Presidio Trust Selects Developer for Presidio Lodge

Presidio of San Francisco (October 11, 2007) — The Presidio Trust Board of Directors today announced the selection of Larkspur Hotels and Restaurants (Larkspur) as its development partner for the construction of a new lodge and redevelopment of an historic building on the Presidio’s Main Post. The lodge would provide the first overnight hotel accommodations in the National Park since the Sixth Army left in 1994.

“Every great national park has a great lodge,” said Craig Middleton, Presidio Trust Executive Director, “This is an exciting time for the Presidio and brings us one-step closer to establishing the park as a national visitor destination.”

Larkspur was one of two finalists for the project, down from 13 respondents to the Lodge Request for Expressions of Interest issued in September, 2006. Larkspur was chosen because of its strong team and commitment to building a high quality lodge in the Presidio. Larkspur intends to use sustainable practices and materials on the project and will seek a Leadership in Energy and Environmental Design (LEED) Green Building Rating.

“We are thrilled to be selected as a development partner for the Presidio Lodge,” said Karl Hoagland, Larkspur Chairman and CEO “We are grateful for this unique opportunity and look forward to working with the Presidio Trust and the public to develop a wonderful lodge in this amazing location.”

The Trust and Larkspur will begin to work on the project details, including design and business terms. The Trust held three public meetings over the past year to provide information about the lodge proposals and obtain feedback. Public scoping for the lodge project took place from November 10, 2006 to February 8, 2007.

About the Presidio Trust

The Presidio Trust was established by the United States Congress in 1994 to manage the Presidio of San Francisco, a former army base located in San Francisco at the base of the Golden Gate Bridge. The 1,500-acre site contains the infrastructure of a small city as well as expansive open space, a 300-acre historic forest, spectacular views, and rare and endangered plants and wildlife. It comprises nearly 6 million square feet of buildings, including 469 historic structures that contribute to its status as a National Historic Landmark District, making it unlike any other national park. In establishing the Trust, Congress mandated that it make the park financially self-sufficient by 2013. The Trust is the only federal agency with this mandate. The Presidio Trust Management Plan sets the framework for the Presidio’s financial and preservation goals. For more information, visit www.presidio.gov.

About Larkspur Hotels and Restaurants

Established in 1996, Larkspur Hotels and Restaurants is a rapidly growing hotel company based in Marin County’s Corte Madera, California. Larkspur Hotels and Restaurants owns and operates 20 hotels comprising two brands in areas of Northern California, Southern California and the Pacific Northwest. According to Market Metrix, an independent hotel industry guest satisfaction consulting firm, Larkspur Hotels and Restaurants hotels have consistently exceeded the industry average of the top five percent of U.S. hotels for guest satisfaction. For more information, visit: www.larkspurhotels.com.