Hello Neighbors,

The Perry Estate will not be on the September 15th HNA meeting agenda.
Additional time is needed to address neighborhood concerns and questions.
Please see the update message from Clark Lyda and David Hartman below.

An agenda for the September meeting will be sent shortly. The meeting will
be held at the regular time and location, 7:00pm at Hancock Recreation
Center.

Carolyn

Update/Followup Message to Hancock Neighborhood Association Members
September 1, 2010


We have learned a lot in the last nine months about the Perry property, the
neighborhood and its concerns, and the local and national real estate
economy. Words cannot express our gratitude for the time, energy, and
input that so many residents and members of the Hancock Neighborhood
Association have brought to bear to the proposed development of the Perry
property. Some of the concerns we have heard from neighborhood residents
about the proposed project have focused on our level of experience as hotel
developers and the economic viability/possible risk of failure of the hotel.
We have understood these concerns from the beginning of our project planning
and have been actively looking for people who could effectively address
these concerns through their depth of expertise and experience. We were very
fortunate this summer to meet a group of people who share our vision for the
property and who collectively have many years of experience in developing
and operating luxury hotels in Texas and beyond. We are even more fortunate
that these same people have agreed to join our Perry Estate development
team.

Our first task with our new team members over coming weeks will be to review
with them the architectural and business program currently proposed for the
site with a focus on functional adequacy and efficiency and economic
viability. We want to ensure that the conceptual project we have designed
and asked the neighborhood to consider for approval is the best and most
likely to succeed project that we are capable of designing. We also want to
ensure that we are building the best project possible for the neighborhood,
the city, and our investors. Finally, we want to ensure that what we
ultimately ask HNA members to consider for approval is what we actually need
to move forward so that we aren't constantly coming back to the neighborhood
asking for its consent to changes in our plan (resulting in corresponding
additional demands on the resources of HNA members).

Further review by our project team will take some time, but we believe it
will be time well spent given the long-term nature of this project and the
investment required to make it happen - we are committed to building the
best project that we are capable of. We will remain in touch with HNA key
membership regularly to keep them advised of our progress, and will submit
the project for consideration by HNA members once we are confident it is in
its best possible form.