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Portfolio Hotels & Resorts Managing the 470-room Hyatt Regency Woodfield
in Schaumburg, IL  on Behalf of Owner The Harp Group

CHICAGO, Sept. 6, 2007 - Chicago-based Portfolio Hotels & Resorts announced today the addition of the 470-room Hyatt Regency Woodfield to its management portfolio. The hotel was recently purchased by The Harp Group, a Crescendo Company, in a joint venture partnership with Parsippany, NJ-based Prudential Real Estate Investors (PREI(R)). It is the first full service Hyatt Regency hotel to be franchised in Illinois.
Portfolio Hotels & Resorts, which currently manages 11 hotels and has three additional hotels under development, will oversee a complete renovation of the property. Slated to begin in the first quarter of 2008, the extensive renovation will include all guest rooms, public space and meeting rooms, as well as the addition of a new ballroom. Tramonto's Steak and Seafood restaurant will be added to the hotel as a part of the total renovation, and is scheduled to open mid-2008.
"We are delighted to be managing such an outstanding property in a key suburban Chicago location," stated Helmut Horn, President of Portfolio Hotels & Resorts. "Under the design direction of Cole, Martinez, Curtis, the hotel will offer a contemporary new design sensibility and full upgrading to handle the needs of today's discriminating business and leisure traveler."
Located 30 miles northwest of Chicago and just nine miles from O'Hare International Airport, the Hyatt Regency Woodfield is an upscale full service hotel located across from the 300-store Woodfield Mall in Schaumburg. Amenities at the hotel include indoor and outdoor swimming pools, a fitness center, an outdoor whirlpool, Tre Cena Restaurant, Knuckles Sports Bar, and over 27,000 sq. ft. of meeting space. Jim Gould has been named general manager of the hotel, and will oversee all hotel operations as well as the renovation project.
Portfolio Hotels & Resorts currently manages multiple properties in the Chicago area including the historic Ambassador East and the 426 room Holiday Inn Select in Naperville, IL, plus two additional hotels currently under development -- the ParkView Hotel in Lincoln Park, opening this fall, and the luxury 556 room Intercontinental O'Hare, slated to open Sept. 2008. The company also has a strong presence on the west coast, with management of seven hotels in California including the Doubletree at LAX.

Portfolio Hotels & Resorts

Also See: Harp Group Acquires Hotel Pacific in Monterey, CA, for $29 Million; Portfolio Hotels and Resorts Will Manage the 105-suite Property / April 2007


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