New Hotels at Hampton Power Plant

January 26, 2006

The Cordish Company announced that LTD Management Company will develop a Hilton Garden Inn and a SpringHill Suites Marriott at the Power Plant of Hampton Roads on the south side of Power Plant Parkway opposite of Lowe's Home Improvement. These hotels represent the latest component of the successful retail and entertainment development located within the Coliseum Central district of the city.

Hilton Garden Inn will feature approximately 145 rooms with internet access in every room, an indoor pool, fitness facilities and an on-site restaurant. SpringHill Suites Marriott will have approximately 125 suites complete with internet access, an indoor pool as well as fitness facilities. Both hotels are expected to open in the fall of 2007.

LTD Management Company, LLC is an award winning hotel development and management company located in Chesapeake, VA. LTD owns and manages 18 properties throughout the Mid-Atlantic and includes prominent brands such as Westin, Sheraton, Hilton Garden Inn, Hampton Inn, Marriott select service brands and Holiday Inn brands. "We are excited to be a part of the revitalization of Hampton", said Malay Thakkar, of LTD Management Company, LLC. "These two new hotels fit our long term goal of developing first class hotels in growing markets."

The Power Plant of Hampton Roads was developed by The Cordish Company of Baltimore, MD. The lifestyle, retail entertainment center features a variety of leading national restaurants, entertainment, retail shopping and is anchored by Bass Pro Shops, the first and only location in the state of Virginia. "These two quality hotels are an excellent compliment to the very successful Power Plant of Hampton Roads and solidifies The Power Plant as a true regional destination," said Reed Cordish, Vice President, The Cordish Company. "The Power Plant is close to complete and we will be making another major announcement in the next few weeks."

"It is exciting to see The Power Plant development continue to impact Hampton's tourism industry," said Hampton Convention & Visitor Bureau Executive Director, Sallie Grant-DiVenuti. The additional 270 rooms will increase Hampton's ability to host large convention delegations at the newly-opened Hampton Roads Convention Center.

Todd Wellbrock, Hampton Tourism Advisory Council chairman and Courtyard by Marriott general manager, agrees. "These properties bring new, nationally-recognized hotel flags to Hampton within close proximity of the Hampton Roads Convention Center. We anticipate the Power Plant and the Convention Center will continue to draw upscale, full-service hotels to the Coliseum Central area."

"The addition of two new hotels in the Coliseum Central area, which is Hampton's economic hub, is another indication that Coliseum Central is undergoing significant positive change," said Mayor Ross A. Kearney, II. The City adopted a Master Plan for Coliseum Central in September 2004 and many of the changes identified in the Master Plan are already evident, including hotel, retail, residential and office development. Within this district alone, over $1.5 billion in investment is completed or planned between 2003 and 2008. LTD's private investment in the two hotels will be over $30 million and the tax revenue generated by this development is expected to exceed $700,000 per year.

The Cordish Company is one of the leading real estate development companies in the United States, with an emphasis on entertainment districts and concepts. In particular, the company has unparalleled experience in creating and revitalizing high-profile destinations in urban core locations. Many of the Cordish Company's projects involve public/private partnerships and are of unique significance to the cities in which they are located. Prime examples are the company's prominent role in the redevelopment of Baltimore's world-famous Inner Harbor; Charleston, SC; Houston, TX; Louisville, KY; Landover, MD; Tampa and Hollywood, FL.

The Cordish Company has received the highest possible national awards in its various areas of expertise. In real estate, the Cordish Company has received an unprecedented six Urban Land Institute Awards of Excellence.