Innvest Hotel Brokers, LLC One Linden Place, Suite 311 Great Neck, New York 11021 Tel: 516-482-2444 Fax: 516-482-2529

April 25, 2005 For Immediate Release Contact: Deirdre (Murphy) Ventura Photo Available on Request

Innvest Hotel Brokers Sells Boutique Hotel in New York, NY

Great Neck, NY – Deirdre (Murphy) Ventura, CHB President of Innvest Hotel Brokers announced today that the firm sold the 22-unit 414 Hotel, located at 414 West 46 Street in New York, NY, which traded for an undisclosed price. The Buyer, a regional operator with other interests in the metropolitan New York City market. Deirdre (Murphy) Ventura, CHB and Julie Chan, Broker, handled the transaction.

414 Hotel — independent, limited-service, newly renovated, interior-corridor, non-union, 22-unit property — was built approximately in 1910 as a residential dwelling. The property is located on West 46 Street between Ninth and Tenth Avenues, one block from Restaurant Row and walking distance to Times Square. The Hotel is comprised of front and rear buildings, which are separated by an outdoor garden.

According to Murphy, "Innvest accepted the listing and, prepared the property for market with a complete due-diligence package, exposed the property to our market of pre-qualified buyers for only two weeks, and then presented several offers to the seller."

According to the Seller, 414 Inn, LLC, "Innvest Hotel Brokers' commitment to get the job done was demonstrated from the high-quality marketing package, providing maximum exposure during the marketing process, and to pre-qualifying buyers. Due to the experience of Innvest, the sale was handled professionally and expediently. None of the employees were aware of the sale until the day after settlement."

Innvest Hotel Brokers also brokered the financing for this transaction with Marathon Bank of New York. "We are a complete resource for our clients — minimizing their efforts and facilitating the process through our understanding of their needs and goals," said Chan. "In an environment of rising interest rates, we were extremely pleased that InnVest was able to negotiate all the terms on our wish list and more," said Buyer.

"414 Hotel will continue to operate as an independent hotel and add to the already fantastic job done by the seller," said Buyer.

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Innvest Hotel Brokers, LLC is located in Great Neck, New York. The firm has specialized in hotel brokerage since its founding in 1981. The firm provides additional services including, mortgage brokerage, valuation services, and consulting services. The firm also developed the popular Internet web site www.innvest.com, which features over 500 hotels for sale at an aggregate value of $1.6 Billion.