July 10, 2003

Hospitality Lodging Investors, LP Closes On New Financing For Its BWI Hotel

Hospitality Lodging Investors, LP closes on new financing for a new 107-room Country Inns and Suites by Carlson hotel to be built at the Baltimore-Washington International Airport.  M&T Bank provided a $5,900,000 construction and permanent loan. Construction is expected to commence within the next 30 days.  The construction schedule calls for a 10-month construction period.

Valcour, Inc.

2256 South Queen Street

York, PA 17402

717-741-4300 voice

717-741-4365 fax

dennis@valcourinc.com

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