Brickman was approached by Haberhill, LLC to participate in the acquisition of a 217-room Embassy Suites Hotel in Memphis, Tennessee. In June, 2007, the property was purchased from Hilton Hotel Corp. and will continue to operate as an Embassy Suites Hotel under a long-term management and franchise agreement with a Hilton operating subsidiary.

Located within the East Memphis submarket, the Embassy Suites Hotel is the market leader in its competitive set. Given its proximity to key business and leisure drivers, the property has historically enjoyed strong and consistent operating performance during its long history within the submarket. As of the acquisition date, the property outperformed its market competitors in both occupancy and average room rates.

Brickman will complete Hilton's ongoing Property Improvement Plan ("PIP") to renovate and renew all the guest suites and most of the common areas in the hotel. Hilton has spent $2 million within the past 12 months on the PIP and we will spend an additional $3.5 million within the next 12 months to complete the project. The hotel will remain open during the renovation.