Larkspur Hospitality Opens Door To Third Party Management Agreements As Contract Signed With Equity Office

Upscale PruneYard Inn To Benefit From Seasoned Management Team, Operational Infrastructure and Local Market Expertise

SAN JOSE AND CORTE MADERA, CA, - Equity Office Properties Trust (EOP) has chosen Larkspur Hospitality Company to manage the PruneYard Inn in Campbell, California. Larkspur Hospitality Company, based in Corte Madera, California, will assume the management of the PruneYard Inn effective May 16.

It's a natural for us to extend our management expertise to new hotels via third-party management agreements and we couldn't be more pleased to be working with Equity Office, said Larkspur Hospitality CEO Karl Hoagland. We consistently deliver exceptional guest and employee satisfaction while also generating extraordinary financial results.

The PruneYard Inn, an upscale 172-room hotel is part of the PruneYard Center, a mixed-use office, retail and restaurant destination located in the heart of Silicon Valley; and owned by commercial property leader, Equity Office.

Larkspur's professional staff and proven methods clearly demonstrate that the company understands the importance of managing a hotel from an owner's perspective, and that's valuable experience, said John Petersen, senior vice president of Equity Office's San Jose Region.

Over the past five years, Larkspur Hospitality has built and managed its own hotel portfolio including 16 independent and branded hotels, comprising 2,000 rooms within three brands (Larkspur Landing, Candlewood Suites and Hilton Garden Inn) located in suburban Northern California and the Pacific Northwest. Equity Office's PruneYard Inn contract is the first of many third-party management contracts expected for Larkspur Hospitality as the company enters a new phase of business expansion, according to Hoagland.

Earlier this month, Hotel Business Magazine listed the top 100 management companies in the United States and Larkspur Hospitality was selected as one of the top 15 management companies ranked by revenue per available room (RevPAR). RevPAR numbers are a traditional standard by which a hotel's performance is calculated.

Larkspur Hospitality's management infrastructure with regional expertise is another benefit to property owners. Larkspur owns and operates four other properties in the immediate area, including the Larkspur Landings in Campbell and Sunnyvale, and the Candlewood Suites and Hilton Garden Inn in Milpitas. Other properties in Northern California include locations in South San Francisco, Pleasanton and the Sacramento area.

Our firm possesses substantial operational infrastructure, market knowledge and sales relationships with key accounts, so other hotel owners within our operating regions are realizing the benefit of this expertise and regional focus, said Hoagland. The challenging operating environment has heightened the need for value-added hotel management services that provide impactful results. Larkspur Hospitality is well positioned to out perform other hotels and accelerate its growth.

Larkspur Hospitality ranked in the top eight of The 150 Fastest Growing
Companies by the San Francisco Business Times in 2000 and 2001. For
more information about Larkspur Hospitality visit: www.larkspurhotels.com

Equity Office Properties Trust (NYSE: EOP) is the nation's largest publicly held office building owner and manager with a portfolio of 768 buildings comprising 127.5 million square feet in 22 states and the District of Columbia. Equity Office has an ownership presence in 35 Metropolitan Statistical Areas (MSAs) and in 147 submarkets, enabling it to provide a wide range of office solutions for local, regional and national customers. For more company information, visit the Equity Office Web site at www.equityoffice.com.


Logos, product and company names mentioned are the property of their respective owners.

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