June 24 , 2007

(RESEARCH TRIANGLE PARK, NC)   The Generation Companies LLC (Generation), a Research Triangle Park-based real estate developer, owner, asset manager and operator of extended stay hotels, recently announced that Jeff Castleberry has joined its Corporate Service Center staff in the newly formed position of Director, Acquisitions and Development. A licensed NC real estate broker from Raleigh with more than 20 years of real estate experience, Castleberry was a Senior Vice-President in commercial real estate at Wachovia before launching the mortgage banking firm Renaissance Capital in 1998. His duties at Generation include product analysis and asset management strategy, identifying strategic markets and targeted hotels, active contact and negotiations with owners and the brokerage community, investor and lender packages and presentations, and completing due diligence and overseeing the closing of acquisitions.

“Jeff’s values, background and tremendous amount of experience and knowledge in the real estate and finance areas make him a great fit for Generation,” said H. Mark Daley III, Generation President. “We’ve never had someone dedicated full-time to building and maintaining our acquisition pipeline.  Now, we’re investing in Generation’s future by having a professional dedicated full-time to proactively identifying these opportunities–and with the experience, time and energy to follow up on multi-property and single asset extended stay hotel acquisitions.”

“This is a growth company with extraordinary leadership, an entrepreneurial spirit, and a great product line,” Castleberry pointed out. “When you combine the outstanding track record of Generation, the company’s access to capital, and the resiliency of the extended stay segment, I have a great opportunity to assist Mark and the team in taking the company to the next level of growth.”

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 2700 hotel rooms and $200 million in real estate assets under management, and employs over 350 associates at 23 properties. Generation is actively seeking new acquisition and development opportunities in the extended stay segment. For more about Generation, visit www.generationcompanies.com. To contact Jeff Castleberry, email jcastleberry@generationcompanies.com or call 919.313.7224.