The principals of Newcrest Management have been owners and operators of lodging properties since their humble beginnings in 1994 when they acquired their first property, a 16-room roadside motel in Lawton, OK. The principals increased their holdings of independent properties, investing in budget motels and then graduated to midscale hotels.

In 2000, the company launched the first of its new-build, interior-corridor hotels with Choice Hotels International as its midscale franchise partner. The company also continued its prior strategy of opportunity acquisitions and redevelopment of existing hotels.

In 2003, the company initiated an aggressive strategy of transforming its hotel portfolio to 100% new-build assets in the upper-midscale segment. The disposition of portfolio holdings provided the liquidity to fuel the new program. Intercontinental Hotels Group and Hilton Hotels Corporation became key franchise partners in this ongoing effort as the company upgraded its assets.

NEW ORGANIZATIONAL FOCUS

The company has operated under various legal entities through the years. By 2006, the projected growth in the number and value of hotel assets highlighted the need for more organizational focus on critical corporate activities. As a result, the company launched a re-structuring that created two operating entities:

• Newcrest Hotels, LTD was charged with the sole responsibility of coordinating the        company’s development activities. Newcrest Hotels, LTD is also the owner of the    company’s portfolio of hotel assets.

• Newcrest Management, LLC, incorporated in February 2007, manages the hotel    assets developed and owned by Newcrest Hotels, LTD. This single-focus approach with    dedicated corporate operations staff will allow the company to consistently meet brand    standards and guest expectations.

Since 1994, the principals have acquired or developed 28 lodging properties worth over $120 million in asset value.