Ex-Tarsadia Execs Form TWENTY4SEVEN Hotels

Wednesday, January 17, 2007-3:04:54 PM

NEWPORT BEACH, CA — Two former real estate executives with Tarsadia Hotels have formed TWENTY4SEVEN Hotels, a hotel investment, development and management firm based here.

Drew Hardy and David Wani launched the new company with four hotels it owns and operates; it has two more under development.

The growth plans for the company are centered on the upscale, focused-service segment, with a geographic concentration on the western United States.

Hardy, a 10-year veteran of Tarsadia Hotels, left his position there as vp/Real Estate in 2004 to pursue hotel development and investments on his own behalf. Prior to joining Tarsadia in 1994, Hardy was partner in a San Diego-based brokerage firm that specialized in hotel transactions. Wani, with Tarsadia since 1999, left that company this past October 2006. While there, he underwrote hotel equity and debt. Prior to joining Tarsadia, Wani worked for Landauer Associates specializing in financial and operational analysis, valuation, and market feasibility of hospitality assets.