LBA Adds Eight Hotels to Portfolio with PHD Hotels' Sale to Apple

Growth fuels LBA headquarters management restructuring

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. October 14, 2008

DOTHAN, AL, September 6, 2006. Apple Hospitality has awarded the management contracts of eight Hilton-branded hotels to LBA Properties, Inc., following the acquisition of the hotels from PHD Hotels, formerly The Hotel Group.

This move - consistent with LBA's focus on growing its management portfolio, which it launched last year with the company's sale of 19 hotels to Apple REIT Six, Inc. - brings the company's total management portfolio to 40 hotels in the southeastern U.S.

Of the eight new LBA-managed hotels, seven - spanning the Hilton Garden Inn, Homewood Suites and Hampton Inn brands - are located in Ala. and Miss. The eighth, a Hilton Garden Inn in Macon, Ga., will open in 2007.

"We are excited to have the opportunity to become associated with these superior properties," said Barry Kraselsky, president of LBA Properties. "They are located in markets we understand, with all in our geographic area and several in markets where we have a presence."

He added, "The principals of PHD, Tom Hunt and Howard Porter, have a stellar reputation with Hilton, and have built an operational culture closely aligned with ours and Apple's core values."

LBA Properties' solid reputation as a superior development and management company is also well established; Marriott International, Inc., has three times presented LBA with its highest franchisee honor, the Partnership Circle Award; and, this year, named LBA its sole Community Service Award recipient among all select-service and extended-stay franchise companies, based on LBA's system-wide LBA C.A.R.E.S. program.

LBA has responded to its accelerated growth by restructuring its executive management team. Kraselsky, formerly president and C.O.O., will remain president, focusing on the company's continuing strategic direction and development opportunities. Beau Benton, formerly executive vice president and CFO, is now C.O.O., responsible for day-to-day operations. Other key executives include Farrah Adams, vice president of operational support; Terrell Hodnett, vice president of systems and financial reporting; Justin Shelton, vice president of operations; and Teresa Stowell, vice president of sales, marketing and revenue management.