SOURCE: Haz Holdings, Inc.

September 18, 2007 09:10 ET

HAZ Holdings, Inc. Announces Completion of Phase II Renovation of Houston Hotel Monarchy Property

Renovations Reflect Strategy to Increase Revenues for Proper Market Positioning

FEDERAL WAY, WA--(Marketwire - September 18, 2007) - HAZ Holdings, Inc. (PINKSHEETS: HAZH), which manages a portfolio of full-service hotels, today announced the completion of the Phase II renovation of the Hotel Monarchy & Suites property in Houston Texas, which consisted of upgrades to the guest rooms, including new furniture.

The four-phase renovation model for HAZ Hotels properties allows for increased revenues through higher room charges and the potential for improved asset values for its hotels.

The Houston Hotel Monarchy & Suites is conveniently located Will Clayton Parkway, 1 mile from the Houston International Airport (IAH). The property is ideally situated for both business and leisure travelers given its close proximity to the heart of Houston's downtown business district, convention center and world class shopping.

HAZ Holdings business strategy consists of the acquisition of hotel properties for below market value, providing an immediate asset value higher than the amount paid for the property. Some of the properties acquired may be distressed or have management that needs to sell quickly. Once the properties are acquired, HAZ Hotels then undertakes its renovation strategy, which may include four phases. The renovations are designed to immediately give the hotels a fresh look and increase revenues through higher average daily rates (ADR). HAZ Hotels also utilizes its experience and expertise in hotel management to improve the overall operations of each property, reducing unnecessary expenses as revenues are increased.

"We are pleased to have completed this phase of renovations at our Houston Hotel Monarchy & Suites, and we look forward to continued revenue growth at this location," stated Dr. Karim Bhanji, CEO of HAZ Holdings, Inc. "The property renovations are an important element of the HAZ Holdings strategy, due to their impact on the revenues of the hotels. Increasing revenues, coupled with the significant asset value for HAZ Hotels properties, are expected to allow HAZ Holdings to elevate its position in the public markets through an accurate valuation of the company once it is current in its financial reporting."

HAZ Holdings' five-year business plan is to increase its hotel ownership portfolio by acquiring hotel properties that range in size from 100-300 rooms per property. The company's primary focus for hotel acquisitions is in North America, but once its has met its North American goals, HAZ Holdings plans to develop, acquire hotel properties in Europe and Asia market.

Shareholders and anyone interested in following the progress of the company are encouraged to subscribe to the company's mailing list located at http://investors.hazholdings.com/ealert.php, through which HAZ Holdings disseminates newly disclosed information, including press releases, notices of SEC filings, investor newsletters and other material, to subscribers directly by email.

About HAZ Holdings, Inc.

HAZ Holdings owns and manages three mid-scale, full-service hotels in the United States and Canada, under the brand names "Hotel Monarchy & Suites" and "Monarchy Inn & Suites" (www.hazhotels.com). HAZ Holdings' five-year business plan is to increase its hotel ownership portfolio by acquiring hotel properties that range in size from 100-300 rooms per property, while concurrently franchising additional hotels under its brand names. The Company's portfolio also includes the following wholly owned subsidiaries: Mortgage and Financial Institute, LLC (www.mfibanking.com), a mortgage brokerage company specializing in commercial and residential lending in Washington and Alaska; Nationwide Hotel Management, LLC, a hotel management company; KB Realty Group International LLC, a commercial and residential real estate sales company; Evergreen Sound Construction, LLC, a commercial and residential development company; and DoTravelDeals (www.dotraveldeals.com), a global travel booking engine.

This press release may contain "forward-looking statements." Although we believe that the expectations reflected in any forward-looking statements are reasonable, HAZ Holdings cannot guarantee future results, levels of activity, performance or achievements. Actual results may differ materially from the predictions discussed in these forward-looking statements. Changes in the circumstances upon which HAZ Holdings bases its predictions and/or forward-looking statements could materially affect its actual results.

Contact Information

  • CONTACT:
    Gemini Financial Communications
    A. Beyer
    951-677-8073
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