In commenting on the Toronto market, John E. Danneberg, president and chief executive officer, stated: "Sales and profitability performance so far this year have been stellar. Our research has shown strong demand and significant revenue potential for BridgeStreet's first-class product in these new markets. This expansion capitalizes on our reputation for serving corporate travelers in superior fashion and should extend our success in Canada." BridgeStreet acquired Toronto-based Global Travel Apartments (BridgeStreet-Canada), one of Canada's largest corporate-lodging companies, last March and recently culminated a coast-to-coast expansion in the U.S. Earlier this year it purchased a leading provider of corporate apartments in London, England.

BridgeStreet offers upscale, fully furnished apartments, townhouses and condominiums primarily for business travelers and relocating corporate executives who need lodging for one night up to several months or more. A typical unit is considerably larger and its cost per night considerably lower than traditional and extended-stay hotels. The company's diverse customer base centers on Fortune 2000 corporations, professional firms and travel-wise individuals.

BridgeStreet's toll-free number is 1-800-B-STREET for calls from the U.S. or Canada. The company intends to add toll-free reservation service in selected European countries in the near future.

This release contains forward-looking statements, which involve risks and uncertainties. The company's actual results may differ significantly from results discussed in the forward-looking statements due to a number of important factors, including, but not limited to, the company's planned rapid expansion, risks related to acquisition financing, dependence on third parties, market acceptance of the company's brand name, and factors affecting travel. These factors are more fully discussed in the company's Registration Statement on Form S-4 filed with the Securities and Exchange Commission (File No. 333-39187).