RIDA Development Corporation Begins $15 Million Renovation and Reflagging of Recently Acquired Pittsburgh Radisson Hotel To Become the 465-room DoubleTree by Hilton Pittsburgh-Green Tree in Pennsylvania

September 21, 2011

PITTSBURGH – September 21, 2011 – RIDA Development Corporation has announced the planned purchase and accompanying $15 million transformation of the Radisson Hotel located in the Green Tree borough in Pittsburgh, PA.  Extensive improvements are scheduled to begin immediately, with the 465-room DoubleTree by Hilton Pittsburgh-Green Tree becoming the newest and largest Pittsburgh-area hotel currently available within the Hilton Worldwide portfolio of hotels and welcoming guests to the brand in November 2011. Renovations are anticipated to be complete by the fall of 2012.

A powerhouse team of experienced hospitality talent has been brought together for the DoubleTree by Hilton Pittsburgh-Green Tree conversion and renovation. Renowned interior design company Looney & Associates leads the re-design, with RIDA Development Corporation, one of the country’s leading hotel developers, overseeing the transformation of the property. CAM Hospitality Management has been awarded the management contract.  The hotel will be operated under a franchise management agreement with a subsidiary of Hilton Worldwide.

“We are very pleased to conclude this transaction and to be part of the redevelopment of this Pittsburgh property that has been a mainstay for over 25 years,” said Ira Mitzner, President of RIDA Development Corporation.  “We look forward to establishing the DoubleTree by Hilton Pittsburgh-Green Tree as a premiere hotel for group, business and leisure travelers visiting the area.  We are also pleased to add this property to our hotel portfolio with ownership interests exceeding 3,000 rooms nationwide and approximately $1 billion in value.

The $30,000+ per-room renovation will encompass 455 beautifully revamped guestrooms and suites, a striking new entryway leading guests into an expansive, completely updated lobby with furnishings and finishes evoking the feel of grand mountain lodge.  An update of all public spaces of the hotel includes modernization of the hotel’s two full-service restaurants, sports bar, marketplace, health club and more than 30,000 square feet of meeting space and event facilities encompassing 26 meeting rooms, a grand ballroom and a junior ballroom.

Aside from the fresh new look of all spaces in the hotel, the interior colors will represent the four seasons.  Plush seating and large social areas will spill into the new upscale sports bar and grill, while in the new state-of-the-art health club there will be professional-grade Precor fitness equipment.

The DoubleTree by Hilton Pittsburgh-Green Tree provides complimentary shuttle service to many downtown attractions such as sports stadiums, the Andy Warhol Museum as well as the David L. Lawrence Convention Center.  Providing complimentary parking, DoubleTree by Hilton Pittsburgh-Green Tree also shuttles to and from the airport free of charge.

DoubleTree by Hilton Pittsburgh-Green Tree guests will benefit from the characteristic qualities found at the brand’s more than 265 DoubleTree by Hilton locations around the world, including the warm welcome of the brand’s legendary chocolate chip cookie presented to every guest at check-in; an array of upscale amenities and guest services; the rewards of the Hilton HHonorsâ guest loyalty program; and a unique and caring team member commitment to the local community.

“We are delighted to introduce our fifth Pittsburgh area hotel later this fall as the DoubleTree by Hilton Pittsburgh-Green Tree.  The new name, look and feel of this outstanding hotel will be exciting for hotel team members, guests and the community alike,” said Rob Palleschi, global head, DoubleTree by Hilton.  “DoubleTree by Hilton looks forward to working together with RIDA Development and CAM Hospitality to create a rewarding hotel experience for the Borough of Green Tree and the greater Pittsburgh community in the months and years to come.”

For more information on the soon-to-be DoubleTree by Hilton Pittsburgh-Green Tree, please contact (412) 920-8097

About RIDA Development Corporation
RIDA Development Corporation has achieved an international reputation for creating innovative, high-quality and successful real estate ventures. Headquartered in Houston, Texas and founded in 1972 by David Mitzner, RIDA operates major divisions in Texas, Florida and Europe. RIDA is among Poland’s largest and most well-known private investment groups, and its Polish portfolio alone is valued at more than $2 billion. In the United States, RIDA has become one of the South’s most active development groups and is currently managing developments worldwide of retail, office, distribution, residential, hotel and mixed-use land developments with a value in excess of $5 billion.  For more information, visit www.ridadev.com.

About CAM Hospitality Advisors & Management
CAM Hospitality Advisors & Management currently manages, asset manages more than 25 U.S. hotels and resorts across all brands and luxury levels. The senior management team of CAM Hospitality Advisors & Management has an average of more than 25 years each of diverse full service hospitality management experience. CAM utilizes its in-depth knowledge of third party resources as well as leveraging the hotel brands to deliver outstanding yields and value to all stakeholders. For more information, visit www.camhospitality.com.

About Looney & Associates
Looney & Associates is an award-winning and highly-acclaimed interior design company with offices in Chicago and Dallas. Their extensive portfolio includes resorts, hotels, commercial and residential properties in locations in Arizona, California, Colorado, Florida, New Jersey, New Mexico, Texas, Mexico and others. For more information, visit www.looney-associates.com.

About DoubleTree by Hilton Hotels
With a fast-growing global collection of contemporary, upscale hotels in more than 250 gateway cities, metropolitan areas and vacation destinations across five continents, every little thing we do at DoubleTree by Hilton inspires us to create a rewarding experience for our hotel guests, our team members and the communities we proudly serve.  Our hospitality begins with a warm chocolate chip cookie welcome upon arrival and continues with the award-winning Hilton HHonors® guest loyalty program, an array of fine services and amenities and our longstanding CARE Culture tradition that empowers more than 60,000 team members to provide the special comforts and acts of kindness that make the traveler feel human again.

To make reservations at any DoubleTree by Hilton hotel, travelers may visit our brand website atwww.doubletree.com.  Social media users may connect with us at www.facebook.com/doubletree,www.twitter.com/doubletree andwww.youtube.com/doubletreehotels.  For the latest news, story starters and fact sheets about our brand, reporters and bloggers may visit our DoubleTree by Hilton Global Media Center at www.doubletreebyhiltonglobalmediacenter.com.

About Hilton Worldwide
Hilton Worldwide is the leading global hospitality company, spanning the lodging sector from luxurious full-service hotels and resorts to extended-stay suites and mid-priced hotels. For 93 years, Hilton Worldwide has been offering business and leisure travelers the finest in accommodations, service, amenities and value. The company is dedicated to continuing its tradition of providing exceptional guest experiences across its global brands. Its brands are comprised of more than 3,700 hotels and 610,000 rooms in 82 countries and include Waldorf Astoria Hotels & Resorts, Conrad Hotels & Resorts, Hilton Hotels & Resorts, DoubleTree by Hilton, Embassy Suites Hotels, Hilton Garden Inn, Hampton Hotels, Homewood Suites by Hilton, Home2 Suites by Hilton and Hilton Grand Vacations. The company also manages the world-class guest reward program Hilton HHonors®. For more information about the company, visit www.hiltonworldwide.com