His background includes marketing, operations and development positions with the Sheraton Corporation and Hawthorn Suites. He served as Vice President of Marketing at Ramada. As Executive VP at Travelodge, he oversaw the entire franchising effort and served as President of Forte Hoteles Sud America, the South American affiliate. Most recently, Mr. Plank was president of Country Hearth Inns. Mr. Plank is active in the hotel industry serving as immediate past chairman of the Council of Inns Suites and as a member of the Governmental Affairs Committee of the American Hotel and Motel Association.

Commenting on Mr. Plank's appointment, Mr. Krischer said: "I am extremely excited by Greg's arrival at Suburban Lodges. He is one of the most respected and well-known hospitality industry leaders. In light of our strategy to become a more aggressive franchisor, Greg is an extraordinary addition to our team as we establish our two brands as preeminent in their particular industry niches."

In accepting the appointment, Mr. Plank said: "To say this is a great opportunity is an understatement. Ultimately, success in the hospitality business comes down to a combination of good product and good people. Suburban Lodges has both. David and his team have been very focused on expanding the Suburban Lodge brand and the numbers prove it. The acquisition of GuestHouse International brings a different kind of product with an equally strong team. Both brands are poised for aggressive expansion and that is what we are going to do."

Suburban Lodges develops and franchises Suburban Lodge hotels, the largest economy extended-stay hotel brand in the nation, featuring weekly rates starting at under $200 per week, at most hotels. Suburban Lodge hotels are designed to appeal to value conscious guests who wish to obtain clean, comfortable and affordable accommodations when traveling for periods of a week or more. The hotels are perfect for extended stay guests during relocation, temporary work assignments, and business or leisure travel. Each guestroom includes a fully equipped kitchen and all of the amenities necessary for a comfortable extended stay.

Suburban Lodges also franchises GuestHouse International hotels, a diverse group of well-maintained, newly constructed, or recently renovated hotels and inns. GuestHouse International properties adhere to high quality standards for cleanliness, safety and service, and include many two and three diamond AAA rated hotels.

The statements in this release that relate to future plans, expectations, events, performance and the like are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1934. Actual results or events could differ materially from those described in the forward-looking statements due to a variety of factors, including economic conditions, development efficiencies, zoning delays, adverse weather conditions, occupancy and performance, and other risks described in the Company's filings with the Securities and Exchange Commission.