BEACON MANAGEMENT, AN AFFILIATE OF THE LIGHTSTONE GROUP
ANNOUNCES PROMOTIONS AND A NEW HIRE

Lakewood, NJ (November 15, 2006) –Beacon Management, the Property Management arm of The Lightstone Group, one of the largest private real estate owners in the country, has announced the promotion of four of its employees. The company also welcomes a new Director of Residential leasing and Marketing.

“We have an excellent array of talent within our ranks,” Martin J. Sumner, Executive Vice President, Chief Operating Officer of the Lightstone Group commented. “It is critical to our success that our employees are able to grow with us and take on additional responsibilities . Our track record in this regard also enhances our ability to attract new talent.”

The employees and their roles are:

Sam Moerman has been promoted to Senior Vice President of Facilities Management. Previously, he held the title of Senior Vice President of Property Management. In his new capacity, Sam will oversee the maintenance of and improvements to all of the residential properties managed by Beacon.

Nathan(“Nossy”) Weldler has been named Senior Vice President, Residential Operations. Previously, he held the title of Regional Property Manager. In his new role, Nossy will be responsible for the standardization of processes, procedures, and management reporting for all residential properties managed by Beacon as well as, overseeing the management operations for properties in the New Jersey region.
Loretta Ally has been promoted to the position of Property Services Manager. In her new role she will be responsible for the training and development of our staff, and the implementation of new processes and systems. Previously, she held the post of Property Manager of Chelsea Apartments in Atlantic City.

Theresa Haderer has been promoted to the position of Regional Manager, Affordable Housing. In her new role she oversees a portfolio of 16 affordable housing complexes in the northeast and Florida.

Lisa Perin joins the company as Director of Residential Leasing and Marketing. She came to Beacon from Jersey Central Management where she was property manager of Highland Montgomery Apartments in Highland Park, NJ. In her new role, Lisa will develop and implement new marketing strategies and assist in the leasing of all of the residential multi-family apartment complexes managed by Beacon.