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P A I N T E R S A N D A L L I E D T R A D E SI N D U S T R Y P E N S I O N F U N DDefinitely a Happy Anniversaryfor a Pension Fund Investment!On October 10, 2003, the IUPAT Industry PensionFund and Hilton Hotels Corporation broke groundon the Embassy Suites Hotel WashingtonConvention Center in downtown Washington, DC.“The hard working men andwomen of the IUPAT are proudto make this sound investmentin Washington, DC’s success,”declared James A. Williams, generalpresident of the IUPAT at the groundbreakingceremony on that sunnyOctober day. The general presidentdidn't know just how prophetic hiswords would prove to be.Two years later, construction wascomplete and the union and PensionFund Trustees celebrated the grandopening of what would become oneof Washington DC’s busiest hotels.After only five years, it’s enjoyed farabove average occupancy and continuesto receive rave reviews andawards in the hospitality industry.More importantly, however, it hasbeen an incredibly profitable investmentfor IUPAT Industry Pension Fundparticipants.Since the land purchase in 2000,the average return on this investmenthas been 10.3 percent. When youconsider the two significant downturnsin the financial markets since 2000,the first after attacks on 9/11 andthen the crash of 2008, that rate ofreturn on an original investment of$95 million is impressive to say theleast. This success has proven thatreal estate is one of the best investmentsyou can make because, as thesaying goes, ‘they’re not making anymore land.’“The property has been a steadyand reliable investment for the Fundfrom day one,” said Pension FundAdministrator Gary Meyers. “In thisnew economy, where every financialexpert is looking for stable investmentopportunities, our choice toinvest in real estate and this hotelhas turned out to be one of the wisestdecisions the trustees have evermade.”November 2010 marked the fifthanniversary of the hotel’s grand openingand there are no signs of businessslowing down. In fact, the latestanalysis of investment returns on theproperty indicate that, overall, theFund is seeing a remarkable 13.3percent return on the hotel from thestart of construction.The Board of Trustees for theIUPAT Industry Pension Fund will continueto press our hired professionalsto find more investment opportunitieslike the hotel. Although the financialmarkets continue to show signs ofrecovery, the volatility we’ve encounteredover the last decade demandsthat we continue to diversify andbroaden our investment strategy. Ourmission is to make certain every participantand beneficiary can rely onwhat they’ve worked so hard for - asecure retirement.Happy Holidays and New Year toall!“On behalf of Esterline Defense Technologies,I would like to personally thank you for thesuccessful events we recently held at yourproperty. The hotel is the perfect venue withits close proximity to the [Washington, DC]Convention Center. However, what truly setsyour hotel apart is the amazing quality ofyour entire staff. I work with many hotelsacross the country and I can honestly saythat yours sets the standard.”Very best regards,Lisa MontgomeryMarketing Manager, Esterline Defense Technologies34 O C T O B E R - D E C E M B E R 2 0 1 0 • J O U R N A L