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| Kilstock organization is delighted welcome Morgans Hotel Group (NASDAQ:MHGC) as a joint venture partner in our Ames hotel project located at 1 Court Street, Boston. The property is adjacent to the original StateHouse and Historic Faneuil Hall. MHG has purchased a 35% stake in the project.
The Historic Ames building was acquired in May 2007 through our project LLC "Ames Hotel Partners" as developer, with equity financing provided by Normandy Realty Partners. The Ames hotel is scheduled to open under MHG management in August 2009 and joins such landmark properties as The Sanderson (London), The Mondrian (Los Angeles), and the Delano (Miami) as a member of the Morgans Hotel Group.
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