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Press Release Source: Doubletree Hotels

Two Legendary Names in Hotels Come Together This Summer to Create The Antlers Hilton Colorado Springs
Tuesday June 22, 6:30 am ET

COLORADO SPRINGS, Colo.--(BUSINESS WIRE)--June 22, 2004--Hilton Hotels & Resorts (NYSE:HLT - News) today announced that the Antlers Adam's Mark Hotel in downtown Colorado Springs will become The Antlers Hilton Colorado Springs in late July. To celebrate the new affiliation with the Hilton Family of Hotels, a $7.5 million hotelwide refurbishment project will commence later this fall and is expected to be completed by the spring of 2005.

The re-branding and renovation of the hotel follow the January 2004 purchase of the facility by MSPA Acquisition II, L.P., a joint venture between Pyramid Advisors LLC and the Morgan Stanley Real Estate Fund. The hotel will be operated by Pyramid Hotel Group, a division of Pyramid Advisors LLC, under a franchise license agreement with Hilton Hotels Corporation.

Larry Vitagliano, vice president -- managing director and co-owner of the hotel, is actually celebrating a "second homecoming." Vitagliano's first homecoming was his return to the Antlers hotel this past March, which he managed from 1989-1995. Today, he celebrates his Hilton return. During his 20-year tenure, most recently as general manager of the 400-room Hilton Seattle Airport and 850-room DoubletreeŽ Hotel Seattle Airport, the Washington State Hotel & Lodging Association recognized Vitagliano for his leadership efforts twice with their annual General Manager of the Year award in 1999 and 2002.

"The Antlers Hotel has a strong tradition of upscale accommodations and quality customer service among the community and our loyal guests," Vitagliano said. "The combination of high standards for both the Antlers and Hilton will further strengthen our abilities to create memorable visits for guests as they experience our superior staff, unique menus and quality accommodations."

The Antlers Hilton Colorado Springs is strategically located in the heart of downtown Colorado Springs at the base of the city's trademark -- Pikes Peak. Not only do guests have spectacular views, but they are also within close proximity to major businesses, shopping districts and local attractions, including Garden of the Gods, Seven Falls and the United States Air Force Academy.

The hotel owners' multi-million-dollar renovation plan, which begins later this year, includes upgrades to all 292 guestrooms and suites, two restaurants and more than 27,000 square feet of conference and public space. In anticipation of the renovation, the entire hotel already has received a technological retrofit with benefits that are now being passed along to current guests. High-speed Internet access is now available in all guest rooms and suites, making it more convenient to stay connected while on the road. Wireless high-speed Internet services (wi-fi) are available in all public spaces through designated "hotspots" in the lobby, restaurants, lounge and pre-function areas.

"Colorado Springs certainly has experienced dynamic growth during the past several years. The Antlers hotel, with its comprehensive facilities for both leisure and business travelers, will reinforce and complement our existing Hilton Family of Hotels presence in the area," said Jeff Diskin, senior vice president -- brand management for Hilton Hotels & Resorts. "The strength of our company's global marketing, sales and technology infrastructure, along with Larry Vitagliano's strong Hilton background, will provide even greater potential to bring additional tourism and convention business to this key region of Colorado."

About Morgan Stanley Real Estate Fund

MSREF is a private real estate investment fund affiliated with and sponsored by Morgan Stanley. Since its inception in 1991, MSREF has acquired over $25 billion in real estate in four domestic and two international funds.

About Pyramid Hotel Group

Pyramid Hotel Group, a subsidiary of Pyramid Advisors LLC, is a U.S. hotel management and development company based in Boston, Mass. The company is manager/owner of 15 hotel properties in the U.S. and has acquired and developed approximately $500 million worth of hotels in the past three years. Pyramid provides property management, asset management and project management services to over 40 facilities, comprising a company portfolio of approximately $1 billion in asset value.

About Hilton Hotels & Resorts

Hilton Hotels & Resorts is the flagship brand of the Hilton Family of Hotels. During the brand's legacy, this upscale, full-service collection of hotels and resorts has grown to include some of the world's most renowned places to stay. Team members at Hilton Hotels & Resorts pride themselves on a passion for delivering a satisfying experience to the most discriminating of travelers and reflect commitment and support to the local culture and community in which they reside. For more information, please visit our website at www.hilton.com.
Contact:

Hilton Brand Communications
Thomas Wingham or Jeanne Datz, 310-205-4545
[email protected]
[email protected]
http://www.hiltonworldwide.com
or
Pyramid Hotels
Larry Vitagliano, 719-955-6201
[email protected]
or
PRACO, Ltd.
Jody Farrar, 719-473-0704
[email protected]


Source: Doubletree Hotels