The Holiday Inn in Cherry Hill, New Jersey was recently sold by Triple Crown Limited Partnership, Inc. to an affiliated company of Growth Properties Investment Managers Inc.  (�Growth Properties�).  This will be the third hotel that Growth Properties owns and operates in the greater Philadelphia area.

This 186 room Holiday Inn Hotel will follow suit with the �Holiday Inn on the Way� campaign by spending $1.7 million in renovations.  These renovations will include a complete redesign not only of the hotel�s exterior appearance but also the guest rooms, lobby, the meeting facilities and the restaurant.  These renovations will be staged over a short period of time so as to not disturb the daily operations of the hotel.  Upon completion, the Holiday Inn Cherry Hill will be reintroduced as �The Best Product on the market.�

The Holiday Inn-Cherry Hill offers value conscious pricing supported by a variety of free amenities.  These amenities include FREE made to order breakfast, FREE local phone calls, in-room coffee makers, ironing boards and irons.

The Holiday Inn-Cherry Hill will continue to own and operate Red Hot & Blue, a Memphis style bar-b-que which offers excellent food at moderate prices and a laid back ambiance.  In addition, Red Hot & Blue offers on and off premises catering and live music on the weekends.

The hotel will continue under the direction of Tom Gualano, the General Manager.

This recent acquisition represents a continuation of Growth Properties� strategy of owning and managing hotels in the greater Philadelphia region.  In addition, Growth Properties is also actively pursuing opportunities in managing third-party hotels.  Growth Properties believes that it can be a successful competitor by applying its management expertise in a localized region and by having a very strong presence of its senior management team.