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Laurus Corporation Acquires the 392-room Hunt Valley Inn Hotel in Maryland

Concord Hospitality Enterprises to Operate Hotel, Oversee $10 Million-Plus
Renovation and Relaunch as Wyndham Grand Hotel


HUNT VALLEY, Md. - May 15, 2013 --Laurus Corporation recently announced the acquisition of the 392-room Hunt Valley Inn, Md., for an undisclosed amount. The hotel will immediately embark on a $10 million renovation and conversion to a Wyndham Grand Hotel. Laurus has appointed Concord Hospitality Enterprises, one of the top-ranked hotel developer/owner/operators in North America, to operate the hotel.

The Hunt Valley Inn’s renovation will touch all aspects of the guest experience and includes upgrades to the 33,000 sq. ft. convention and meeting space, indoor and outdoor pre-function areas, including a new event lawn, guest room upgrades, and a re-imagined restaurant and lounge, all designed to bring the hotel to a new level of refinement and establish it as a regional destination. During the renovation, the hotel will operate as a Wyndham affiliate, giving business travelers the added benefits of a major brand affinity program.

“This asset has such a rich local history, and with the planned improvements, has the potential to continue its legacy of playing a pivotal role in the social and economic life of the local community,” said Andres Szita, chairman of Laurus. “The dynamics of an excellent location central to New York, Philadelphia, Baltimore and the Greater D.C. metro area, a high-impact renovation, and the hotel’s capacity to host a variety of large and small meetings, conventions and social events, will ensure this hotel’s market dominance.”

According to Szita, the hotel’s renovation will reflect the area’s stately homes and rich horse racing traditions, creating an elegant warmth that will make the hotel a gathering spot for locals as well as travelers.

To make an immediate impact to the guest experience, the initial phases of the renovation will focus on upgrading the sense of arrival, such as expanding the Wi-Fi capacity. Refurbishment plans also will focus on upgrading the exterior, expanding the meeting space, adding an outdoor pavilion, and converting a percentage of the renovated guest rooms to an upscale concierge’s level.

“The Hunt Valley Inn benefits from its strong location and the demand generated by the numerous business and leisure activities in the area,” said Kevin McAteer, vice president marketing Concord Hospitality. “This hotel marks our second in Maryland and our fourth in the Greater D.C. metro area, allowing for economies of scale and market insights. Following the completion of the renovation and the implementation of our proprietary management and marketing systems, we are confident that the Hunt Valley Inn will quickly take its place as a market leader.”

The hotel offers easy access from I-83 North, located right off of Exit 20A (Shawan Road) at 245 Shawan Road, adjacent to McCormick & Company Headquarters, Bank of America, Procter & Gamble and many other fortune 500 company locations. The Hunt Valley Inn also is just minutes from Baltimore's scenic Inner Harbor, the Baltimore National Aquarium, University of Maryland Baltimore, the Maryland Zoo, Camden Yards, and the Baltimore Convention Center.

About Laurus Corporation
Laurus Corporation is a real estate investment and development company that specializes in hotels and resorts, office buildings, multifamily and mixed-use properties. Laurus employs an entrepreneurial investment strategy designed to consistently achieve attractive risk-adjusted returns by creating capital appreciation opportunities through repositioning, restructuring, re-development and intensive post-acquisition asset management. It is affiliated with Ethika Investments, LLC, a real estate investment firm.  www.lauruscorporation.com

About Concord Hospitality
Concord Hospitality Enterprises Company, an award-winning hotel management and development company based in Raleigh, N.C., manages 90 upscale select-service and full-service hotels offering more than 12,000 guest rooms in 24 states and two Canadian provinces. The company operates hotels and resorts under such well-known industry elite brands as Marriott, Hilton, Hyatt, Starwood, and Choice Hotels, as well as select independent boutique hotels. Formed in 1985, Concord is routinely listed among the nation’s top management companies and recently won some of the industry’s top honors from Marriott International and Hyatt. Concord properties are some of the most awarded hotels in the country, having won nearly 100 top honors in the past two years. For more information, visit www.concordhotels.com.
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Contact:

Concord Hospitality Enterprises Company
Chris Daly, Lauralee Dobbins
703-435-6293
Lauralee@dalygray.com

Laurus Corporation
1880 Century Park East, Suite 1016
Los Angeles, CA 90067
Phone: +1-310-277-8600, Fax: +1-310-362-0353 http://www.lauruscorporation.com


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Also See: Laurus Corporation Opens the 130-room Holiday Inn Express at New Orleans Airport, Completing the Renovation and Rebranding of the Former Ramada Suites Hotel / April 2013

Acquisition of the 384-room Hilton San Antonio Airport Hotel in San Antonio, Texas Completed by Laurus Corporation / December 2012

Laurus Corporation Acquires the 347-room Hilton Kansas City Airport Hotel in Kansas City, Missouri / December 2012

Laurus Corporation Completes Acquisition of the 281-room Sofitel Miami in Florida / December 2012

Laurus Corporation Completes Acquisition of the 288-room Hilton Salt Lake City at Salt Lake City International Airport in Utah / July 2012

Laurus Corporation Completes Acquisition of the 130-room Ramada Suites Hotel at New Orleans Airport in Louisiana / March 2012

Laurus Corporation Completes the Acquisition of Le Meridien Cancun/ March 2010

Laurus Corporation Signs American Property Management Corp to Manage the Villaitana Resort in Costa Blanca, Spain / January 2010

Laurus Corporation Negotiates Sale of Le Meridien Cancun / December 2006
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