Richfield Hospitality and Shelbourne Falcon Investors Acquire DoubleTree by Hilton Burlington, Vt.

  Richfield Hospitality and Shelbourne Falcon Investors Acquire DoubleTree by
  Hilton Burlington, Vt.

Business Wire

DENVER -- February 4, 2013

Richfield Hospitality, a leading hotel management company, and Shelbourne
Falcon Investors, an opportunistic real estate investment company, today
announced that they acquired in a joint venture the 161-room DoubleTree
Burlington hotel in Vt. for an undisclosed amount. It is the fourth hotel
acquisition made by the two companies.

“We like the Burlington market because of its multiple demand generators,”
said Greg Mount, president of Richfield Hospitality. “We continue to seek
growth opportunities in similar locations with strong partners like Shelbourne
Falcon.

“This acquisition points to a strong year for Richfield,” he said. “We expect
to see accelerated growth both in hotel management and acquisitions as the
hotel industry continues to strengthen and more hotels change hands.”

“The DoubleTree by Hilton Burlington has outperformed the market so when it
became available, we were eager to once again join forces with Richfield and
add it to our growing portfolio of full-service hotels,” said Joe Fox,
managing partner Shelbourne Falcon Investors. “We continue to have a robust
appetite for quality hotels throughout the United States.”

Located at 1117 Williston Road S., the hotel is just off 189 Interstate
highway. “Because of its location in the state capital, the DoubleTree by
Hilton Burlington is well positioned to serve business and government
travelers,” Mount said. “It also has a strong leisure traveler base serving
families visiting three nearby colleges and universities, and providing close
proximity to Vermont’s leisure attractions like Lake Champlain and numerous
nearby ski resorts. The property has the feel of a country inn, the amenities
of an upscale hotel and spacious meeting facilities capable of handling up to
400 guests.”

The DoubleTree by Hilton Burlington offers 128 rooms and 33 suites all
featuring the brand’s signature Suite Dreams beds, Wolfgang Puck in-room
coffee, Crabtree and Evelyn amenities and the warm chocolate chip cookie
welcome known the world over as the symbol of genuine hospitality.

Trader Duke’s serves breakfast, lunch and dinner daily and the hotel welcomes
guests with an indoor pool and hot tub, 24-hour fitness center, 24/7 airport
shuttle service and complimentary parking and WiFi. The hotel is pet friendly.

Just five minutes from the Burlington International Airport (BTV), the hotel
is located near Vermont ski resorts, Stowe, Smuggler’s Notch, Sugarbush and
Bolton Valley. The University of Vermont, Ben and Jerry’s, IBM, Green Mountain
Coffee Roasters and the Department of Homeland Security also are nearby.

About Richfield Hospitality

Richfield Hospitality, Inc. is a leading hotel management company with a
premier track record of maximizing profitability and improving asset values
for hotel owners. From hotel operations and property management to electronic
distribution and interactive marketing, Richfield achieves superior operating
results through its strong commitment to guests, employees and owners. Based
in Denver, Richfield is part of City Developments Limited, one of the world’s
largest real estate, hotel investment and technology conglomerates with a
market capitalization exceeding US$6 billion. Additional information about
Richfield Hospitality may be found at the company’s website www.richfield.com.

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