Tax Tips for Hospitality Property Owners and Managers

CHICAGO--(Business Wire)--As 2007 comes to an end and planning for 2008 begins, hospitality
property owners and executives should keep in mind these tax tips that
can possibly help them save money for their business in the long run:

1. Assess tax credit potential. Your tax advisor can inform you of
specific tax credits that may be relevant to your business. For
example, the tip credit and certain general business credits, such as
the welfare-to-work credit and the work opportunity tax credit, can
provide significant tax savings for the hospitality industry.

2. Review your deferred compensation plans. Complex new rules are
in effect and should be in place by the end of 2007. These rules
affect plans that result in a compensation deferral and, if violated,
can accelerate taxation to recipients, plus the payment of interest
and penalties.

3. Determine whether your company can lower property taxes. A
property tax review would ensure that all real and intangible property
is excluded from the personal property tax base. In addition, there
may be opportunities to lower the property tax valuations on your real
property. The review might not only generate savings in the first
year, but future years as well.

4. Review your transfer pricing agreements. Many states and
foreign jurisdictions are reviewing intercompany transactions whether
for royalties or management charges. In addition to having the proper
intercompany charges in place you also need the proper supporting
documentation.

5. Select the most beneficial depreciable lives for your assets.
Your tax advisor can perform a cost segregation study on your current
fixed asset records or construction activities in order to
appropriately identify the most tax-beneficial recovery period for
those assets.

"To learn how these tax tips may apply to your hospitality
business, please contact your tax advisor," said Seth Siegel, an
assurance partner in Grant Thornton LLP's hospitality industry
practice.

Grant Thornton's Construction, Real Estate and Hospitality
Industry Group has developed 10 tax tips for hospitality property
owners and managers. To receive a copy of the tax tips, go to
www.GrantThornton.com/taxtips or email CRH@gt.com.

About Grant Thornton LLP

Grant Thornton LLP is the U.S. member firm of Grant Thornton
International, one of the six global accounting, tax and business
advisory organizations. Through member firms in more than 110
countries, including 50 offices in the United States, the partners and
employees of Grant Thornton member firms provide personalized
attention and the highest quality service to public and private
clients around the globe. Visit Grant Thornton LLP at
www.GrantThornton.com.

Grant Thornton LLP
Kara McFarland
312.602.8469
Kara.McFarland@gt.com

Copyright Business Wire 2007