DeLapp�s promotion from Managing Director to President and CEO became effective with the acquisition of Homestead Studio Suites Hotels by an affiliate of The Blackstone Group on November 20.  In his new role, DeLapp will be responsible for managing all aspects of the company�s 112 extended-stay hotels located in 28 states.

�Despite today�s difficult operating environment, we are excited about the acquisition of Homestead,� said Jonathan D. Gray, Senior Managing Director of Blackstone.  �We have confidence in the quality of the company�s assets, the strength of its management team, led by Gary DeLapp, and the excellent price/ value proposition that Homestead offers its customers.�

DeLapp joined Homestead in February 1996 and was named Vice President in the operations group in May 1996 and Senior Vice President in December of that year.  Most recently DeLapp held the position of Managing Director with responsibility for daily operations.  Prior to his arrival at Homestead, DeLapp was a partner and Senior Vice President of Vista Host, an independent hotel management company based in Houston, Texas.  He is a graduate of Florida State University.

�With their lodging experience, we feel fortunate to have been acquired by a company such as Blackstone,� said DeLapp. �Their investment in Homestead is a positive indicator of their commitment to our continued success in the extended-stay market.�

F. Joseph Rogers was promoted to CFO also on November 20, assuming responsibility for the finance organization in addition to the accounting and reporting functions.  Rogers joined Homestead in August 1996 as Vice President, and served most recently as Controller.  Prior to this, he was Vice President of Security Capital Group Incorporated from 1992 to 1996.  Rogers began his career as a senior manager with KPMG Peat Marwick and holds a B.B.A. in Accounting from the University of Oklahoma.  He is a Certified Public Accountant in the state of Texas.

BRE/Homestead Village L.L.C., based in Atlanta, is an owner and operator of more than 100 extended-stay hotels in 28 states under the Homestead Studio Suites brand. Homestead provides a quality lodging experience for the growing ranks of travelers needing lodging for three nights or more.  Each studio suite features a fully equipped kitchen, work area with computer dataport, free local calls and voicemail that can be personalized.