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  Amerimar Enterprises and Angelo, Gordon Purchase
The Westin Morristown; Will Revitalize Property
with $15.2 Million Renovation

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Team Purchases Total of Three Hotels That Will Be Redeveloped 
PHILADELPHIA, Jan. 22, 2003 - Amerimar Enterprises, a Philadelphia-based real estate investment company, and Angelo, Gordon & Co., a leading investment management firm, today announced that they have formed a limited partnership, which has acquired The Westin(R) Morristown in Morristown, NJ and will revitalize the property with more than $15.2 Million in renovations.

As part of the acquisition, Amerimar Enterprises, which specializes in repositioning real estate assets, and 


The Westin Governor Morris
 2 Whippany Road
Morristown, New Jersey
Angelo, Gordon & Co., with strengths in non-traditional assets, will redevelop the property, including interior and exterior renovations, restaurant updates and staff changes.

The Westin(R) Morristown, a colonial-style building that previously served as the Governor Morris Inn, will change names to become The Westin(R) Governor Morris.  The renovations will be spearheaded by Los Angeles-based interior designer, Dayna Lee.  Lee and her team from Powerstrip will be responsible for updating the public areas, including creating a new fine dining restaurant.  Additionally, renovation will convert an existing restaurant and lounge into new meeting and event space that will also include an area for pre-function events.  Further, the existing lobby restaurant will soon be home to additional meeting space and the hotel offices, which will be moved from the second floor.  In all, The Westin(R) Governor Morris will feature more than 23,000 square feet of event and meeting space to better accommodate corporate and social client demands.

A plan will be implemented, expanding the guest room inventory to a total of 230 guest rooms, which will allow the property to capture more demand from business travelers as well as meetings and groups.  Each guest room at the property will be redesigned to meet or exceed standards established by Westin Hotels & Resorts(R).

The pool and surrounding outdoor area will also be renovated.  In addition, the property will feature a new WestinWORKOUT(SM) Powered by Reebok custom-designed fitness facility and many other features, such as complimentary in-room high-speed Internet access.  Travelers will also be able to take advantage of the Starwood Preferred Guest program.

Leading the changes at The Westin(R) Governor Morris is the General Manager, Antoine (Tony) Berberi, who recently relocated to the property after serving with the Intercontinental Hotel brand for 12 years.  In all, Berberi has more than 20 years of hospitality industry expertise.  Managing the sales and marketing efforts for the property is Phyllis Babyak, who has been with the property since August 2003.  Phyllis has worked under the Starwood flag for more than four years and has more than 12 years of hospitality experience.

In addition to The Westin(R) Governor Morris, Amerimar and Angelo, Gordon acquired the Holiday Inn(R) Select Bucks County in Trevose, PA and the Ramada(R) Plaza Hotel and Conference Center in Meriden, CT, both of which will undergo renovations. 

This transaction currently makes the duo owners and managers of five hotels.  Over the years, Amerimar and Angelo, Gordon have been responsible for more than 30 real estate transactions including hotel, office and multi-family assets across the U.S.  Their hotel redevelopment projects include the Radisson Hotel & Suites in Chicago, Hotel George in Washington D.C., the Sheraton Atlanta Hotel and most recently, Hotel Derek in Houston.

About Amerimar Enterprises, Inc.

Based in Philadelphia, Amerimar Enterprises, Inc. is a national real estate investment and management firm.  The firm began doing business in 1993 as Amerimar Enterprises, Inc.  The company is a recognized leader in the renovation and repositioning of office, hotel, retail, multi-family and mixed use properties throughout the country.  Founded on the belief that real estate in not a passive investment but an active, "hands-on" operating business, Amerimar has become a major force in the redevelopment of underperforming properties.  Amerimar's team of highly experienced real estate professionals includes individuals with expertise in asset and property management, leasing, finance, marketing, construction, engineering, accounting and law.

About Angelo, Gordon & Co.

Angelo, Gordon & Co., based in New York, was founded in 1988 and has become a leading investment management firm specializing in non-traditional assets.  The company has more than 100 employees and currently manages approximately $10 billion of assets in seven distinct, but complementary, disciplines including merger arbitrage, convertible arbitrage, utility hedging, distressed securities, private equity, leveraged loans and real estate.  Angelo, Gordon's goal is to generate consistent absolute returns in all market environments.


 
Contact:
Amerimar Enterprises, Inc.
Gretchen Ferguson
gretchen@fergusonwehrly.com
Also See: David Hill Name General Manager and Rick Reed Named Director of Sales at Hotel Derek in Houston; Scheduled to Open Fall 2001 / June 2001
The 747 Room Radisson Hotel Atlanta Gets New General Manager and New Name - Spirit of Atlanta Hotel / Aug 1998


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