Four Points by Sheraton, Santa Monica, Completes First Phase of $11 Million Renovation; Classic Santa Monica Hotel Redesigns Guestrooms; Full Renovation Complete in Summer 2004.

Business Editors/Travel Writers

SANTA MONICA, Calif.--(BUSINESS WIRE)--March 30, 2004

The Four Points by Sheraton, Santa Monica, has completed the first phase of its major $11 million renovation with the debut of 314 redesigned guestrooms. Under the management of the KOR Hotel Group, the hotel will complete additional lobby, restaurant, pool and roof-top ballroom renovations by Summer 2004, upgrading the property from a three-star Four Points Brand to a full-service, luxury four-star Sheraton hotel.

Using a palette of dark tobacco gray with hints of Tibetan blue, the guestrooms now feature custom fabrics and furnishings that provide a sophisticated resort atmosphere, ideal for business and vacation travelers alike. Woven textural fabrics adorn the furniture, while the walls feature a mixture of designs and fabrics, including Madagascar grass cloth and a collection of vintage shell prints. Comfort and convenience were paramount in the renovation and are evidenced by the inclusion of "Sheraton Sweet Sleeper" beds, high-speed Internet access, flat-screen televisions and digital safes in each guestroom.

"We have already received great response from business and leisure travelers who are pleasantly surprised by our guestroom redesign and upgrades," said General Manager Michael D'Amodio. "Once the renovations are complete throughout the hotel, we will certainly be one of Santa Monica's leading hotels, with one-of-a-kind accommodations, a destination dining restaurant and unique atmosphere that will make for memorable events and relaxing retreats."

Destined to become a gathering place for hotel guests and local residents alike, the hotel lobby, lounge and restaurant areas will undergo renovations beginning this April.

A new bar, poolside cabanas and tropical landscaping will reinforce the relaxed beach atmosphere of Santa Monica.

The Penthouse Ballroom will also undergo significant upgrades to increase meeting and event space and further enhance its sweeping ocean and coastline views. The Ballroom, located on the 10th floor of the hotel, is the only one of its kind in Santa Monica.

The hotel is ideally located near all of Los Angeles' major attractions, and is the perfect choice for business or leisure travelers looking for comfort and convenience. The hotel's 314 spacious guestrooms offer spectacular views of the ocean and mountains that frame the Santa Monica area. Guests are just steps away from the beach, bike and skate paths; Santa Monica Place; Third Street Promenade; and the Santa Monica Pier; and minutes away from LAX, UCLA, Disneyland, Beverly Hills and Hollywood. With Windows Restaurant, a lobby lounge and eight meeting rooms spanning 325 to 4,700 square feet, the hotel is a superb setting for business and social gatherings. Complimentary self-parking, outdoor heated pools, room service and a fitness facility add more comfort and convenience.

The KOR Group is a privately held real estate development and management firm with investments primarily in hotels and multi-family real estate. KOR Hotel Group, the hospitality division of KOR, holds a diverse property portfolio and manages both its own assets and non-owned hotels under third-party management contracts. KOR Hotel Group's properties include Avalon Hotel and Maison 140 in Beverly Hills; Viceroy Santa Monica and Palm Springs; and KOR's newest all-suite property, Chamberlain, which will open in West Hollywood in 2004.

For further information, please contact Victoria King Public Relations, Inc., 12381 Wilshire Blvd., Suite 203, Los Angeles, CA 90025, Telephone: [phone], Facsimile: 310-207-5525, E-mail: [e-mail].