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JRK Hotel Group Sells Hotel Roger Williams in New York City
to LaSalle Hotel Properties


JRK to Retain Management of Property


(New York, October 7, 2010)-JRK Hotel Group, a leading independent hotel operator and a subsidiary of JRK Property Holdings, announced today that it has sold Hotel Roger Williams to LaSalle Hotel Properties and retained management of the hotel. 
 
“The Roger” is a 193-room boutique hotel that JRK Hotel Group acquired in 2003.  JRK went on to successfully reposition the property with a renovation to improve the hotel’s guest experience to compete with higher profile boutique hotels in New York City. The Roger is well known for its superior location, contemporary design and its focus on the guest experience by providing attentive and personalized customer service. 
 
“The Roger is a great boutique hotel in a phenomenal location that has achieved very high guest service marks” said John Flannigan, President of JRK Hotel Group. The continued management of The Roger fits well within JRK’s overall strategy to expand its current portfolio of boutique and flagged hotel assets in major markets with an emphasis in New York City, Los Angeles, and Hawaii.   
 
“JRK is excited to continue to manage this property on behalf of LaSalle and we look forward to a successful long-term relationship,” continued Mr. Flannigan.
 
About JRK Hotel Group
JRK Hotel Group, a division of JRK Property Holdings, owns and operates premium boutique hotel properties around the country, including the Oceana Santa Monica, the Hotel Oceana Santa Barbara, the Roger Williams New York, and the largest Holiday Inn Express in the nation, located in Nashville. The group is committed to offering guests modern, luxurious accommodations with all the comforts of home, boasting residential design influences, high-tech amenities, and world-class customer service. For more information on JRK Hotel Group, please visit: jrkhotels.com.
 
About JRK Property Holdings, Inc.
JRK Property Holdings is a fully integrated owner and operator of multifamily, hospitality and self-storage properties. JRK’s portfolio is valued in excess of $3.5 billion, generates over $300 million in annual revenues and consists of over 42,000 multi-family units, 1,885 self-storage units and hotels in New York City, Santa Monica (CA), Santa Barbara (CA), and Nashville. JRK also manages a $203 million private equity fund through its JRK Birchmont Advisors subsidiary. For more information, please visit: http://www.jrkpropholdings.com  
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Contact: 

Kristen Chester
 Marketing and Communications Manager
JRK Hotel Group
kchester@jrkhotels.com
(310) 656 6030

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Also See: In Three Separate Transactions LaSalle Hotel Properties Acquires the Hotel Monaco San Francisco for $68.5 million, the Westin Philadelphia for $145.0 million and the Embassy Suites Philadelphia -- Center City for $79.0 million / September 2010

HEI Hotels & Resorts, the Owner and Operator of the Embassy Suites Philadelphia, Completes $10 Million Renovation / June 2008

HEI Hospitality Acquires the 289-room Westin Philadelphia from Starwood for $89 million / November 2005
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