FOR IMMEDIATE RELEASE

Let the Makeover Begin!

The Old Downtown Hilton Has Been Purchased with a Fast Track Makeover Planned

Fresno, Ca. (November 16, 2006) – After multiple failed attempts, the old Downtown Hilton has finally found a buyer- Mr. Sam Chang. With escrow on this $5.5 million dollar building officially closed, the $7-10 million in renovations Mr. Chang has planned will begin immediately with noticeable changes in the next 30 days. The entire project is slated to be completed with in the next 14-16 months and once unveiled, will be a full service Holiday Inn property.

Mr. Chang voted the “Holiday Inn Hotel Developer of the Year” in 2004 is just what this vacant hotel needs. Mr. Chang is planning to put risk capital into our community to upgrade and re-open this 190-room hotel, which in-turn will bring more jobs and more places for visitors to rest their heads in Fresno.

Tuesday, November 21^st at 11:00 a.m.

Please join Mr. Chang’s representative Michael Goldstein of P.R.I., Hotel Broker Roger Story of Motel/Hotel Specialists and the Fresno Hotel Association, City Council Member Cynthia Sterling, Wayne Bennett Executive Director Fresno Convention and Visitors Bureau, and Fresno Redevelopment Agency Executive Director Marlene Murphey as they open the hotel, showcase upcoming renovation plans and answer any questions about this exciting Downtown revitalization project at 1055 Van Ness Ave. “The Redevelopment Agency Board and I would like to extend a warm welcome to Mr. Chang, the new owner of 1055 Van Ness Avenue. The Agency looks forward to working closely with him on his hotel restoration efforts.”

About the Sale of the Property

The 9 story- 190 room Downtown property, formerly a Hilton and Howard Johnson full-service hotel, had been on the market for years- vacant since 2002. Listed as “A trophy property that ceased operations due to internal problems” on Motel Hotel Broker International website- it caught the eye of Mr. Chang, an aggressive property developer from New York.