NEW FULL-SERVICE HOTEL – FIRST IN 24 YEARS

SPRINGFIELD, OREGON – March 23, 2006 – Sycan Development Corp. plans to build the area’s first full-service hotel since 1982. City officials and the locally based hotel developer gathered at the site of the future hotel today to make the application formal.

The new full-service Holiday Inn will be located in what is currently an open field directly south of the Courtyard by Marriott, and east of the Comfort Suites in Springfield. Among those present at the site today: Springfield Mayor Sid Leiken and Springfield City Councilor Christine Lundburg who both support the application for the project. The new full-service hotel will provide about 60 new jobs to the area, and tax revenues on 153 deluxe guestrooms.

The Convention and Visitors Association of Lane County (CVALCO) is also backing the project, represented today by Lisa Lawton, Director of Community Relations. CVALCO and other visitor groups have been pushing for a hotel with a large amount of meeting space ever since the Doubletree Hotel was replaced by retail shopping. The new hotel will provide 4,000 square feet of flexible meeting and banquet facilities.

Sycan President Richard Boyles signed the application to begin the process that he
expects will be completed in the spring of 2008. “We have been looking at this piece of land as a potential home for a new property for quite some time,” says Boyles, “but we weren’t sure what type of hotel would best serve the needs of the area. We are pleased at the prospect of filling this vacant lot with a modern full-service property, which has been lacking in this area for many years.” The plans for the Holiday Inn include high speed wireless Internet throughout the hotel, an indoor pool and spa with exercise room, and a private garden off the meeting and banquet rooms.

In its planned location, the new hotel will be nestled among several other hotels under the management of InnSight Hotel Management Group, Sycan’s sister company. InnSight’s Executive VP Patrick McShane also attended today’s outdoor ceremonies, anticipating that in a couple years he’ll be standing on the patio of the new hotel. “We plan to have a 60-seat restaurant,” says McShane, “and we know people in this area enjoy the outdoors, so we’re planning an additional 40 seats featuring outdoor patio dining.”

The developers says they hope to get through the application process quickly, and start moving dirt this summer to prepare the site for the new hotel.

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Sycan Development and InnSight Hotel Management Group are based in Springfield, Oregon. Current properties under InnSight management include:

Springfield/Eugene, Oregon
• Holiday Inn Express
• Courtyard by Marriott
• Comfort Suites
• Residence Inn by Marriott
• TownePlace Suites by Marriott – Spring 2007
• Holiday Inn – Winter 2007

Portland/Hillsboro, Oregon
• SpringHill Suites by Marriott

Medford/Central Point, Oregon
• Fairfield Inn & Suites by Marriott
• Courtyard by Marriott Airport
• Holiday Inn Express – Summer 2006
• TownePlace by Marriott – Early 2007

Burlington, Washington
• Fairfield Inn & Suites – September 2006