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   Prudential Real Estate Investors Appoint Dow Hotel Company
to Operate the 420 room Sheraton North Houston
.
HOUSTON, Texas/SEATTLE, Wash., June 10, 2003 � The Dow Hotel Company (DHC), a hotel owner/investor and management company, today announced that it has been selected to manage the 420-room Sheraton North Houston Hotel at George Bush Intercontinental Airport.  The hotel, which is owned by New Jersey-based Prudential Real Estate Investors (PREI), will undergo a $1 million renovation, including installation of DHC�s well received restaurant concept, Basil�s Kitchen.
 
�With the addition of this seventh hotel to our portfolio, we have now reached our first goal of becoming a truly national hotel owner/operator with properties on both coasts, the Southeast, Midwest and now the Southwest,� said Murray L. Dow II, president.  �Our long-term goal is to be a leading mid-sized management company known for its hands-on operating style, with senior management involvement in every hotel and our ability to achieve superior results at each hotel we operate.  We now have the infrastructure in place to double in size over the next 24 to 30 months.�

Dow noted that the company, which manages hotels for several institutional investor groups, has seen a significant increase in management contract opportunities since September 11, 

Sheraton North Houston
At George Bush Intercontinental
15700 John F. Kennedy Blvd.
Houston, Texas
2001. �Owners have lost patience with operators, who have been unable to adapt to all phases of  the economic cycle and are seeking more experienced companies, like DHC, that know how to build the bottom line in all economic circumstances. 

�We also are interested in joint venturing with other investors or buying outright for our own account,� Dow commented.  �We are seeing some individual properties and smaller portfolios coming to market but transaction volume remains far below normal.  We think that finding a good, attractively priced hotel with upside potential requires careful, savvy shopping in today�s economic environment.� 

Located at 15700 JFK Boulevard in Houston, the Sheraton North Houston will immediately undergo an approximate $1 million renovation.  The highlights of the upgrade will be installation of Sheraton�s �Sweet Sleeper� bed in all guest rooms and introduction of the new restaurant concept.  The hotel will be the fifth to install Basil�s Kitchen, a casual but sophisticated restaurant concept pioneered by DHC.  �We are seeing as much as a 40 percent increase in food and beverage revenues after a hotel has converted to this concept, a clear indication that Basil�s Kitchen is a hit with diners around the country.�

The 109-seat restaurant will feature a Mediterranean-style menu with freshly cooked-pasta dishes and Caesar salad prepared tableside.  Basil�s Kitchen, located in the hotel�s lobby, will open in September of this year. 

The Dow Hotel Company, headquartered in Seattle, is a hotel owner/investor and operator of hotels. The company�s portfolio of owned and managed properties is comprised of institutional grade hotels, under such brands as Radisson, Embassy Suites, Hilton, Sheraton, Doubletree and Clarion.  The company aggressively seeks to acquire or co-invest with joint venture partners in mid- to large-size, institutional-grade, full-service hotels, especially those that have extensive food and beverage capabilities.

Contact:

Murray Dow
Dow Hotel Company
(206) 575-3600
www.dowhotelco.com

Also See Hilton Atlanta Northeast Now Under Management of Dow Hotel Company; Ernie Catanzaro Named General Manager / July 2002
Prudential Real Estate Investors Appoints Dow Hotel Company as Manager of the Radisson Inn Cleveland Airport / December 2001


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