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Contact:
William B. Weatherford
(678) 842-0633

Premier Hotel Corporation increasing ownership stake in Albany, GA Holiday Inn; renovations under way

ATLANTA ? Premier Hotel Corp. (PHC) principals William D. Bowen and William B. Weatherford are increasing their combined ownership stake in the Holiday Inn Albany Mall-Dawson Road in Albany, GA, and are currently guiding the property through a significant renovation.

The first renovation phase, which was completed in 2001, cost more than $1.6 million and repositioned the hotel from a Sheraton Four Points to a Holiday Inn.

"The hotel has developed into the market leader with double-digit increases in RevPAR," explains Weatherford, who is president and chief operating officer of PHC, which has managed the property since 2001.

Weatherford and Bowen, who was instrumental in putting the ownership deal together in 2001, have increased their stake from 5% to 40%. Real estate investor Don Weir remains the majority partner with 60%.

"I joined the ownership group in 2002, and together with Mr. Bowen and Mr. Weir, we continue to look aggressively at increasing our lodging investments," Weatherford says.

The partners are spending more than $300,000 to exceed the brand standards required by Holiday Inn. Currently under way, the latest renovation project includes building a new fitness center, upgrading bedding, elevators and bathrooms, and installing high-speed Internet access. Completion is expected by this summer.

"In the face of new competition, it is essential that the Holiday Inn Albany Mall-Dawson Road exceed the expectations of our customers, which will allow the hotel to retain its market position. This renovation will help us accomplish those tasks," Weatherford concludes.

Based in Atlanta, Premier Hotel Corp. is a leading hotel company. With 26 hotels in its portfolio, PHC provides property management, asset management and development services throughout the United States and Canada for full-service, limited-service and extended-stay hotels. For more information on PHC, please visit www.premierhotel.com.

Holiday Inn is part of the Intercontinental Hotels Group, which also includes Intercontinental Hotels & Resorts, Crowne Plaza, Holiday Inn Express, Express by Holiday Inn, Staybridge Suites and Candlewood Suites. For more information, visit www.ichotelsgroup.com.