Tiburon Lodge and Conference Center Purchased by Larkspur Hotels, LLC

CORTE MADERA, Calif. (May 27, 2004) - Larkspur Hotels, LLC, one of the nation's fastest growing independent hotel companies, announced today that it has acquired the Tiburon Lodge and Conference Center.

"The Tiburon Lodge is a unique hotel in a very special location and community, and is an excellent addition to the Larkspur Collection. This acquisition provides us with a tremendous opportunity to bring our guest focus and genuine hospitality to Tiburon, an attractive and highly desirable destination on the San Francisco Bay," said Karl Hoagland, chairman, president, and CEO of Larkspur Hotels, LLC. "We intend to invest substantial capital into the hotel to create new and improved amenities and to complete a comprehensive renovation of guest rooms and public spaces, making it more desirable to our hotel guests as well as the local community."

Located in Marin County in the bayside village of Tiburon and just 15 miles north of San Francisco, the hotel features 107 guest rooms as well as extensive conference and meeting facilities. Guest rooms range from Deluxe Rooms, offering traditional hotel amenities to Deluxe Spa Rooms featuring two-person spa tubs, big screen televisions, in-room stereo systems and refrigerators. Spacious apartment and executive suites are also available for groups, families or corporate guests and include full kitchens and big screen televisions.

The hotel features a large exterior courtyard with a patio area and swimming pool. In addition, hotel guests have access to a 24-hour complimentary business center to suit all business needs. A complimentary breakfast buffet is offered Monday through Friday at the hotel's Mainsail Lounge and Restaurant.

The hotel's conference center features more than 4,300 square feet of meeting and banquet facilities that can accommodate groups of up to 200 people for leisure or business events. A full range of audiovisual equipment, including overhead and LCD projectors, high-speed Internet connections, and televisions and VCR's, is available to support all meeting and event needs. In addition, on-site catering provided by the Mainsail Lounge and Restaurant is available for meetings and special events.

About Larkspur Hotels and Restaurants
Established in 1996, Larkspur Hotels and Restaurants is a rapidly growing hotel company based in Corte Madera, California. Larkspur owns and operates 20 hotels comprising three brands (Larkspur Landing, Hilton Garden Inn and its collection of three and four star independent hotels known as the Larkspur Collection) in suburban areas of Northern California and the Pacific Northwest. The company acquired the four-star RiverPlace Hotel in Portland, Oregon, in July 2003, the Toll House Hotel in Los Gatos, California in December 2003 and The Lodge at Tiburon in Tiburon, California in May 2004. In December 2004, Larkspur converted five existing hotels to its flagship Larkspur Landing brand, bringing the total number of Larkspur Landings to 11. The company also manages the Pruneyard Inn in Campbell, California. For additional information on Larkspur Hotels and Restaurants and its affiliates, visit www.larkspurhospitality.com.

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For more information please contact:
Jeff Rubenstein
Larkspur Hotels and Restaurants
415 945-5037