ExecuStay will provide 130 studio and one-bedroom corporate apartments in the new 150-unit building through a 15-year lease agreement with building owner Pine-Equity N.Y., Inc. The remaining 20 units -- two-bedroom condominiums -- will be marketed by Pine-Equity for sale.  Building services will include a doorman, concierge, business center and fitness center. ExecuStay is the exclusive corporate housing provider for Pine-Equity's New York holdings.

Gary Abrahams, president and chief executive officer of ExecuStay by Marriott, said, ``ExecuStay typically provides corporate apartments through long-term lease agreements with existing residential communities, allowing travelers to be where they need to be in any given market. In high-density, centralized urban markets such as Manhattan, however, consolidation makes sense for the traveler and for us.''

Abrahams said that, while the Manhattan project at 37th and 3rd represents the first ground-up building for ExecuStay, the company had begun consolidating in other high-density markets such as Chicago, Philadelphia and the Washington, D.C. area; and that it would continue looking at other similar opportunities.
ExecuStay, which was co-founded by Abrahams in 1986 and acquired by Marriott International, Inc., in 1999, provides approximately 7,500 fully furnished and accessorized corporate apartments in the U.S., Canada and the U.K. for business travelers who require stays of 30 days or more.  Insurance Housing Solutions, a division of ExecuStay, specializes in providing temporary housing to the insurance industry in the event of natural disasters, house fires and other home-displacing situations.

Pine-Equity, N.Y., Inc., is a multinational real estate holding, development, management, and leasing company with principal offices in New York and Israel. Prior to this consolidated project with ExecuStay, the corporate leasing side of the company has focused on acquiring selected luxury rental apartments primarily in Manhattan. Currently, Pine-Equity's real estate portfolio includes over 800 properties in New York City, 500 of which are under a long-term master lease agreement with ExecuStay. Pine-Equity, N.Y. is
expanding its apartment portfolio through aggressive acquisition efforts in selected cities across the U.S. and Europe. 

MARRIOTT INTERNATIONAL, INC. (NYSE: MAR) is a leading worldwide hospitality company with over 2,300 operating units in the United States and 59 other countries and territories. Marriott Lodging operates and franchises hotels under the Marriott, JW Marriott, Renaissance, Residence Inn, Courtyard, TownePlace Suites, Fairfield Inn, SpringHill Suites and Ramada International brand names; develops and operates vacation ownership resorts under the Marriott, Ritz-Carlton and Horizons brands; operates Marriott Executive Apartments; provides furnished corporate housing through its ExecuStay by Marriott division; and operates conference centers.