For immediate release

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

Nigro Development launching Siena Suites, a 600-room extended-stay hotel in Las Vegas

LAS VEGAS ? Nigro Development, a leading developer that specializes in mixed-use commercial properties, is entering the lodging industry as co-owner of Siena Suites, a new 600-room extended-stay hotel currently under construction in Las Vegas.

Todd and Michael Nigro, who are co-owners of Nigro Development, have joined with Michael J. Mixer of Colliers International/Stuart Mixer Commercial to form Russell Boulder LLC, which owns the property located at the southeast corner of Russell Road and Boulder Highway. Nigro Development is overseeing construction of the project. Targeted completion for the first phase of 300 rooms is fall 2004, with construction on the second phase scheduled to begin in 2005.

Todd Nigro, president of Nigro Development, is confident that the company's first foray into the lodging industry will be a successful one.

"We analyzed various commercial opportunities for this site and we kept coming back to the extended-stay product," says Nigro. "We have found that economy lodging properties perform very well in the Russell-Boulder corridor, which attracts recreational customers as much as it does business travelers."

Based on market research, Nigro anticipates the Siena Suites will ramp up quickly and forecasts 85 to 90 percent occupancy, which is significantly higher than the national average, and an average daily rate of $35 to $40.

Premier Hotel Corp. (PHC), a full-service management company based in Atlanta, has entered into a 10-year agreement with Russell Boulder to provide pre-opening development and long-term management services for the property. Nigro says Premier ? which manages 19 extended-stay properties ? was the perfect choice to assist the company in its first hospitality venture.

"We were looking for a management company that could provide turnkey service from pre-construction and beyond," Nigro explains. "Premier's experience in the extended-stay segment, coupled with its superior reputation as a management company, made our decision an easy one."

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. Premier's principals, William D. Bowen and William B. Weatherford, have a combined 55 years experience in the lodging industry.

Weatherford, Premier's president and chief operating officer, agrees that this project is a natural fit for both parties.

"Premier not only understands the management side of the business, but because we are developers as well, we are uniquely qualified to provide the kind of comprehensive assistance savvy owners like Todd and Mike Nigro require."

Now that Nigro Development has its foot in the lodging industry door, Todd Nigro says the company is pursuing additional lodging opportunities in the Las Vegas market.

"We're currently identifying possible development deals both in the economy and mid-market sectors," he explains.