October 13, 2004 - The new venture, based in Newport, Rhode Island, and with offices in Minneapolis and South Florida, brings together HVS International's established hotel advisory experience with the team previously formed by Payne which focuses on hotel management and operational consulting. The combined entity manages hotels for investment groups as well as lending institutions. It also has capital available to advance as loans or equity for hotels managed by the company. The company will focus on managing mid-scale hotels with and without food and beverage as well as limited/focused service hotels.

"The establishment of HVS/American Hospitality Management Company is a natural step forward in the expansion of our hotel management division," states HVS International's President and Founder Stephen Rushmore. "Our goal is to provide our clients with the best possible service in all areas of hotel real estate and management."

"With our company's 16 years of operating experience throughout the United States, we possess a high quality staff with skills in operations, marketing, human resources and accounting," adds Payne. "Our operational infrastructure includes web-based accounting and on-line training, and manuals." Payne, whose father served as General Manager of the very first Intercontinental Hotel owned by Pan Am Airlines in Brazil, was raised living in hotels overseas. He is a 30+-year veteran of the hotel industry, working on the property level in various operations capacities. Payne served as the 2002 Chair of the American Hotel & Lodging Association (AH&LA), serves on the Educational Institute's Certification Commission and is the current Chair of the Annual Giving Campaign for the AH&LA's Education Foundation.

HVS International is a global consulting and services organization focused on the hotel, restaurant, timeshare, gaming, and leisure industries. Established in 1980, HVS performs more than 1,500 assignments per year for virtually every major industry participant. HVS International is client driven, entrepreneurial, and dedicated to providing the best advice and services in a timely and cost efficient manner.

American Hospitality Management Company is a full service hotel management company founded in 1988 in Minneapolis, MN. It has operated hotels throughout the United States and served a multiplicity of clients including lenders, airport authorities, law firms, individual investors and through various partnership developed and owned several hotels.