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Sunburst is an owner/operator of 45 hotels with nearly 6,000 rooms and a championship golf course and manages a portfolio of self-storage facilities and apartment complexes. The Company operates in 21 states with annual revenues in excess of $100 million. Sunburst is also a developer of residential real estate with projects in Virginia and South Carolina. Sunburst's hotels are branded as Comfort Inns and Suites, Holiday Inn Express, Quality Inn, Clarion, Sleep Inn, Best Western, and AmeriHost. James A. MacCutcheon, the Company's CEO, has been with the Company and its predecessor organizations since 1987. Since that time, Sunburst has grown from a small portfolio of 11 hotels to a peak of 89 hotels. The Company's President and Chief Operating Officer, Kevin Hanley has been with the Company since 1994. Sunburst recognizes that its best investments are those that it makes in its people. The Company is a recognized industry leader in developing and implementing best practices in the human resources area. Innovative compensation and benefit programs are in place at all levels of the Company. Sunburst remains committed to developing and successfully implementing strategies to maximize the value of its assets. Mr. MacCutcheon and the executive management team have a successful record of managing ahead of industry cycles. Prior to the industry downturn in the late 1980s, the Company was able to liquidate a substantial portion of its existing hotel portfolio. The Company capitalized on the distressed real estate and capital markets in the early 1990s by opportunistically acquiring hotels at significant discounts to replacement cost. In 1995, the Company responded to changing industry cycles by shifting its growth strategy to construction of mid-market, limited service and extended stay hotels. On January 4, 2001, the shareholders approved a management buyout of the Company. Sunburst is now controlled by Stewart Bainum, Jr., James A. MacCutcheon, certain members of the management team and certain other members of the Bainum family. Since that time, the Company has opportunistically sold a number of hotels, reduced debt incurred in the buyout and diversified into new businesses. Sunburst remains committed to developing opportunities for the career advancement of its associates while maximizing the value of assets in its portfolio and leveraging its management infrastructure.