David Falor founded Allied Hospitality Group, Inc., in 1983. He is recognized as an industry leader in maximizing the performance of under-performing hotels, resorts and conference centers. Falor's hotel career spans forty years, beginning with independent fine dining restaurants in Hawaii and Australia, then joining Westin Hotels at the Hotel del Coronado in California. After eight years of food and beverage management, Falor concentrated his efforts on the sales and marketing of hotels. He quickly rose from property Sales Manager at the Century Plaza Hotel in Los Angeles to Director of Sales, Sonesta Beach Resort Nassau in the Bahamas. He later served as Director of Sales at Loews L'Enfant Plaza, Washington, DC, and was eventually promoted to Corporate General Sales Manager for all Loews Hotels Worldwide. Next, Falor joined Americana Hotels in New York as Corporate Vice President of Sales Worldwide. Falor returned to operations in 1977, to manage a 740 room resort, The Americana Hotel in Bal Harbour, Florida — now known as the Sheraton Bal Harbour. Then Falor managed the 1,800 room Chase Park Plaza Hotel in St. Louis, and subsequently became Senior Vice President of Operations for the Coleman Hotel Group. This group of four luxury hotels consisted of the Ritz Carlton Hotels in New York and Washington, DC and the Whitehall and The Tremont Hotels in Chicago. In 1983 Falor formed Paramount Hotels, which in 1992 became Allied Hospitality Group, In

1. David Falor founded Allied Hospitality Group, Inc., in 1983. He is
recognized as an industry leader in maximizing the
performance of under-performing hotels, resorts and
conference centers. Falor's hotel career spans forty years,
beginning with independent fine dining restaurants in Hawaii
and Australia, then joining Westin Hotels at the Hotel del
Coronado in California. After eight years of food and
beverage management, Falor concentrated his efforts on the
sales and marketing of hotels. He quickly rose from property
Sales Manager at the Century Plaza Hotel in Los Angeles to
Director of Sales, Sonesta Beach Resort Nassau in the
Bahamas. He later served as Director of Sales at Loews L'Enfant
Plaza, Washington, DC, and was eventually promoted to
Corporate General Sales Manager for all Loews Hotels
Worldwide. Next, Falor joined Americana Hotels in New York as
Corporate Vice President of Sales Worldwide. Falor returned to
operations in 1977, to manage a 740 room resort, The
Americana Hotel in Bal Harbour, Florida — now known as the
Sheraton Bal Harbour. Then Falor managed the 1,800 room
Chase Park Plaza Hotel in St. Louis, and subsequently became
Senior Vice President of Operations for the Coleman Hotel
Group. This group of four luxury hotels consisted of the Ritz
Carlton Hotels in New York and Washington, DC and the
Whitehall and The Tremont Hotels in Chicago. In 1983 Falor
formed Paramount Hotels, which in 1992 became Allied
Hospitality Group, Inc

2. Falor Companies, Inc. To Close $1.2 billion in Hotel Acquisitions by the End of 2005
Equity From The Mitchell Companies Spurs Continued Success
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MIAMI, Fla. | The Falor Companies, a hospitality firm with offices in Miami and Chicago, has positioned itself as
the leader in the condo-hotel industry with a large portfolio of acquisitions currently totaling 15 properties. The
company attributes their rapid growth to a $25 million investment from The Mitchell Companies, a Miami-based
commercial property owner.
"The key to our rapid success comes as a result of the significant cash investment from The Mitchell Companies,"
said David Falor, president and CEO of The Falor Companies. "With the cash infusion, we have the advantage of
being able to preemptively acquire hotel assets for condo-hotel conversions."
Two years ago as the condo-hotel industry trend began, Falor realized that the key to success was to have the
funding to be able to initiate hotel purchases before the property goes to market. According to Guy Mitchell,
president of The Mitchell Companies, Falor found a niche and developed a unique business plan with impressive
turnaround times. "I invested during the inception, which has proven to be a profitable venture as The Falor
Companies has implemented an aggressive growth strategy with huge success."

3. Falor Companies, Inc. announced that it has secured $75,000,000 of institutional joint-venture equity, which
will be used to acquire underperforming assets in the lodging industry. Jane Lamb of Atlanta based MJL
Associates arranged for the equity line on behalf of the Falor Companies. David Falor, president said, ” the
equity will enable our group to continue to acquire underperforming CBD and Resort hospitality assets, well
below replacement cost, that we will leverage on average at 60% of total cost. We will allocate this capital
to assets that we can renovate and reposition, with an emphasis on condo/hotel conversions in most
cases.” Falor also said that they plan to retain major brands to flag and manage the assets, while Falor
Companies asset manages each of the assets it acquires. Falor Cos. has already put this newly secured
institutional equity to work with the acquisition of the 179-room Mayfair Hotel located in Coconut Grove, FL.
The deal is scheduled to close May 5, 2004. Falor Companies plans to sell out all of the rooms of the newly
acquired asset as condo/hotel units