09.07.04
AMC DELANCEY AND PARAMOUNT HOTEL GROUP TRANSFORM JACKSONVILLE HOTEL
NEW RADISSON TO BE COMPLETED MID-NOVEMBER

Contact
Stephanie W. Singer, Beckerman Public Relations
(908) 781-6420, Stephanie@beckermanpr.com

JACKSONVILLE, FL, SEPTEMBER 7, 2004 — AMC Delancey Group, Inc., a Philadelphia-based national real estate investment company, and its partner, Paramount Hotel Group, announced that their joint hotel acquisition in Jacksonville, Florida is currently undergoing a major renovation. Once known as the Southpoint Hotel, the highly-anticipated 167-room, 6-story hotel, will be known as the Radisson Hotel, Jacksonville – Butler when it reopens in November of 2004.

“When the renovations are complete, this new Radisson Hotel will be the premier lodging facility in the area,” said Ethan Kramer, president of Paramount. “This facility was formerly not well-maintained, but our extensive repositioning and reinvestment work will establish the Radisson as the most sought after hotel in the area.”

Upon acquisition, AMC Delancey Group and Paramount, who will oversee the renovations and run the hotel, planned a complete gutting and refurbishing of the lobby, restaurant and bar, meeting space, public areas and all hotel guest rooms as well as the infrastructure such as plumbing and fire system upgrades.

Commencing this past May, the hotel was closed for renovations. Guest rooms were stripped down to the sheetrock and new finishes, furniture and equipment are being installed to complete the full makeover. In the lobby, restaurant and meeting areas, a dynamic new look is anticipated with a more thorough renovation as walls are being removed to accomplish a more open, welcoming atmosphere. To finish the transformation, a new stucco treatment is being applied to the outside of the hotel and landscaping improvements surround the new-look hotel.

“The purchase, renovation and return on our investment is exactly the type of co-investment strategy we target at AMC Delancey and we are actively looking for new real estate joint venture opportunities in the Jacksonville marketplace,” said Kenneth P. Balin, president and CEO of AMC Delancey Group. “Paramount Hotel Group is an excellent local operating partner whose interests are clearly aligned with our own and it is a pleasure working with them. This acquisition and its repositioning is clearly a win-win for the local marketplace as well as the partners involved.”

Located off I-95 at J. Turner Butler Boulevard, the hotel is situated within a major suburban office market south of downtown Jacksonville, near numerous corporate generators. In addition the new Radisson Hotel is just 11 miles from ALLTEL Stadium, home of the Jacksonville Jaguars and Super Bowl XXXIX this year and is close to two Jacksonville medical facilities, St. Luke’s Hospital and the Mayo Clinic.

Paramount Hotel Group, founded in 1999, is a premier hotel management and development company. Paramount Hotel Group specializes in value-oriented management of full and limited service hotels nationwide. As an independent operator, Paramount team has successfully managed hotels under every major brand including Marriott, Hilton, Radisson, Sheraton, Crown Plaza, Holiday Inn, Ramada and Howard Johnson. The company is headquartered in Fairfield, NJ and manages and/or has ownership interests in 27 properties with more than 3,000 rooms.

Founded by Kenneth P. Balin in 1992, AMC Delancey Group, Inc. is a long-term investor in real estate that delivers superior risk-adjusted financial returns by aligning interests with leading local operating partners and investors throughout the east coast. Headquartered in Philadelphia, Pennsylvania, the Company targets long-term relationships with operating partners from New England to Florida. For more information on AMC Delancey Group, visit www.amcdelancey.com.