ROCHESTER, MN – April 12, 2004 – Rochester’s tallest landmark building has a new name and operator. Rochester Development, Inc., the owner of Broadway Plaza, has appointed Oakwood Worldwide (www.oakwood.com), to manage the landmark project located at the corner of Broadway and 1st St. SE. The property will officially be renamed Oakwood Broadway Plaza.

Oakwood Broadway Plaza is particularly well-situated to serve the needs of patients visiting Mayo Clinic in Rochester, as well as corporate and individual residents desiring short and longer term luxury apartment accommodations. Pre-leasing of Oakwood’s 144 furnished residences is expected to commence in May with a long-awaited Grand Opening to be planned for June.

Oakwood is the leading global brand in furnished apartments, specializing in providing accommodations to extended stay travelers. Oakwood owns and manages properties throughout the U.S., U.K. and Asia, including two luxury apartment buildings in downtown Minneapolis.

“Rochester Development’s objective has always been to make Broadway Plaza the finest serviced apartment complex in the region and strive to give residents the feel of a ‘home away from home’,” says Imad A. Baker, President of Royal Management and Development. “Oakwood is the experienced leader in managing upscale furnished apartments, and provides the property with a prestigious corporate housing brand and a global marketing reach.”

Oakwood is expected to launch an international marketing campaign targeting patients visiting Mayo Clinic, business travelers working in Rochester, and also local residents seeking a luxury furnished apartment option. Oakwood Broadway Plaza has many first class features, such as: a suite of designer furniture in every residence; a state-of-the-art fitness center with indoor swimming pool; and spectacular panoramic views from every apartment. The property will also have restaurants, retail space and Skyway access to the Mayo Clinic and all of downtown Rochester.

“Rochester Development has built a world-class furnished apartment property that is ideally suited to the Oakwood brand,” says Jim Klein, President of Oakwood Worldwide. “This is an exceptional opportunity expand to our services into Rochester.”

Rochester Development Inc. is a subsidiary of Royal Management and Development, Inc. (www.royalontheweb.com), a full-service property management firm based in Annandale, Virginia. The company, along with its affiliates, currently owns and manages over a million square feet of upscale residential and commercial office space in Northern Virginia, Atlanta, Washington, D.C.; and now, Oakwood Broadway Plaza in Rochester, Minnesota. Its services encompass all aspects of development, investment and property management.

Founded in 1960, Oakwood Worldwide (www.oakwood.com) is the largest global provider of corporate housing and an innovative leader in apartment management. The company manages a $2 billion portfolio, with locations throughout the U.S., the U.K. and Asia, encompassing more than 30,000 furnished and unfurnished apartments. Oakwood's award-winning properties are managed with a rich standard of quality, reliability and personal service.