New York, NY (March 31, 2006) - The Navnish Group announced today the acquisition of the Hilton Hotel Sunrise/Ft. Lauderdale, located in Sunrise, Florida.  

The hotel, acquired at a significant discount to replacement cost, will operate under the name "Las Palmas Hotel & Suites" until it is repositioned as a Holiday Inn & Suites following a significant renovation to public spaces and guest rooms.   As a part of the renovation, 57 rooms will be brought back online, bringing the hotel's total room count to 297 rooms.

The hotel features 87 suites, meeting space, business center, fitness area the Sunrise Café and Lobby Bar, an outdoor swimming pool and sundeck.   Situated in metro Fort Lauderdale, the Hilton Hotel Sunrise/Ft. Lauderdale is poised to take advantage of the area's continued growth.   Motorola, American Express and DHL are among the leading local companies which drive existing demand.   Major upscale commercial development underway in Sunrise includes Metropica, a Class A mixed used development with office, residential and retail components, Lake Shore Plaza, a Class A office development and The Colonnade, an upscale outdoor retail center attached to the Sawgrass Mills Mall, which includes such internationally known names as Barneys New York, Escada, David Yurman and St. John.

"This property is ideally positioned in the market and will benefit from the area's strong tourism and diverse corporate operations," said Sheenal Patel, a Principal of Navnish.   "We will service our diverse guests with what we believe, after renovation, will be a leading hotel for the area."

"Located in the vibrant Sunrise market, which has experienced a marked upward trend in both demand and rate , the Hilton Hotel Sunrise was a unique acquisition opportunity" commented Vamsi Bonthala, a principal of Navnish.   "We are very pleased to enhance our growing portfolio of hotels with this property."

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.