HOTEL ALDEN ACQUIRED BY NY INVESTMENT FIRM
Houston hospitality veteran, Hans Schmitt, appointed General Manager and Managing Partner

Hotel Alden in downtown Houston has been acquired by Northwood Investors, a privately-held
investment advisor with $1.25 billion of equity to invest in real estate.  Hotel Alden will be managed by a subsidiary of Northwood Investors.

Northwood Investors immediately announced the appointment of Hans Schmitt, as Hotel Alden's
general manager and managing partner. He replaces former Alden general manager, Susan Ward Freeman. No word yet on Freeman's future plans.

During his 25-year career Schmitt has been named "Best General Manager" and several of his managed
properties were awarded "Best Hotel of the Year." Houston's Hotel Derek, which Schmitt managed just
prior to taking the reins at Hotel Alden, was named one of Travel & Leisure's "Best Business Hotels"
in 2009.

According to a press release, Schmitt "jumped at the opportunity to join Northwood Investors in this
venture."

Hotel Alden is a 97-room luxury boutique property located in downtown Houston at 1117 Prairie Street.

No word about what's going to happen to the hotel's signature restaurant, *17.
The executive chef, Chip Hight, left the property about two weeks ago with no
replacement named.