CRONHEIM MORTGAGE ARRANGES $9,420,000

FOR WILKES BARRE HILTON GARDEN INN

Wilkes Barre, PA – David Turley and Frank Sullivan have arranged $9,420,000 in financing for the Wilkes Barre Hilton Garden Inn. The loan carries a 10-year term with a 30-year amortization schedule.

The property is a 67,525 square foot, 4-story limited-service hotel consisting of 123 guest rooms and 1,200 square feet of meeting space divisible into 2 rooms. Built in 2002, the hotel is Wilkes Barre’s newest and highest quality limited/select service hotel. Despite opening into a soft market, the hotel has consistently outperformed its competition thanks to the value of the Hilton Garden Inn flag, its best-in-class product and superior operations. The property has averaged 25% annual RevPar growth since its opening.

The property is located at Wilkes-Barres’s newest gateway, Exit 168 off I-81, near the Wachovia Center Arena and minutes from Wyoming Valley Mall. The hotel is located less than three miles from Mohegan Sun at Pocono Downs, a harness racing track which in 2006 added a 1,200-slot gaming facility as the first phase of its conversion into the largest casino and entertainment facility in Pennsylvania. The second phase, a new $180 million, 300,000 sf addition to the existing facility, is scheduled to open in Summer 2008. The fully completed facility will have 2,000 slot machines, VIP and low-limit gaming tables, restaurants, shopping and entertainment. The casino is Pennsylvania’s first.