Hilton Birmingham announces renovation

ATLANTA, Ga. - June 30, 2008 - Privately held Noble Investment Group ("Noble"), a leading sponsor of private equity real estate funds and an integrated lodging and hospitality operating and development organization, today announced the launch of a $6.5 million dollar substantial renovation to Noble's 8- story full-service Hilton Birmingham Perimeter Park. The renovation will include full upgrades to all of the Hilton's 205 guestrooms, 10,000 square feet of event and meeting space and is scheduled for completion in October of this year, as the hotel prepares to celebrate 25 years of iconic service in Birmingham, Alabama.

"This is an exciting time for all of us at the Hilton Birmingham Perimeter Park as we reach the 25 year mark of being an intricate part of our community," said Mohammad Nilieh, the Hilton's general manager. "The hotel will remain open during the extensive $6.5 million dollar renovation as the Noble development team, among the very best in the industry, is committed to ensuring our guests experience minimal impact during the renovation."

"The Hilton Birmingham Perimeter Park has been a strong partner with the CVB for many years," said James H. Smither, president of the Greater Birmingham Convention and Visitors Bureau. "Their multi-million dollar renovation will bring even more appeal to the group of hotel properties along the 280 corridor. We congratulate the Hilton on 25 years of adding 'the spirit of hospitality' to our community."

A chic, contemporary design has been selected to rejuvenate the décor, accented by warm and vibrant earth tones. Each guest room will feature the Hilton Serenity Bed, a new 32" flat screen TV and enhanced work areas complete with an ergonomic desk chair. Guest bathrooms will be completely renovated with tile, vinyl and upgraded lighting fixtures to complement the guestrooms' decor and will be adorned with the Hilton Serenity Bath Collection featuring Crabtree & Evelyn's LA Source bath amenities.

Concierge and Executive Level rooms on the 7th & 8th floors will receive additional amenities with a 37" flat screen TV, granite foyer, and wood crown molding. Concierge Level rooms will feature a cordless phone on the desk and a lighted make-up mirror in the guest bathroom. The Concierge Club Lounge will be fully transformed with the same décor and colors experienced throughout the hotel. The Club's foodservice will be upgraded to provide guests with complimentary service items including hot or cold breakfast and hors d'oeurves provided weekdays.

J Paul's Restaurant and Lounge will receive a beautiful custom granite buffet area that will feature a made to order omelet station and further showcase the Hilton Breakfast Buffet served daily.

The Hilton Birmingham Perimeter Park was built in 1984 and is located off Highway 280 at I-149.

About Noble Investment Group

Noble is a leading sponsor of private equity real estate funds and an integrated operating and development organization that specializes in making value-added investments in hotels and resorts throughout North America. An award winning operator of more than 8,000 hotel and resort guest rooms, convention and conference centers with approximately 1 million sq. ft. of meeting space, as well as championship golf, day and resort spas, upscale restaurants, and branded retail coffee stores, Noble and its predecessors have realized superior risk-adjusted returns while acquiring and developing over $2.5 billion in lodging and hospitality assets. Noble's current discretionary private equity fund represents $310 million of equity commitments, which provides the organization the ability to invest more than $1 billion in lodging-related assets. For more information, visit www.nobleinvestment.com .

Chris Daly/ Vice President/ Daly Gray Public Relations/ ph: 703-435-6293

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