PHILADEPHIA, May 10, 2005 � HREC Investment Advisors, a leading international hotel brokerage and investment banking group specializing in the lodging industry, served as advisor on behalf of Gulph Creek Hotels in its sale of a portfolio of five hotels for $92,000,000. The portfolio, including four properties in suburban Philadelphia and one at the Philadelphia Airport, included four Hampton Inns and one Homewood Suites Hotel. 

"The response to this offering was overwhelming with many investors seeking a well-branded select- service hotel portfolio in a high barrier-to-entry market," said Geoff Davis, President of HREC Investment Advisors.  He concluded, "We were pleased to be able to structure an extremely desirable transaction for both parties, in which Gulph Creek Hotels, the Seller, was able to retain management, while Moody National Companies, the Buyer, acquired five distinctive hotel assets.� 

The Gulph Creek portfolio of hotels comprises five prime assets totaling more than 700 select service rooms in Greater Philadelphia. All of the properties are leaders in their market segments, with locations close to suburban corporate demand generators such as Merck, Lockheed-Martin and Johnson & Johnson, and a short drive from Sesame Place, one of the leading family leisure destinations in the Mid-Atlantic region. 

Clarke Blynn, Principal of Gulph Hotels, said, �We are pleased to sell our original five hotels to Moody National Companies, and we look forward to working with them as their managing agent.� He added, �We appreciate the hard work of the HREC Investment Advisors� team in bringing together a winning transaction for all parties concerned.�

Blynn added that Gulph Hotels will maintain its long-term relationship with Legg Mason Real Estate Services as the Company continues to seek new investment opportunities in the Mid-Atlantic region. Gulph Creek Hotels is based in Wayne, Pennsylvania.

About HREC Investment Advisors
HREC IA is a leading international hotel brokerage and investment banking firm that specializes in the lodging industry. The company has arranged hospitality transactions ranging in size from $1 million to $200 million, including limited service hotels, mixed-use resorts, development projects and full service hotel properties. HREC IA has several decades of experience in the lodging sector, and a reputation for implementing a coordinated sales process that maximizes value and expedites the timeline for transactions - utilizing unique resources such as cutting-edge direct marketing, databased e-marketing and deal tracking to benefit HREC clients. Areas of activity for HREC Investment Advisors include hotel finance, structured finance, equity placements and hotel sales.