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Courtyard Kaua'i at Coconut Beach Unveils $13 Million Renovation

"We are pleased to unveil the completion of the new Courtyard Kaua'i at Coconut Beach, the first property we have managed in Hawaii and an important addition to our management portfolio," said Patrick Lupsha, Davidson's chief operating officer. "We are confident that the owners' significant capital investment, coupled with our management expertise, will establish the property as the leading resort in the local market." The Courtyard by Marriott Kaua'i at Coconut Beach is owned by a joint venture between Dallas-based Behringer Harvard and Austin, Texas-based JMI Realty.

"The hotel has been a fixture on the island since 1978," said Bently Kriewald, general manager of Courtyard Kaua'i at Coconut Beach. "The addition of the Courtyard by Marriott brand and the associated physical enhancements over the past year have reinvigorated the property and elevated the guest experience at every touch point."

With the completion of the property enhancement, fully executed and managed by the San Diego office of one of the co-owners, JMI Realty, the Courtyard Kaua'i at Coconut Beach has added a new level of quality and sophistication to the intimate and affordable property. Just 20 steps from the ocean, Courtyard Kaua'i at Coconut Beach now features beautifully refurbished exterior facades and detailing, including lush landscaping, a reconfigured pool, Jacuzzi and pool deck with a decorative fire feature. Lounge chairs and comfortable seating areas surrounding the new pool provide ample opportunities to enjoy the oceanfront setting both by day and by night.

The staff's warm aloha spirit embraces guests as they enter the hotel's new lobby, with its stunning lofted atrium and contemporary lighting features. After receiving their complimentary Mai Tais at check-in, guests will feel right at home on the island of Kaua'i. The resort's ocean-view restaurant, Voyager Grill, and pool-side cocktail lounge, Cook's Landing, have launched new menus to complement the fresh new decor. Under the direction of Chef Rafael Camarillo, guests can enjoy upscale Hawaiian regional cuisine featuring fresh ingredients from local farms.

Further enhancing the guest experience for both leisure and business travelers in 2012, the Courtyard Kaua'i at Coconut Beach now offers a revamped and expanded fitness center with the latest in exercise equipment to kick start guests' adventures and activities during their stay. A family game room provides additional entertainment for children and families alongside the new ultra-convenient Marriott Market, offering snacks and meals to go. The resort's new eLounge, offering the latest in hospitality technology, allows guests to stay connected to friends and family while on the island.

The resort also boasts more than 8,300 square feet of updated indoor and outdoor meeting and event spaces, making it an even more ideal location for weddings, corporate retreats, seminars and board meetings. Groups can enrich their meetings and gatherings by taking advantage of the Courtyard Kaua'i at Coconut Beach's personalized amenities and proximity to thrilling leisure and adventure activities.

The Courtyard Kaua'i at Coconut Beach looks forward to launching the 2012 season by welcoming both new and long-standing return guests to its stunning and rejuvenated property and embracing them with its warm aloha spirit and hospitality.

ABOUT COURTYARD KAUA'I AT COCONUT BEACH

The Courtyard by Marriott Kaua'i at Coconut Beach has a commitment to provide exceptional service and maintain guest loyalty. The hotel offers 311 professionally decorated guest rooms and executive suites, offering complimentary high-speed internet access. In addition to the oceanfront location and outdoor pool, guests enjoy Voyager Grill, Cook's Landing, expansive meeting space and convenient access to Kaua'i's major attractions and leisure activities. The Courtyard by Marriott Kaua'i at Coconut Beach is located at 650 Aleka Loop, Kapaa, Hi. 96746. Reservations can be made by calling the hotel directly at 800-321-2211 or online at www.marriott.com. The hotel is managed by Davidson Hotels & Resorts.

ABOUT BEHRINGER HARVARD

Behringer Harvard creates and manages global institutional-quality investment programs for individual and institutional investors. Programs sponsored and managed by the Behringer Harvard group of companies have attracted equity of more than $5 billion and made investments into more than $11 billion in assets. For more information, contact our U.S. headquarters toll-free at 866.655.3600 or our European headquarters at 011 49 40 34 9999 90, or visit us online at www.behringerharvard.com.

ABOUT JMI REALTY

JMI Realty is a private real estate investment and development company located in San Diego, California. The company was organized in 1992 as the real estate subsidiary of JMI, Incorporated, the investment management company of the John Moores Family and is today the sponsor of JMI Realty Partners IV, LP a private equity fund investing in the hotel space.

JMI Realty seeks full service hotel investments in the upscale, upper upscale, luxury and resort segments. Most investments will benefit from a renovation, repositioning and rebranding strategy. JMI Realty has a proven track record for achieving superior risk-adjusted returns for its investors and partners.

ABOUT DAVIDSON HOTELS & RESORTS

Headquartered in Memphis, Tenn., Davidson Hotels & Resorts is an award-winning, full-service hotel management company that provides management, development/renovation, acquisition, consulting and accounting expertise for the hospitality industry. The company's portfolio encompasses 47 upscale, full-service independent and branded hotels with nearly 13,500 rooms across the United States, including such affiliations as Courtyard by Marriott, Renaissance, Marriott, Hyatt, Westin, Sheraton, Hilton, Embassy Suites, DoubleTree by Hilton, Radisson, and Hilton Garden Inn. Additional information on Davidson may be found at www.davidsonhotels.com.

Davison Hotels & Resorts
Cyndi Norwood, 901-821-4155
cnorwood@davidsonhotels.com
or
Murphy O'Brien Public Relations
Susan Williger, 310-586-7140
swilliger@murphyobrien.com