n e w s

November 2, 2004

SUMMARY

• Songy Partners Ltd expands, opening a new division: Songy Hospitality Partners, LLC;
• Songy Partners just purchased their third hotel: the Wyndham Vinings hotel in Atlanta;
• Investment capital for this property was provided by the Songy Real Estate Fund I, in partnership with N.Y.-based Angelo Gordon Equity Partners.

WYNDHAM VININGS HOTEL, ATLANTA, GA

Vinings Windham

• Songy closed on property October 31, 2004;
• Funding over $3 million in new equity in the project;
• Bringing in Angelo Gordon of Equity Partners of New York as a partner;
• Merrill Lynch is placing the Bond credit enhancement facility;
• To operate as Wyndham franchise for the next 3 years instead of corporate;
• Songy has selected TVS Architects to rehab lobby, lounge, restaurant corridors and most of the rooms;
• Will ultimately change operations management from Wyndham to Dallas based Aimbridge Hospitality.

FUTURE PROJECTS

• Songy is negotiating on projects in Tennessee and Indiana. Details to come.

HILTON GARDEN INN, DALLAS, TX

• In February 2004, Songy opened Hilton Garden Inn in Dallas, TX;
• Crestline of McLean, VA, is managing the property;
• 240 rooms across from Dallas Market Center, 3 miles from Love Field.

MARRIOTT RESIDENCE INN, MIDTOWN ATLANTA

Atlanta MRI

• In October 2000, Songy entered hospitality with purchase of vacant 7-story office bldg.;
• Converted into 160-room Residence Inn, opened December 2001;
• Directly across from High Museum, adjacent to The Peachtree and Earthlink HQ.

Songy Partners Limited is a commercial real estate firm based in Atlanta, with company offices and projects in Atlanta, Dallas, Houston, Miami, Boca Raton, Jacksonville, Tampa, Fort Myers, Knoxville, Oakland, Lafayette and Mexico City. 404.995.8170

From left to right: David Songy, Richard Patton, Todd Nocerini, Ben Brunt