In 1998, we formed Magna Hospitality to be an opportunistic hotel real estate investment firm. As our industry has evolved, we have evolved with it, and we have come to focus our energies on two basic truisms. First and foremost, the most important thing that we do as a firm is hire the right people. This basic principle applies both at the corporate level and our property level. Today, we have over twenty five highly motivated, talented and hard working corporate professionals that have morphed into a cohesive team that is dedicated to not only Magna's success, but to each other's success. Second, we have embraced the culture that we are a hotel real estate investment firm; and in order to achieve the high level of success that we have enjoyed from an investment perspective we must have a superior hotel management company. In our often fickle and cyclical business, Magna and its team have demonstrated and continue to demonstrate the most important qualities that a hotel real estate investment firm and a hotel management company must have. We tell our investors what we are going to do and when we are going to do it. Then, through hard work, talent and integrity, we do what we said we would do, and we do it with a level of consistency that has made Magna a premiere hotel company. It is with this team of professionals and with this culture that Magna will continue to move forward to improve both the quality of our investments and the manner in which we operate and oversee those investments for our investors. We welcome you to Magna Hospitality Group and we invite you to learn more about us, our team and the culture that is Magna. Robert A. Indeglia President / CEO Magna Hospitality Group, L.C.