Homestead Village

ATLANTA, Homestead Studio Suites Hotels, owner of more than 100 extended-stay hotels in 28 states, announced today aggressive expansion plans that begin with an active search for individual hotels or hotel portfolios from interested independent owners. This announcement followed Homestead's acquisition of the Dallas North Hawthorn Suites from an independent owner earlier this week -- the company's first conversion since its inception in 1992.

"For Homestead, the Hawthorne acquisition was a smart move at the right time," said Homestead President/CEO Gary A. DeLapp. "While the economy may be down, our parent company's (Blackstone Real Estate Investors) belief in our brand remains strong and we remain positioned and committed to grow our portfolio with hotels whose product type meets our brand standards and provide opportunity for seamless conversion."

Extended-stay or all-suite hotel owners interested in selling their hotel or portfolio to Homestead for conversion should contact Gregg Plouff at (770) 303-2203.

BRE/Homestead Village L.L.C., based in Atlanta, is an owner and operator of more than 100 extended-stay hotels in 28 states under the Homestead Studio Suites brand. Homestead provides a quality lodging experience for the growing ranks of travelers needing lodging for three nights or more. Each studio suite features a fully equipped kitchen, work area with computer dataport, free local calls and voicemail that can be personalized.

Additional information about Homestead Studio Suites Hotels is available on the company's Web site at www.homesteadhotels.com .