August 20, 2007

(RTP, NC)   Approximately 250 guests celebrated the grand opening of the Staybridge Suites/Memphis, a property owned and managed by The Generation Companies, an RTP-based real estate developer, asset manager and operator of extended stay hotels. Attendees enjoyed remarks by a number of hotel dignitaries including General Manager Jason Harris; H. Mark Daley III, president of The Generation Companies; and Rob Radomski, vice-president of the Staybridge Brand for IHG (Intercontinental Hotels Group).

The hotel, formerly a Hawthorne Suites and bought by Generation in 2006, recently completed a renovation of more than $3 million, converting it to a Staybridge Suites. Generation's second Staybridge is currently under construction in Jacksonville, Florida."With our complete renovation and re-branding of this hotel we are now excited to offer the nicest extended-stay accommodations and the first Staybridge Suites hotel in the Memphis metro area," commented H. Mark Daley III, Generation president. "This, combined with our unsurpassed extended-stay operating experience and great staff in Memphis, is already causing this property to sell out of inventory on a regular basis."

The Staybridge Suites/Memphis boasts 114 rooms with both deluxe studio and one-bedroom suites. All suites feature spacious, fully-equipped kitchens; in-room DVD/CD players; and functional, well-lit work stations with ergonomic seating, data ports, two-line speaker phone with voice mail, and free access to high-speed Internet. Unique amenities include a complimentary guest laundry and workout facilities, deluxe complimentary daily breakfast buffet, a 24-hour convenience store and business services center. In addition, guests will enjoy gathering in the hotel's Great Room for evening "Sundowner" receptions three days a week for refreshments, light appetizers and conversation.

Staybridge Suites is brand under the InterContinental Hotels Group (IHG) umbrella, which includes Candlewood Suites, Holiday Inn, Holiday Inn Express, Crowne Plaza, InterContinental Hotels & Resorts, and Hotel Indigo. IHG is the world's largest hotel group by room count, with more than half a million rooms in 100 countries. Ten of Generation's 23 properties are a part of the IHG system.

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.