Austin City Council Approves $4.3 Million Fee Waiver Package Towards the Construction of the Marriott Marquis Convention Hotel

MERRILLVILLE, Ind., July 1, 2011 /PRNewswire/ — White Lodging Services
Corporation announced today after Austin city council approval of a $4.3 million
fee waiver package that it will build a 1,003-room, 26-story Marriott Marquis in
downtown Austin. With the project equity commitment already secured through
internal sources and with the support of the city, the largest hotel in Austin
will be developed and managed by White Lodging and owned by White Lodging
affiliates. Construction is set to begin June 1, 2012 and the Marriott Marquis
is scheduled to open in January 2015.

Located in the heart of downtown on Congress Avenue between 2nd and 3rd Streets,
the Marriot Marquis is two blocks from the Austin Convention Center and poised
to take the City of Austin to a new level in the national convention and meeting
market. Plans for the hotel include 104,000 square feet of flexible meeting,
banquet and exhibition space, multiple food and beverage venues, 374 underground
parking spaces, and a 4,500 square foot fitness center.

“We believe this project will make a very positive statement for the City in the
eyes of national meeting planners and, in turn, will induce more incremental
group business to downtown Austin,” said Deno Yiankes, White Lodging’s President
and CEO of Investments & Development. “In today’s environment, a project of this
scale will not get completed without the required cash equity in place and
thankfully, our owners have committed the internal funds to get this project
built.”

A boost to Austin’s economy, construction of the hotel over the next three years
will generate over 500 full time construction jobs. Once completed, it is
estimated that the property will employ over 700 permanent employees pushing
White Lodging’s total number of employees in greater Austin to over 1,300.

Already the largest hotelier in the City, White Lodging’s managed portfolio in
Austin will grow to 22 properties with over 4,200 guestrooms with the opening of
the Marriott Marquis. The company’s other Austin properties include Courtyard by
Marriott, Fairfield Inn and Suites by Marriott, Hilton Garden Inn, Holiday Inn,
Marriott Hotel, Hyatt Summerfield Suites, Residence Inn by Marriott, SpringHill
Suites by Marriott, and Westin Hotel brands. Most recently, White Lodging opened
the 340-unit Westin Hotel @ The Domain in March, 2010 and anticipates breaking
ground on the 296-unit Hyatt Place hotel located at 3rd Street and San Jacinto
in August of this year.

Marriott Hotels & Resorts is Marriott International’s original and most widely
distributed, iconic brand with 500 hotels and resorts in 60 countries. Upon
opening, the Marriott Marquis Austin Convention Center will be one of only five
Marriott Marquis properties in the country (Atlanta, Miami, New York City, San
Francisco, and Washington, DC).

White Lodging Services Corporation was established in 1985 and is headquartered
in Merrillville, Indiana. White Lodging is a fully integrated hotel ownership,
development, and operations company – a recognized leader that has defined and
cultivated the ability to achieve consistent, sustainable growth among mid- to
large-scale hotels across the country. Their current portfolio consists of over
155 hotels in 18 states and encompasses representation of the following leading
brands: Marriott International, Inc., Hilton Worldwide, Hyatt Global, Starwood
Hotels and Resorts, InterContinental Hotel Group, and Carlson Hotels Worldwide.

www.whitelodging.com

SOURCE White Lodging Services Corporation