New York, NY (August 31, 2006) - The Navnish Group announced today that it has acquired two Park City, Utah hotel properties, the Hampton Inn & Suites and the Holiday Inn Express & Suites.  

Navnish selected the two properties in Park City based on the area's growing economy, the hotels' excellent physical condition and perceived performance upside. Originally built around three major ski resorts, Park City, Deer Valley and The Canyons, Park City is a fashionable year-round destination. It attracts more than 1.6 million skiers each year, served as one of the major venues for the 2002 Winter Olympics and hosts the world-renowned Sundance Film Festival every January.  

"We are very pleased to add these two excellent properties to our portfolio. Navnish believes that the hotels' position within a growing segment of the Park City lodging market, combined with effective management, will lead to enhanced performance and a successful investment," commented Vamsi Bonthala, a Principal of Navnish.

"Navnish plans to move forward decisively with our strategy of improving the quality of guest experiences and repositioning the hotels," said Sheenal Patel, another Principal of Navnish.

Headed by individuals with varied experience in real estate and hospitality, Navnish owns, develops and operates full-service and limited-service hotels throughout the United States. Navnish is devoted to providing an optimal guest experience at its hotels while creating value and superior returns through a strategic focus on investing, hands-on approach to management and its principals' unique combination of skills.   Earlier this year, Navnish successfully acquired the Hilton Hotel located in Sunrise, Florida, a suburb of Ft. Lauderdale, from Leisure Colony Management LLC.