| Santa Barbara, California -- August 16, 2001
- Pacifica Hotel Company and its acquisition affiliate, Pacifica Hotel
Investors, LLC, are pleased to announce that Craig Stevenson has been named
Chief Executive Officer. Stevenson reports directly to Dale J. Marquis,
who continues as Chairman and President of the company. Stevenson will
be primarily responsible for assisting Marquis in the overall strategic
planning and direction of the company from both hotel operations and growth
perspectives.
 Stevenson
originally joined Pacifica in June 1998 as Vice President-Acquisitions,
during which time he successfully closed five hotel transactions with initial
capitalization in excess of $45 million. In 2000, Stevenson served as a
consultant to Pacifica and was primarily focused on the disposition of
seven California hotels. During that same year, Stevenson also worked through
Keystone Advisors with Ty Warner in acquiring and asset managing the high
profile Four Seasons Biltmore and San Ysidro Ranch properties located in
Santa Barbara, California.
Prior to joining the Pacifica Hotel Company in 1998, Stevenson was founder
and President of GTI--Global Transactions and Investments Corporation.
GTI provided hotel financing, acquisition and development services in excess
of $100 million to a broad range of clients. Previously, Stevenson worked
as Director of Acquisitions for Red Lion Hotels, Inc., and was involved
in approximately $80 million in hotel real estate acquisitions subsequent
to Red Lion's initial public offering. He spent four years in hotel operations
at various properties within the Red Lion organization before joining the
acquisition group. Stevenson received his Bachelors degree in Corporate
Finance with a minor in Economics from Eastern Washington University.
Formed in 1997, Pacifica Hotel Investors, LLC is the acquisition and
asset management arm of a strategic alliance (known as PacInvest Capital)
between affiliates of InvestWest Financial Corporation and affiliates of
InvestCorp International, Inc. This alliance has closed four investment
funds consisting of 13 California hotels with total acquisition and disposition
capitalization in excess of $211 million. Also headquartered in Santa Barbara,
California, Pacifica Hotel Company is a privately-held real estate investment
and property management firm. In 2000, PHC generated revenues of $65.3
million and reported a solid 80.4% occupancy rate with 19 independent and
flag properties in key California cities from San Diego to San Francisco.
All PHC properties feature outstanding locations, 3-diamond AAA ratings,
upgraded amenities and high standards of guest service.
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