Sezna has been president and chief executive officer of Tandem Hospitality, a consulting firm focused on restaurant, golf course, private club, hotel design, master planning and development. He has spent 35 years developing, owning and operating hotels, golf courses and restaurants.

�Mr. Sezna�s vast and wide-ranging set of experiences make him uniquely qualified for this critical role.� states Richard M. Kelleher, chairman and chief executive officer of Pyramid. �He will be representing Morgan Stanley�s and Pyramid�s interests in the further development and enhancement of these two remarkable, one-of-a-kind assets. We�re proud to have someone of his professional distinction on our team.�

�I am struck by the sense of place, history and community evident in both La Quinta Resort & Club and PGA West. It will be an honor to be associated with these magnificent resorts. I have never before seen facilities with more ingredients, texture and just pure sensory energy. The chance to be associated with Pyramid and Morgan Stanley was also a significant factor in my decision to take on this responsibility,� stated Sezna.

La Quinta Resort & Club and PGA West are owned by Morgan Stanley Real Estate Fund (MSREF) in partnership with Pyramid, as part of a portfolio of luxury resorts, recently acquired from CNL Hotels and Resorts, Inc. Morgan Stanley Real Estate Fund is comprised of three major global businesses: Investing, banking and lending. Since 1991, the company has acquired $135.9 billion of real estate assets world-wide and currently manages $68.0 billion in real estate assets on behalf of its clients. A complete range of market-leading investment banking services for real estate clients, include advice on strategy, mergers, acquisitions, restructurings, as well as underwriting public debt, private debt and equity financings. As a global leader in real estate lending, Morgan Stanley Real Estate Fund has offered approximately $156.0 billion of CMBS through capital markets since 1997, including $35.5 billion in 2006. For more information about Morgan Stanley Real Estate Fund, please visit www.morganstanley.com/realestate.

Morgan Stanley (NYSE: MS) is a leading global financial services firm providing a wide range of investment banking securities, investment management and wealth management services. The Firms employees serve clients worldwide.

Pyramid Hotel Group LLC, founded in 1999, is a full-service hotel company that owns, manages and asset manages hotels and hotel construction and renovation projects. For more information about the company and its affiliates, visit the company�s website, www.pyramidadvisors.com.

Pyramid Advisors, LLC
Harley Mayersohn, VP Marketing/Resorts
617-412-2897
[email protected]