashville. For additional information, visit www.kellycapital.com or call (619) 687-5000.

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Contact:

Kelly Capital 
www.kellycapital.com
(619) 687-5000.

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Also See: Starwood's Luxury Collection Brand Will Manage the US Grant Hotel in San Diego Following $52 million Restoration / March 2006
Starwood Appoints Victor Barothy-Langer General Manager of the THE US GRANT- A Luxury Collection Hotel in San Diego / June 2006

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