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Antlers Hotel Prepares for First Class Renovation

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COLORADO SPRINGS - March 9, 2004 - The Antlers Adam's Mark Hotel was purchased through a joint venture with Morgan Stanley Real Estate Fund (MSREF) and Pyramid Advisors, LLC. Officials from Pyramid Hotel Group announced a multi-million dollar renovation project to begin in spring 2004.

The project will completely remodel all of the 292 guestrooms and suites, as well as the facility's two restaurants, and the more than 27,000 square feet of conference and public space.

"The Antlers Hotel is a historic landmark in Colorado Springs and we want to continue its legacy as a place of luxury and quality service," stated Larry Vitagliano, co-owner and recently named vice-president, managing director of the Antlers Hotel and partner with Pyramid Hotel Group. "This renovation project is going to restore the charm and character of the hotel, as well as make it a business-friendly facility for our guests."

As part of the renovation, the entire hotel will get a technological upgrade. High speed Internet access will be wired into all of the guestrooms and suites, making it more convenient to conduct business and stay in touch while on the road. Wireless capabilities will be installed throughout the atrium and all public spaces.

The purchase and renovation of the Antlers Hotel is part of a joint venture between the Morgan Stanley Real Estate Fund (MSREF) and Pyramid Advisors LLC, parent company of Pyramid Hotel Group. The partners target underperforming hotel properties in need of capital renovation, new franchise affiliations and/or aggressive property management.

MSREF is a private real estate investment fund affiliated with and sponsored by Morgan Stanley. Since its inception in 1991, MSREF has acquired over $25 billion in real estate in four domestic and two international funds.

Pyramid Hotel Group, a subsidiary of Pyramid Advisors LLC, is a U.S. hotel management and development company based in Boston, Mass. The company is manager/owner of 15 hotel properties in the U.S. and has acquired and developed approximately $500 million worth of hotels in the past three years. Pyramid provides property management, asset management and project management services to over 40 facilities, comprising a company portfolio of approximately $1 billion in asset value.

The Antlers Hotel was opened in 1883 by General Palmer and has since been considered a landmark in downtown Colorado Springs. For over 100 years, the Antlers Hotel has provided quality guest amenities and services to thousands of guests from all over the world.

For more information about the Antlers Hotel, visit the Web at www.adamsmark.com/colsprings or call (719) 473-5600.

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Contact:
Greg Morton
PRACO, Ltd.
(719) 473-0704 or gmorton@praco.com

 
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