TBC Hotels - Collection of premier hotels in Washington DC and Maryland

Adam K. Bernstein, President of The Bernstein Companies is a recognized leader in the real estate development, investment, and management business in the Mid-Atlantic region of the United States. Today, his companies are directly involved in more than fifty (50) properties as owner, manager, developer, and/or lender. Mr. Bernstein and his affiliated companies have developed, owned, and managed apartments, condominiums and hotels, as well as several million square feet of commercial space.

Upon graduating from the Wharton School of the University of Pennsylvania, Mr. Bernstein joined the company eighteen (18) years ago. He immediately added a land development division to the company, which bought, zoned, sub-divided, and successfully sold over 1,500 acres of commercial property in Northern Virginia. Knowing when to enter and exit markets has been a trademark of The Bernstein Companies for over thirty (30) years. Mr. Bernstein anticipated the sizable downturn in the land market and accordingly, directed the effort to reposition the company towards further building its income-producing portfolio as the 1990s arrived. By working to form an alliance with a Fortune 500 investor, TBC bought over $150,000,000 in real estate owned ("REO") property and loans from the Resolution Trust Company, banking institutions and private owners. This led to the company's expansion throughout the 1990's.

Mr. Bernstein's efforts have resulted in the establishment and administration of a series of funds including; Consortium One, Consortium Two, and Consortium Three. Consortium One, L.P. a $30,000,000 fund, Consortium Two, L.P. a $100,000,000 fund and Consortium Three, L.P. a $100,000,000 fund have concentrated their monies into opportunistic debt and equity investments. The three funds have invested into $400 million of real estate. TBC co-invests with its pension fund partners and serves as the general partner. This allows the discretion to have tremendous flexibility in the placement of these funds through joint venturing with other developers. Additionally, it has allowed TBC the flexibility to broaden itself into edge and other markets in the Mid Atlantic region, including Richmond and Philadelphia.

Mr. Bernstein is actively involved in alumni affairs at the Wharton School and was appointed an Associate Trustee in 1992. Following in the line of a successful real estate and banking family, Mr. Bernstein currently serves on the Greater Washington Board of SunTrust Bank. As a third-generation owner, Mr. Bernstein continues building on the success of his family and participates in a number of civic activities in and around Washington, D.C., including the Mayor's Business Roundtable. Additionally, Mr. Bernstein has spoken at numerous conferences and seminars on the Mid-Atlantic real estate market over the past several years.

MARC DUBER
Chief Operating Officer and
Executive Vice President

Marc N. Duber, Executive Vice President and Chief Operating Officer of The Bernstein Companies (TBC), has been at the forefront of real estate management, development and finance since joining TBC twenty-two years ago. He has been involved in every function in the real estate industry from structuring creative financing and tax-advantage sales, to acquiring and refinancing properties. His primary responsibilities lie in long-range planning and financial and business development for this diversified and innovative company. As Managing Director of TBC's Hotel Division and Property Management Division, Mr. Duber is responsible for the oversight of the Companies' 1200 room hotel portfolio and approximately 3,000,000 s.f. commercial office property portfolio.

Mr. Duber is also actively involved in TBC's newest venture, Consortium Capital, a series of equity funds currently totaling $230,000,000 and invested in $400,000,000 in real estate. Consortium Capital is focused on joint ventures, equity investments and repositioning of properties in the Mid-Atlantic region. Mr. Duber actively participates in all phases of the investment process from evaluating potential acquisitions through oversight of the asset management and repositioning efforts. TBC emphasizes a long-term approach to real estate ownership in all instances -- a philosophy it has had since inception -- thus, Mr. Duber's hands-on approach in all divisions, helps to yield profit margins while making sure guests', tenants', partners' and investors' experiences are positive.

Mr. Duber is a graduate of American University and actively participates in various civic, religious, and school organizations. He currently holds the position of Treasurer of the Board of Trustees of the Washington Hospital Center, the largest and most comprehensive hospital serving the Nation's Capital and the thirteenth busiest hospital in the United States. Additionally he is a member of the Development Committee of the Landon School in Bethesda, Maryland.

JOSEPH GALLI
Vice President:

Joseph S. Galli, Executive Vice President of The Bernstein Companies and Managing Director/Chief Investment Officer of the Consortium Capital Fund is a graduate of the Wharton School of the University of Pennsylvania. He has worked in the real estate finance industry for over sixteen years. When Mr. Galli joined The Bernstein Companies ("TBC"), he was most actively involved in leasing, management and financing activities for TBC's portfolio. Having devoted much of his time in the past conducting due diligence and evaluating financial projections for TBC's acquisitions, Mr. Galli is now empowered with the knowledge and foresight to bring The Bernstein Companies' current venture, Consortium Capital, a series of equity funds, to fruition.

Mr. Galli's primary responsibility is to formulate, implement and guide the Consortium Fund's investment strategy. This includes identifying attractive properties, overseeing acquisitions, negotiating joint ventures, and determining financing and exit strategies. His efforts resulted in the acquisition and disposition of the 1500 Eckington Place deal, the current home of XM Satellite Radio, which won the 1999 Washington Business Journal Deal of the Year Award.

Mr. Galli received his Bachelor of Science from the Wharton School of the University of Pennsylvania where he was President of his class as well as the FEI Wharton Student of the Year. He remains actively involved in his alma mater as President of his alumni group as well as a Member of the Development Committee of The Lab School of Washington, D.C. Additionally, Mr. Galli is a frequent speaker at industry conferences on the subject of finance and the Mid-Atlantic real estate market.

BIOGRAPHIES