CHAPEL HILL, N.C./DENVER, March 29, 2011—Richfield Hospitality, a leading hotel management company, and Shelbourne Falcon Investors, a real estate and private investment partnership, today announced the acquisition of the 168-room Sheraton Chapel Hill Hotel in North Carolina for an undisclosed price.  In the joint venture structure between the two companies, Richfield, in addition to equity, provided the debt for this transaction.  Richfield will manage the hotel.

This marks the second JV transaction between the two companies and the second hotel added to Richfield’s portfolio in the past two months.

Located at One Europa Drive, the hotel is adjacent to the University of North Carolina campus, within the Research Triangle Park and approximately 20 minutes from the Raleigh Durham International Airport.  “This is our third university-related hotel, and we look forward to working closely with both the University of North Carolina Chapel Hill and the community of Chapel Hill,” said Greg Mount, president of Richfield Hospitality.  “The hotel features the largest meeting and social function space in Chapel Hill, and we intend to make full use of this competitive advantage to attract more business, education, leisure and social events.”

“We believe there is significant upside potential in what is now the city’s ‘newest’ full-service, first-class hotel,” said Joe Fox, partner, Shelbourne Capital. “The hotel recently completed a top to bottom renovation that included the addition of the upscale, nationally recognized Shula’s 347 Grill, a new, state-of-the-art fitness center, all guest rooms and 17,000 square feet of multi-function space, and the innovative, people friendly Link@Sheraton Lobby Richfield has proven to be a great partner and hotel operator, and we look forward to building upon our relationship.”

About Shelbourne Falcon Investors
Shelbourne Falcon Investors is a joint venture partnership between Shelbourne Capital (www.shelbournecap.com) of Radnor, Pennsylvania, and Falcon Investors (www.falconinvestors.com) of Harrison, New York.  Shelbourne Falcon Investors specializes in hospitality-sector real estate investments across the United States.

About Richfield Hospitality
Richfield Hospitality, Inc. is a leading hotel management company with a premier track record of maximizing profitability and improving asset values for hotel owners.  Richfield and its affiliates offer proven solutions and expertise to approximately 500 hotels and resorts.  From hotel operations and property management to electronic distribution and interactive marketing, Richfield achieves superior operating results through its strong commitment to owners, guests and associates.  Based in Denver, Richfield is part of City Developments Limited, one of the world’s largest real estate, hotel investment and technology conglomerates with a market capitalization exceeding US$6 billion.  Additional information about Richfield Hospitality may be found at the company’s website, www.richfield.com.