Dan Lasik Appointed to Head Ernst & Young's National Hospitality & Leisure Sector Practice.

Business Editors

NEW YORK--(BUSINESS WIRE)--July 3, 2003

Ernst & Young LLP announced the appointment of Dan Lasik as National Director of Hospitality & Leisure Services in the Americas.

Based in McLean, VA, Mr. Lasik has over 17 years of experience in the real estate and hospitality industry, and has been actively involved in the hospitality sector. Prior to joining Ernst & Young (E&Y) in 2002, he was an audit partner with Arthur Andersen where he held audit responsibility for Marriott International. Prior to 1995, he worked exclusively in the real estate sector doing extensive audit and due diligence work with REITs and REIT IPOs.

"With the recent global realignment of our profession and the firms that now lead the industry, Ernst & Young has emerged as a dominant provider of services to the hospitality sector. Our firm currently has the largest hospitality practice in the world, and we audit 50 percent of the hotel rooms around the globe. The appointment of a highly respected industry veteran like Dan Lasik to head that practice is reaffirmation of our commitment to provide quality and thoughtful leadership to all levels of the hospitality industry," said Dale Anne Reiss, E&Y's Global Industry Leader for Real Estate, Hospitality and Construction.

As National Director of Hospitality, Mr. Lasik is responsible for uniting E&Y's Hospitality Audit and Assurance Services with their Hospitality Advisory Services, headed by National Director Michael Fishbin. Hospitality Advisory Services provides a wide spectrum of services to investors, developers, and lenders, as well as operators in the hospitality and leisure sector.

Mr. Lasik holds a BS in accounting from Virginia Polytechnic Institute & State University, in addition to being a Certified Public Accountant. He can also be found on the lecture circuit as a speaker for the Continuing Professional Education Series of the Virginia Society of CPAs. He rounds out his experience with community involvement. He has received the March of Dimes Outstanding Service Award and the Boy Scouts of America Public Service Award.

About the Ernst & Young Real Estate Practice

Ernst & Young has the largest integrated real estate services practice of the Big Four firms, with 3,500 professionals around the world providing audit, tax, and advisory services to real estate owners, developers, lenders and users -- including many major REITs, homebuilders and Fortune 500 corporations. Ernst & Young's approach combines entrepreneurial understanding and knowledge of real estate issues with broad professional experience, and global resources.

Discover more about Ernst & Young's real estate practice: Real Estate Advisory Services at www.ey.com/us/reas; Real Estate, Hospitality & Construction, Accounting and Tax Services at www.ey.com/us/realestate.

Ernst & Young

Ernst & Young, a global leader in professional services, is committed to restoring the public's trust in professional services firms and in the quality of financial reporting. Its 106,000 people in more than 140 countries around the globe pursue the highest levels of integrity, quality, and professionalism to provide clients with solutions based on financial, transactional, and risk-management knowledge in Ernst & Young's core services of audit, tax, and corporate finance. Ernst & Young practices also provide legal services in those parts of the world where permitted. Further information about Ernst & Young and its approach to a variety of business issues can be found at www.ey.com/perspectives. Ernst & Young refers to all the members of the global Ernst & Young organization.

Note to Editors: Photo available upon request.