PARK HYATT PHILADELPHIA AT THE BELLEVUE ELEGANT ROOM REFURBISHING CHECKS IN AT OVER $3 MILLION

Park Hyatt Philadelphia is pleased to announce the completion of guestroom refurbishing of over 130 guestrooms, investing approximately $30,000 per room. Our vision in the refurbishing is to enhance the elegant look of our stunning hotel while maintaining exceptional quality", says Bernard Guet, General Manager; Entering the hotel lobby, one immediately experiences the ambience of true grandeur and classic style. Our integrity makes it imperative to us that this ambiance embraces each luxuriously oversized guest room -- traditional in appearance, and residential in terms of comfort - complemented by state-of-the-art business amenities for discerning business travelers."

The refurbished guest rooms, designed by New York City firm Interior Design Force, invoke a soothing, home-like feeling for guests; the perfect atmosphere for doing business by day, and relaxing at night", according to Bob Goldberg, lead designer.

Highlights of each guest rooms refurbishing include ornate custom-designed draperies in green and gold, a matching valance in matte gold, sage and gold fringe trim and rosette tiebacks. Swavelle Sumatra Ivory sheers accent the rich draperies.

Furnishings of lustrous mahogany enhance the classically traditional decor for which The Bellevue is famous. Antique pieces include an inlaid armoire with detailed moldings and a hand-carved and fluted two-poster bed with a curved panel headboard. Each guest room features a high-crown lounge chair in celadon-accented fabric with matching ottoman. The sofa fabric is woven with gold and sage, intertwined with Austrian crystal beads.

A queen-sized bench in mango and celadon sits at the foot of each bed. Beds are plush and inviting, with top-quality Sealy Posturepedic quilted pillow-top mattresses. Sumptuous bed linens topped with a fluffy goose-down duvet will inspire guests to dive right in". A Richloom Chablis-Sam coverlet, trimmed pillow shams and tailored Covington Galaxy moiré dust ruffles, accented by Linette velvet-covered throw pillows with sage, gold and russet trim complete the bedding ensemble.

Hotel managements highest attention to detail and twice-daily housekeeping service ensure guests the most comfortably relaxing stay. Amenities include televisions carrying a full spectrum of cable-movie channels, European-style concierge service, fully-stocked mini-bars, luxury bath amenities, complimentary daily newspapers, individual climate control, hairdryer, in-room safe, stereo and VCR. Business travelers will welcome the up-to-the-minute technological amenities in guest rooms, including three telephones with dual lines (suitable for laptops), in-room fax machines, voice mail, and computer data ports.

The Park Hyatt Philadelphia crowns the top eight floors of the landmark Bellevue Building, located in the heart of Center City - poised among premiere historical, cultural, culinary, theatre and music destinations along The Avenue of The Arts.

Listed in the National Historic Register as a National Landmark, The Bellevue architectural style is French Renaissance with limestone and terracotta features. The exclusive hotel complex features 172 suites and guestrooms, an award-winning European day spa, world-class restaurants, gourmet food court, upscale boutiques, an unsurpassed jazz club and a 93,000 square-foot fitness center, The Sporting Club.

A majestic marble staircase leads to the two-tiered Grand Ballroom, characterized by superlative architectural detail with ornate ceiling scrollwork, breathtaking crystal chandeliers and delicate lighting designed by Thomas Alva Edison. The Grand Ballroom, one floor above the retail level, is one of the only existing balconied ballrooms in the US. It is adjacent to The State Drawing Room, The Red Room and The Clover Room.

The Conservatory, a seven-story high glass-enclosed courtyard, is located on the 12th floor.

Founders Restaurant, named one of the nations best restaurants by Conde Nast Traveler, is atop The Bellevue on the 19th floor, offering a breathtaking panoramic view of the city skyline. The Library, A plush cocktail and cigar lounge shares the 19th floor, along with The Rose Garden Ballroom, The Cliveden Room and The Wine Hall.

For reservations and information, consumers may call (800) 778-7477 or visit Park Hyatts website at www.parkhyatt.com.

Park Hyatt is Hyatt Hotels Corporations premium luxury brand, catering to business and leisure travelers who demand the finest in personalized service and accommodations. Fewer than 20 hotels worldwide bear the elite Park Hyatt name, with nine of those in North America. Each hotel is characterized by a distinguished sense of place, incomparable design and architecture, beautifully appointed guestrooms and suites, superior amenities and facilities, award-winning cuisine, and intuitive, nimble service.

The Bellevue is managed by PREIT-RUBIN, Inc., management affiliate of Pennsylvania Real Estate Investment Trust. Founded in 1960, PREIT is one of the first publicly held equity REITs and is an owner, developer and operator of shopping centers and apartment communities in the eastern U.S. The Company owns interests in a diversified portfolio of 46 properties totaling 12 million square feet of retail space and 7,242 apartment units. Three new retail properties are under development, which will add approximately 1 million square feet to the portfolio. PREIT is a full-service, fully integrated real estate company, specializing in acquisitions, ground-up development of new properties, property management and marketing, leasing and redevelopment services. PREIT is headquartered in Philadelphia, PA, and its shares are traded on the New York Stock Exchange, Symbol: PEI.

- # # # -

EXCELLENT STORY, PHOTO AND VIDEO OPPORTUNITY

Photos available upon request. Please contact Andrea Riso at (215) 875-0429 or via email at risoa@preit.com, for additional information, accommodations, and to arrange for coverage. Press kits, parking validation and press amenities provided upon request.