February 25, 2008

Ron Jacobsen
Vice-President
The Generation Companies
Rjacobsen@generationcompanies.com
919.361.9000 (ext. 230)

David Smith
General Manager
Candlewood Suites-Miramar Beach/Destin
Dsmith@generationcompanies.com
850.376.6277

(RESEARCH TRIANGLE PARK, NC) On March 4, 2008, The Generation Companies LLC (Generation) will open The Candlewood Suites-Miramar Beach/Destin, a 75-suite mid-price extended-stay hotel at 11396 Highway 98 West. Generation is a Research Triangle Park, North Carolina owner, developer, asset manager and operator of extended-stay hotels in Florida, North Carolina, Tennessee and Virginia. The project, started in the fall of 2007, is opening on schedule and in time for the busy spring break season.

"We are delighted to bring such a quality extended-stay product and brand to the Destin area," said Generation President & CEO, H. Mark Daley, III. "We are confident leisure and military guests will love this concept as much as the business traveler does. Add to this mix Generation's award-winning service culture and there will be many happy guests at this hotel."

The Candlewood provides a unique amenity package including free wireless and wired Internet service; an oversized desk and executive chair; recliner; bulletin board; and fully-equipped kitchen, with everything from a standard refrigerator and dishwasher to a range and complete set of utensils. All suites have at least one 32-inch LCD television with DVD player. The Candlewood also boasts a complete exercise room, business center, free washers and dryers, free local calls, a complimentary video and CD library, and the Candlewood Cupboard, a 24-hour honor system pantry.

"The Candlewood/Destin team is thrilled about the opportunity to welcome business, military, and tourist guests," said David Smith, General Manager. "We look forward to a great grand opening in March and a successful kick-off to the summer season." For reservations call the hotel directly at 850.337.3770 or visit www.candlewoodsuites.com.

The Generation Companies is a Research Triangle Park, North Carolina-based real estate developer, asset manager and operator of extended-stay hotels in North Carolina, Virginia, Florida and Tennessee. Generation has more than 2400 hotel rooms and $200 million in real estate assets under management, and employs over 300 associates at 23 properties, with more under construction. Generation is actively seeking new acquisition and development opportunities in the extended stay segment.

For more about Generation, visit www.generationcompanies.com.