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Berwind Acquires the Wyndham Bristol, Will Rebrand 
as The Melrose Hotel - Washington, D.C.
Will undergo a $10 million renovation

Bala Cynwyd, PA�July 21 2000�Daniel M. DiLella, President and CEO of Berwind Property Group, Inc., announced today the pending acquisition of the 240-room Wyndham Bristol Hotel, located on Pennsylvania Avenue in Washington, D.C.  When the acquisition is complete in early August, the Wyndham affiliation and management will immediately cease, and the hotel will be renamed The Melrose Hotel � Washington, D.C.  The property will undergo a $10 million renovation, to be completed in the first quarter of 2001 and will mark The Melrose Hotel Company�s second branded entry into the national upper upscale market.

Simultaneous with the acquisition in Washington, D.C., Berwind Property Group will incorporate its hotel operating division, currently Berwind Hotel Group, under the name The Melrose Hotel Company.  The division will continue to operate branded and independent upper upscale hotels throughout the United States. 

In announcing the acquisition, DiLella said, �This is Berwind�s third hotel investment in the upper upscale market, and we believe that Washington, D.C. is poised for a significant hotel valuation run in the next several years.�

John J. DePaul, President and CEO of The Melrose Hotel Company, who handled the acquisition of the Wyndham property from the seller, Crow Holdings, added, �The Melrose Hotel of Washington, D.C. will soon be known as one of the District�s finest hotels, with an unbeatable address on Pennsylvania Avenue. We will continue to introduce the Melrose name nationally in key gateway cities, due in large part to the success we�ve enjoyed at The Melrose in Dallas.� 

Renovation

BBGM, Inc., the Washington, D.C. based architectural and interior design firm, will handle the comprehensive $10 million renovation project.  Previous work by BBGM, Inc. includes the St. Regis, New York and other high-end Washington DC independent hotels.

Included in the comprehensive renovation are the hotel�s entrance with outdoor café seating, the lobby and all public space, restaurant, lounge and each of the 240 guestrooms.  All guestrooms will feature a progressive technology package to include dedicated high speed internet access.  A traditional design is being carefully planned throughout the building.

The Landmark Restaurant

The hotel�s existing restaurant will take its cue from the award-winning theme and menu of The Landmark Restaurant in the Dallas sister hotel, known both locally and nationally as the place for a power breakfast.  In a city where power is the key ingredient to any gathering, The Landmark Restaurant in Washington, D.C., with its warm and receptive service, comfortable colors and ambiance and world-class menu will soon become one of the best places for a meal any time 
of the day.

Library Bar

The lounge will be transformed into the Library Bar, mirroring the success of the nationally acclaimed Library Bar at The Melrose Hotel in Dallas.  The original Library Bar recently was heralded in the Wall Street Journal as a top place to �Sip and Sup�, joining the notable company of the bar in the Delano in Miami Beach and the Skybar in the Mondrian Hotel in Los Angeles.  Rich woods, intimate seating arrangements and a singing piano player nightly lend to this inviting atmosphere.

Service

John Crouch, the current General Manager of the hotel, will stay on to manage the hotel. Mark  S. Lahood, Vice President of Operations for The Melrose Hotel Company, notes, �We are thrilled to have the leadership of John Crouch at the hotel.  His management staff is strong, and we expect continued great things from them.�  All employees have been extended employment.  �Pro-active orientation programs and on-going training will make us the preferred hotel of choice when traveling to our nation�s capital�, said Lahood.

Berwind Property Group affiliates currently own office buildings located at 1800 K Street,  1015 15th Street and 1776 Massachusetts Avenue in Washington D.C., as well as two (2) office buildings in Northern Virginia and 2,513 apartment units in eight (8) complexes in Virginia and Maryland. 

Berwind Property Groupis actively pursuing other upper-upscale hotel opportunities.  Cities such as Boston, New York, San Francisco, and Chicago are high in priority.   DePaul observed, �The fundamentals of upper-upscale hotels and the fundamentals of our economy are still very strong.  Berwind and its investor group are taking advantage of a window of opportunity created by the current difficulty of raising equity and debt and the reforecasted increase of REVPAR growth due to the halting of new construction starts.� 

The Melrose Hotel Company is a wholly owned subsidiary of Berwind Property Group, Inc. Berwind Property Group is a privately held real estate investment company based in Philadelphia, PA with a portfolio in excess of 18 million square feet of office, residential, multi-family, lodging, retail and industrial properties located throughout the United States.

The Melrose Hotel Company operates The Melrose Hotel in Dallas, TX and the Westin Great Southern Hotel in Columbus, OH.

The Melrose Hotel, Dallas, located in the prestigious downtown section of Turtle Creek, was acquired by Berwind in 1999.  The award-winning 184 room property caters to a national business clientele.  The Melrose Hotel, Dallas has achieved the �Best Hotel� award from Zagat Guide and, continued DePaul, �will set the standard for each additional Melrose property in its embrace of the warmth, genuineness and efficiency for which we have become known.� 

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Contact:
Ernie Catanzaro
VP Sales & Marketing
Melrose Hotel
Direct Line 214-224-3100

Also See 352-room Sheraton Washington, D.C. City Center Hotel Converted to Wyndham / March 1999 
GM Greg Stafford Details Multi-Million Dollar Renovation at Holiday Inn Washington, DC on The Hill Hotel / April 1999 


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