Bob Foley to Join Pyramid Hotel Group as Chief Talent Officer

BOSTON, May 20, 2004 — I am extremely pleased to announce today that Bob Foley is joining our team as Senior Vice President and Chief Talent Officer effective June 1. It goes without saying how delighted Rick, Warren and I are that Bob will be here for the long term to lead our Human Resources function and ensure that we have the very best Talent available to us to compete in all of our hyper competitive markets.

My first charge to Bob is to further organize our HR functions and programs to position us as an industry leader, a task which Bob has successfully accomplished numerous times in the past while he was the "HR Guy" at Marriott, Sheraton, Beacon/Guest Quarters, La Quinta and as the President/CEO of the Educational Institute of the American Hotel/Motel Association. As many of you already know as CEO of EI, Bob was the leading pioneer in taking our industry into the technological delivery side of Training and Educational content. That is one of the many things I am looking forward to that Bob will bring to us!

Bob will be based at our Boston Offices and can be reached at (617) 946-2073 or at his new email address: bfoley@pyramidadvisors.com.

Please join me in welcoming Bob officially to our team.

Regards,

Jim Dina