checking The Remington Report INSIDE: Remington founder Archie Bennett, Jr. WorldQuest Resort opens in Orlando Renovations in Annapolis

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1 HOTELS MANAGED BY REMINGTON ARIZONA Embassy Suites Flagstaff Embassy Suites Phoenix Airport CALIFORNIA Crowne Plaza Beverly Hills Las Montanas Resort Hotel & Spa Indian Wells (coming soon) MINNESOTA Sheraton Minneapolis West NEVADA Embassy Suites Las Vegas NEW MEXICO Hilton Santa Fe checking FALL 2006 FLORIDA Crowne Plaza La Concha Key West Residence Inn Lake Buena Vista Orlando Sheraton World Resort Orlando WorldQuest Resort Orlando Sea Turtle Inn Jacksonville Embassy Suites Palm Beach Gardens Hilton St. Petersburg GEORGIA Marietta Conference Center and Resort INDIANA Radisson Indianapolis Airport Radisson City Centre Indianapolis KENTUCKY Radisson Cincinnati Riverfront Covington MARYLAND Historic Inns of Annapolis MASSACHUSETTS Radisson Milford Radisson Rockland NEW YORK Radisson MacArthur Airport Embassy Suites Syracuse NORTH CAROLINA Marriott Research Triangle Park Durham OHIO Doubletree Guest Suites Columbus Doubletree Guest Suites Dayton PENNSYLVANIA Sheraton Bucks County Langhorne TEXAS Embassy Suites Arboretum Austin Embassy Suites Dallas Near the Galleria Hilton Fort Worth Embassy Suites Houston Near the Galleria Hilton Houston NASA/Clearlake VIRGINIA Embassy Suites Dulles Airport Herndon The Remington Report INSIDE: Remington founder Archie Bennett, Jr. WorldQuest Resort opens in Orlando Renovations in Annapolis Hilton Fort Worth Transformation Remington property takes top honors Dallas Parkway, Suite 1150, Dallas, Texas For more information contact: Jeff Dallas Senior Vice President Sonny Sra Senior Vice President Archie Bennett Jr., Founder and Chairman

2 Letter from Mark Sharkey Chief Operating Officer Leading by example Archie Bennett Jr. recognized with Above & Beyond Award Dear Readers: Service standards have shown an ever-rising impact on businesses, from consumer marketing to corporate quality control and profitability, and the world of lodging and hospitality management remains no exception. Following Remington s premiere issue of Checking In, our second issue explores what it takes to succeed in the increasingly competitive world of hotel management and features the individual who laid the foundation for Remington s ongoing success. With a number of achievements and milestones to celebrate, Remington Founder and Chairman Archie Bennett, Jr. will soon be honored at the 12th Annual Lodging Conference with the prestigious Above and Beyond award, which recognizes hospitality leaders for humanitarian efforts. Our ongoing commitment to service, spearheaded by Archie some 30 years ago, is still the cornerstone of Remington s success, and leads the company s core values that allow us to achieve preeminence in our industry, working with the world s most celebrated lodging brands. Our culture at Remington can best be described as dynamic and entrepreneurial, and our associates are rewarded with challenging responsibilities that empower them to exceed expectations. In addition to personal accountability, our culture holistically supports our associates lives and commitments to the communities within which they live and work. I referenced Remington s Five Key Drivers in our last issue as these drivers are the benchmark by which we measure our operation s success. These Drivers are: Guest Service, Associate Empowerment, Asset Maintenance, Revenue Growth and Cost Controls. Today I will explore the first two drivers, which guide our achievement of the latter three, and ensure a flourishing enterprise for us all. In terms of Guest Service, we take a truly customer-focused approach, carefully tracking customer feedback through internal systems and brand programs. We are committed to our goal for each of our hotels to score in the top of the brand service ranking. In 2005, 90% of our hotels finished in the top 50% of brand rankings. Additionally, our hotels have consistently been recognized by brand and various rating agencies for constantly delivering quality guest service. What makes a hotel truly exceptional is a motivated staff that rises to the occasion, carefully guided by frequent and accurate remarks. Our Mystery Shopper program captures real-time feedback; this ensures service quality while preparing properties for critical service audits. We also consider service accomplishments and opportunities communicated through our Brand Service Reports. Remington honors the teamwork that allows our properties to attain remarkable scores and provides a number of different ways to recognize and reward our associates for their achievements. Any workplace that values ambition, professional training and teamwork can make a tremendous difference in the quality of our product and each of our lives. As such, Associate Empowerment also serves to ensure our seamless guest service and career growth for our people. Remington believes in having associates involved at all levels as this has a major impact on creating high performance levels. All Remington hotels participate in the Annual Gallup Q12 Survey, the most widely recognized measure of employee engagement in the country. For 2005, 87% of Remington hotels scored in the top 25% of the Annual Gallup Q12 Survey. The Survey results also show that with a 79% engagement level, Remington associates are almost three times more engaged in the workplace than the average U.S. working population with an engagement level of only 29%. Remington believes that empowering our associates to take care of our guests is one of the most important factors contributing to these results. When In terms of Guest Service, we take a truly customer-focused approach, carefully tracking customer feedback through internal systems and franchisor programs. associates are empowered, they are able to identify opportunities to create memorable service. I look forward to exploring other factors that shape and define our company. Enjoy Checking In and please share your comments and insights. Sincerely yours, Mark Sharkey Chief Operating Officer The premier service provider to the hospitality industry It s been said that a true visionary takes what is seen tomorrow and applies it to what s important today. By that definition, there s no better example of a visionary in the hotel industry than Archie Bennett, Jr. His dedication and commitment to the industry has drawn the admiration of his peers and established him as a leader in the field. As a result, Archie has been awarded the Above & Beyond Award at the 12th Annual Lodging Conference. The Lodging Conference, sponsored by LodgingLink.com, is the hospitality industry s premier event. Guests include CEOs, financiers, property developers and many more industry insiders. Throughout his career, Archie has consistently innovated and taken a fresh look at each new challenge. He has been the recipient of many awards and is a frequent speaker at industry conferences. Archie was also a founding member of the Industry Real Estate Finance Advisory Council (IREFAC) of the American Hotel & Motel Association and served as its chairman on two separate occasions. Archie has also worked with numerous humanitarian interests. The businesses that he is involved with generously support special While always tough and resilient in business, my Father has always maintained a soft and generous side to him. Monty Bennett, President and CEO, Remington charities such as Habitat for Humanity, Salvation Army, Intrepid Fallen Heroes, Natural Area Preservation Association, Amistad Mission, Biblical Studies Foundation, St. Anthony Foundation and others. Beginning in the late 1960 s, Archie, together with his mentor, successful oil magnate, Bob Smith, considered the growth and development that was taking place in Galveston, Texas. Recognizing the opportunity before them, Archie and Bob opened their first Holiday Inn. This property would eventually produce Remington Hotel Corporation which has since acquired, developed and managed more than 200 hotels across the United States. In the early to mid 1970 s, Archie saw the oil boom was creating a necessity for additional hotel rooms in Houston. Seizing upon the opportunity, he built a 600-room hotel in downtown Houston. While this was taking place, Archie and Marriott Hotels created a joint venture with ten Marriott Hotels, which made Archie the largest Marriott Franchisee at that time. After working through a challenging economic environment, Archie and his partners, which included the Fisher brothers of New York, Gordon Getty, and George Soros, became the largest purchaser of RTC hotel properties. Remington, as managing partner, repositioned and rebranded these hotels while selling off nonstrategic properties. Other joint venture partners included The Travelers, Prudential Insurance Company, Goldman Sachs and Nomura. Archie is an icon. He is one of the most intelligent people in the hotel industry. Stephen Rushmore, President and Founder of HVS International In 2003, Archie and his son, Monty Bennett, founded Ashford Hospitality Trust. Ashford Hospitality Trust focuses exclusively on investing in hotels at all levels of capital structure and across all segments truly a one-stop shop for the lodging industry. On August 26, 2003, Ashford Hospitality Trust announced an initial public offering of shares of common stock. Archie has always done the right thing in any business endeavor in which I have been involved. He has shown the kind of character that is most important to me in a friend or business associate and that is loyalty. Michael Murphy, Vice President of First Fidelity Companies As Remington continues to evolve, the next step in the growth of the company led to the creation of a new luxury hotel brand. Remington Luxury Resort Hotels, an upscale hotel brand, leverages Remington s 35 years worth of experience in property management. Archie continues to reflect on Remington s past to shape the future. From a 100-room hotel on a 7-acre piece of land to a full-service, client-focused Management Company with assets in excess of $1 billion, Archie and his associates and partners have pushed innovation and determination in the industry throughout the years. And it s this dedication that has earned Archie the Above & Beyond Award at this year s conference. 1 checking i n checking i n 2

3 Remington manages to be the best at WorldQuest Resort Remington leads the way in Florida WorldQuest Resort opens in Orlando The Sunshine State just got a bit brighter with Remington s newest addition in the Orlando market. WorldQuest Resort, which opened in July, is leading the way for care-free living in one of America s leading vacation destinations. Managed by Remington, the first phase of the 612-unit resort-style hotel condominium is located in the heart of Central Florida s tourism district. This secured, gated resort community resides just off Orlando s famed International Drive, only a mile from Walt Disney World, moments from Universal Studios and Sea World, and 20 minutes from the Orlando International Airport. Guests and owners at WorldQuest Resort are invited to Discover More with a variety of amenities inside and out. The Mediterraneandesigned resort features two- and threebedroom suites averaging 1,400 square feet. Each unit is elegantly appointed with everything guests need to enjoy all the comforts of luxury living. Resort rooms feature fine stone finishes, granite kitchens, screened patios and balconies, spacious master bathrooms and interiors, as well as ensuite washers and dryers. In addition to the condominium rental program, Remington is also responsible for all aspects of on-site management of the resort including the management of the condominium owners association and the operation of the resort facilities. We are very excited about this project and are extremely pleased to secure the management talent of Remington, remarked Tom Bennett of WorldQuest Resort Partners, LLC. With a proven track record of matching owners expectations with those of the market, Remington designs and develops the features, services and amenities that best position resorts with their respective markets. WorldQuest Resort represents an exceptional condominium resort and Remington s first managed condo-hotel. We are excited about our newest addition to the Orlando market. WorldQuest Resort represents an exceptional condominium resort and Remington s first managed condo-hotel. We are excited about our newest addition to the Orlando market. The destination continues to expand its selection of accommodations, recreation and attractions, and WorldQuest will provide an ideal retreat that owners and guests will want to enjoy for years to come. Remington is committed to making WorldQuest Resort a top choice in the Orlando area. checking i n 4

4 Remington preserves the past in Annapolis The Historic Inns of Annapolis receive a historic makeover from Remington. The Historic Inns of Annapolis recently underwent extensive renovation to protect these treasures while updating the rooms and amenities. Dating back to the Revolutionary War, the Historic Inns of Annapolis are comprised of three inns The Maryland Inn, The Governor Calvert House and The Robert Johnson House. These historic inns, once personal residences of Lords and Governors and frequent stopovers for signers of the Declaration of Independence, have been renovated to include facilities for conferences, retreats, weddings, receptions, celebrations and more. Our goal is to preserve the best of the old while bringing an appealing, updated approach to each unique building. We are making subtle changes to bring the buildings into the 21st century while maintaining the spirit and the soul of these buildings, said Ed Brogan, General Manager of The Historic Inns of Annapolis. The Governor Calvert House is the oldest of the three Historic Inns of Annapolis. Renovations include the refurbishment of the 51 guest rooms including the nine historic rooms that are located in the original portion of the building. The ballroom and atrium that were added to the building in 1984 have also been renovated to allow for more flexibility for events and receptions. The Maryland Inn received renovations to the guest rooms that included upgrades to private baths and standard hotel amenities. In addition, wireless Internet access is being brought to all of the buildings. The Historic Inns of Annapolis will also host a Starbucks on the first floor of The Maryland Inn. To ensure that the past is cared for as Remington works toward the future, an archeological team was hired to excavate and inspect any of the historic artifacts that could be uncovered during the project. According to Ed Brogan, Everyone at Remington is extremely passionate about this project. We want to make sure that all of the recent Historic Inns of Annapolis renovations reflect the rich, historic past, and the addition of a Starbucks will be treated no differently. In addition to the renovations at the inns, changes are also underway at the historic Treaty of Paris restaurant located inside the Maryland Inn. In the spring of 2006, a new chef took over the kitchen of this famous restaurant. James Barrett, who was born in Maryland and honed his craft at some of the nation s top resorts and restaurants, now presides over The Treaty of Paris as executive chef. I am pairing traditional Maryland food with unique flavors that will enhance, not overwhelm, the taste. I want my customers to have a fine dining experience that is unique in Annapolis, remarked Barrett. The Robert Johnson House, located on State Circle near the current governor s mansion, also underwent transformation. Guest rooms are now furnished with nineteenth century antiques and feature decor, upholstery and draperies that enhance each room s location within the building. The commitment that Remington has made to preserve these historically significant buildings is the same commitment that Remington makes to ensure the perfect experience for our guests. 5 checking i n checking i n 6

5 Remington takes a relaxed approach Remington focuses on spa services Remington remakes history in Fort Worth Radisson Hotel Fort Worth Converted to Hilton Fort Worth Arecent study conducted by the International Spa Association and the Canadian Tourism Commission showed that nearly two-thirds of U.S. spa-goers and about half of Canadian spa-goers visited a spa while on an out-of-town overnight trip. The vast majority visited a resort or hotel spa. More than half of the travelers polled in a Travel Industry Association of America survey were interested in going to a spa or a place where they can relax and rejuvenate themselves, and 28 percent were more interested now than they were five years ago. As the market for spa and wellness continues to grow, Remington is well positioned to lead the way for our guests with superior offerings and a commitment to their satisfaction. Spas continue to represent a key point of differentiation at hotels and resorts, as Remington continues to dedicate resources to its spa and wellness offerings. To help capture a portion of this market and to continue to help distinguish the Remington brand from competitors by creating a truly unique experience for our guests, Remington recently appointed Lorraine Park to the newly created position of Vice President of Spas. She will oversee the development of a signature spa brand, as well as specialty spa services, products and facilities, fitness centers and other health and wellness initiatives at Remington-managed properties. Lorraine will also assist with the management of Remington s initial spa property at the Sea Turtle Inn in Jacksonville, Florida, and Remington s premier spa property - Las Montanas Resort Hotel & Spa in Indian Wells, California. Prior to joining the Remington team, Lorraine most recently served as Area Director of the Golden Door Resort Spas - which have been consistently ranked among North America s Top 10 Spas by Travel + Leisure magazine. Spas continue to represent a key point of differentiation at hotels and resorts, as Remington continues to dedicate resources to its spa and wellness offerings, remarked Mark Sharkey, COO of Remington Hotels. As guest needs change and evolve, Remington remains committed to providing the perfect guest experience for all of our visitors. By adding spa treatments, wellness services and an entire range of offerings geared toward physical fitness, Remington is focused first and foremost on our guests. Lorraine Park Vice President Spas Playing an important role in American history, the Hilton Fort Worth recently underwent a $10.5 million renovation and a transformation from a Radisson-branded property. As a national historic landmark, the Hilton Fort Worth hotel has welcomed many famous and important guests. However, none would prove to be more significant than President John F. Kennedy and First Lady Jacqueline. The couple would spend their last night together at the hotel on November 12, The following morning, President Kennedy delivered what would become his final speech in the Crystal Ballroom before leaving in the motorcade and embarking on his fateful journey. The history of this grand property and its importance demands that Remington treats it with respect and great care. The extensive renovation and rebranding will significantly enhance the property s draw for leisure and business travelers. With the versatile meeting space, fine cuisine and well-equipped, elegant and classic guestrooms, the new Hilton Fort Worth will become the first choice for upscale corporate customers. The Hilton brand is synonymous with the best in lodging and hospitality worldwide, which makes for a perfect fit with the hotel s coveted place in history. The new amenities will also greatly improve guests experience in one of downtown Fort Worth s prime locations. 7 checking i n checking i n 8

6 Remington property continues to shine Remington-managed Radisson Milford receives top honor The Radisson Milford in Massachusetts recently completed a $3.2 million renovation. As a result of the effort put into the renovations, this Remington- Corner Pantry concept. Considered one of the region s top hotels, the Milford property has been known for its hospitality excellence for more than 10 years. Situated in the center of and 25 miles north of Providence. These enhancements will ensure that this property will continue to impress guests for years to come and remain competitive in a popular emington People managed property was recently honored activity for both business and pleasure, the meeting and vacation destination. with a Radisson Renovation Award. The hotel is set 30 miles west of downtown Boston hotel was designated as the network s top refurbishment in the under $5 million category. This award was especially significant as this property was one of only three hotels in the 415-property Radisson network to Changing and growing our business has given us the opportunity to add new members to the Remington Senior Management Team. The new team members bring a wealth of experience managing many different types of lodging products from an array of locations. receive such an honor. This distinguished award is a testament to Remington s comprehensive renovation, which has driven overall quality with superior facilities, guest service and amenities. Marla Davis Vice President Purchasing Marla brings more than 25 years of Richard A. Gerhart Divisional Vice President Operations Rick brings more than 30 years of Gary Gutierrez Divisional Vice President Operations Before joining Remington in 2005, Brent Spaeth Senior Vice President Project Management Prior to working at Remington, Remington made renovations that enhanced all accommodations to reflect a 21st century boutique-style design. Guestrooms now feature Sleep Number Beds ȚM fine cherry furnishings, and matching granite countertops and floors. The property also added a new Business Center, upgraded all meeting rooms, renovated the hotel s Il Cigno Restaurant, and introduced Legends Sports Bar and Grille, Milford s newest sports bar. experience in the purchasing and project management fields. Marla previously worked for Remington as head of purchasing and then left to form her own company. Because of the success she enjoyed with her company, Remington offered her a position within our organization. In addition to her role as Vice President of Purchasing for Remington, Marla is currently the hotel management experience to Remington. Before becoming part of the Remington team, Rick worked as a Senior Vice President of Operations at Arlington Hospitality where he played a major role in the sale of the name and franchising rights to Cendant. Prior to his position at Arlington Hospitality, Rick was a Senior Vice President of Operations for MOA Hospitality. Gary was the Area Director of Operations/General Manager for The Boulders Resort and Golden Door Spa. During his tenure, Gary increased EBITDA by 16.2% in 2005 with a flow through of 81%. Prior to that, Gary worked as Area Director of Operations/General Manager for the Wyndham City Center Hotel in Washington, D.C. While there, he oversaw operations of 12 owned Brent worked at La Quinta Corporation as an Executive Vice President of Corporate Administration and Senior Franchise Officer. As a member of the senior executive team, he helped develop and execute a strategy that increased stock value 73% in 2 years. In addition, he helped build market capitalization to more than $3 billion and led in the successful This distinguished award is a testament to Remington s comprehensive renovation, which has driven overall quality with superior facilities, guest service and amenities. The refurbishment has effectively transformed the property, adding guest comforts and amenities such as Remington s signature International President of NEWH, Inc. (Network of Executive Women in Hospitality). NEWH, Inc. is a non-profit international organization with more than 1,600 members worldwide. While there, Rick was responsible for restructuring the operations teams and implementing cost containment and revenue expansion programs. and managed hotels with annual revenues of $177 million, completed numerous successful renovations and also had a direct impact on increased market share. integration of 200 Baymont Hotels into the La Quinta Corporation. Brent is also the board chairman of the Texas Hotel and Lodging Association and has been a board member since checking i n checking i n 10