Marshall Management, Inc. Signs Seven Management Contracts; Trish Williams Joins Marshall as Regional VP of Operations for Midwestern Properties.

SALISBURY, Md. -- Marshall Management, Inc., a leading, mid-sized hotel management company, today announced that it has signed seven new management contracts with two separate ownership groups. The new contracts raise to 15 the total number of hotels Marshall Management has been selected to manage year to date in 2004.

Six of the seven hotels are owned by Independent Property Operators of America, LLC (IPOA), a real estate investment group. The seventh property--a Holiday Inn Express currently under construction in Kent, Ohio--is owned by a private investment group and is expected to open in April 2005.

The six-hotel IPOA portfolio includes four Comfort Suites and a Hampton Inn & Suites, all located in northern Indiana, and a Comfort Inn in North Carolina.

"We have a long history and proven track record of operating hotels in the Midwest," said Michael Marshall, president of Marshall Management. "These hotels are well located, and we intend to immediately install our proprietary marketing and management programs to further enhance their profit potential."

The portfolio includes the following seven hotels.

                                                                 # of
Hotel Name                                  Location             Rooms

Comfort Inn Fayetteville                    Fayatteville, NC      120
Comfort Suites Fort Wayne                   Fort Wayne, IN        128
Comfort Suites Lafayette                    Lafayette, IN          62
Comfort Suites Marion                       Marion, IN             62
Comfort Suites South Bend                   South Bend, IN        135
Hampton Inn & Suites Warsaw                 Warsaw, IN             71
Holiday Inn Express Hotel & Suites Kent     Kent, OH               74
                                              Total Rooms:        652

Separately, Marshall Management announced that Trish Williams has joined the company as regional vice president of operations. In her new position, she will be responsible for managing the company's six IOPA properties.

Previously she was Director of Operations for Humphrey Hospitality, Inc., overseeing the IPOA properties.

All of the Comfort Suites feature oversized rooms, with separate areas for work, sleep and relaxing. Also, the hotels have an indoor and/or outdoor swimming pool. The Hampton Inn & Suites offers guests an indoor pool, sauna, courtyard, gas grills, and some suites with fireplaces or Jacuzzis. The Holiday Inn Express Hotel & Suites Kent will feature a health/fitness center, high-speed Internet access and the brand's "Express Start Breakfast Bar."

Marshall Management, founded in 1980, has special expertise in operating three- and four-star branded hotels and resorts, averaging 100 to 400 rooms, in urban and central business districts, suburban/drive-to and resort locations. In addition, the company has a proven track record managing independent resort properties. Located in Salisbury, Md., the company has managed a wide array of leading hotel brands, including Hilton, Sheraton, InterContinental Hotel Group, Choice and Cendant. Additional information about Marshall Management may be found at the company's Web site: www.marshallhotels.com.