Normandy owns four full-service hotels totaling 1,079 rooms with substantial banquet space, restaurants and pool-spa amenities, with locations in Boston, New York and New Jersey. Normandy redeveloped three of these assets, one of which is still under construction and will be delivered in the fall of 2009. Most of our hotel properties are branded with nationally-recognized leaders in their sector. Normandy's investment strategy is to target properties that are in need of recapitalization and/or have been undermanaged or are in need of renovation or repositioning. Upon completion of the renovations we seek to provide a higher quality product at competitive room rates, which translates into customer satisfaction and asset value appreciation.