New Boston Fund Closes Doubletree Hotel Deal

Orlando, FL - 8/10/06 - Orlando Doubletree is first hotel purchased by New Boston Fund
New Boston Fund, Inc., a Boston-based real estate investment, development and management firm, recently confirmed the purchase of the Doubletree Club Hotel in Orlando. This is the first hotel purchase for New Boston Fund and one of the firm`s most innovative projects in the Florida region.

The Doubletree Club Hotel is an eight story, 246 room hotel located at the northern entrance to Disney World. It was purchased in foreclosure from a Midwestern bank by New Boston Fund in partnership with Buena Vista Hospitality Group, a veteran in Orlando hotel management and re-development. This is the first joint-venture partnership for New Boston Fund and Buena Vista Hospitality Group.

The acquisition is part of New Boston Fund`s strategy to capitalize on recent and long term partners in the Orlando hospitality market. After renovations, the firm hopes to improve the rate per available room by twenty percent and bring superior returns to investors.

"We are purchasing an income investment with substantial upside for improving the hotel`s operation," says Phillip H. Bakalchuk, Senior Vice President of Acquisitions at New Boston Fund, "It furthers our Fund VI Portfolio strategy to buy new property types that allow us to diversify and bring value to our investors."

New Boston Fund plans to spend $4.5 million to upgrade the hotel rooms and common areas. They are also exploring the possibility of converting the Doubletree into a condominium hotel. Renovations are expected to be completed by the end of 2007.

About New Boston Fund
Based in Boston, New Boston Fund is one of the fastest-growing private real estate investment, development and management firms in New England. Founded in 1993 by the Rappaport family of Boston, New Boston Fund owns and manages more than 18 million square feet of commercial real estate and 2,200 residential units worth more than $1.5 billion.