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New Senior Vice President of Development to Position Lane Hospitality for Future Growth

Press Release: Lane Hospitality
May 18, 2004
NORTHBROOK, IL -- Appointed just last week, David Merritt, Lane Hospitality's new Senior Vice President of Development, is already identifying prospects for acquisition and development to position Lane for the next phase of its growth. The Northbrook, Ill.-based hospitality company owns and manages hotels, resorts and time-share properties.

"Lane Hospitality is a well-capitalized organization with talented people and resources," said Merritt. "In addition, our parent company, Lane Industries, an active seller of businesses in previous years, is now prepared to reallocate those funds to focus on acquiring and repositioning full-service hotels and selectively developing new properties.

"I am confident that the company's desire to deploy significant equity in the acquisition of higher end mid-market and major branded full-service hotels and portfolios throughout the U.S. will prove successful in the current hospitality investment climate," Merritt concluded.

Merritt, 41 and a 20-year veteran of the hospitality industry, will oversee all aspects of property, site selection and due diligence for the company's investment opportunities and portfolio purchases. Since 1985, he has held senior level development-related positions with such notable firms as Interstate Hotels Corporation, FFC Hospitality, Westmont Hospitality and Red Roof Inns. During his career, he has developed and/or acquired over 40 hotels, both limited- and full-service, in the U.S. and Canada.

Merritt is a graduate of Cornell University's School of Hotel Administration. He remains active with the Cornell Society of Hotelmen and interviews perspective high school seniors on its behalf. He resides in Chicago with his wife, Helen, and their two children.

According to Bill DeForrest, Lane Hospitality's President and CEO, "Dave is a seasoned and ambitious professional, who brings proven ability and an excellent working relationship with institutional investors and entrepreneurial ownership groups. This is a key position and I am confident that he is the right person to bolster our initiatives for future development and growth."

Formed by the Lane family in 1986, Lane Hospitality (www.lanehospitality.com) currently has 21 properties and 4,500 guestrooms in its portfolio and works with such brands as Hilton, Marriott, Intercontinental Hotels Group, Radisson and AmeriSuites. Lane's focus is on the guest and the company challenges its associates to strive for those service deliveries that will best enhance the overall guest experience. Regional offices are located in Chicago, Ill., Houston, Texas, and Newport News, Va. Hotel Business rated Lane Hospitality one of the fastest growing management companies in the U.S.; Hotels magazine selected Lane one of the leading companies to watch in the hotel management industry, and National Real Estate Investor repeatedly ranks Lane among the nation's top management companies. To contact Merritt directly, call 847-291-5740 or email dmerritt@lanehospitality.com.

     Contacts:  Leora Lanz or Barbara Wiener, 
                HVS Marketing Communications
                516-248-8828, x278 or 404-638-6648
                llanz@hvsinternational.com; 
                bwiener@hvsinternational.com

Source: Lane Hospitality