THIS ANNOUNCEMENT IS NEITHER AN OFFER TO PURCHASE NOR A SOLICITATION OF AN OFFER
TO SELL UNITS. THE OFFER IS BEING MADE SOLELY BY THE OFFER TO PURCHASE, DATED
AUGUST 31, 2001, OF MADISON LIQUIDITY INVESTORS 114, LLC, AND THE RELATED
AGREEMENT OF ASSIGNMENT AND TRANSFER AND IS NOT BEING MADE TO, NOR WILL TENDERS
BE ACCEPTED FROM OR ON BEHALF OF, UNITHOLDERS RESIDING IN ANY JURISDICTION IN
WHICH MAKING OR ACCEPTING THE OFFER WOULD VIOLATE THAT JURISDICTION'S LAWS. IN
THOSE JURISDICTIONS WHERE THE SECURITIES, BLUE SKY OR OTHER LAWS REQUIRE THE
OFFER TO BE MADE BY A LICENSED BROKER OR DEALER, THE OFFER SHALL BE MADE ON
BEHALF OF MADISON LIQUIDITY INVESTORS 114, LLC, IF AT ALL, ONLY BY ONE OR MORE
REGISTERED BROKERS OR DEALERS LICENSED UNDER THE LAWS OF SUCH JURISDICTION.

                      NOTICE OF OFFER TO PURCHASE FOR CASH
                      UNITS OF LIMITED PARTNERSHIP INTEREST
                                       OF
                   MARRIOTT RESIDENCE INN LIMITED PARTNERSHIP
                                       AT
                                  $400 PER UNIT
                                       by
                      MADISON LIQUIDITY INVESTORS 114, LLC

   THE OFFER, WITHDRAWAL RIGHTS AND PRORATION PERIOD WILL EXPIRE AT 5:00 P.M.,
         NEW YORK TIME, OCTOBER 2, 2001, UNLESS THE OFFER IS EXTENDED.


         Madison Liquidity Investors 114, LLC (the "Purchaser") hereby seeks to
acquire Units of limited partnership interest (the "Units") in Marriott
Residence Inn Limited Partnership, a Delaware limited partnership (the
"Partnership"). The Purchaser hereby offers to purchase up to 13,120 Units at
$400 per Unit (the "Purchase Price"), in cash, reduced by any cash distributions
made on or after August 31, 2001 (the "Offer Date"), with interest at the rate
of 7% per annum from the Expiration Date (as defined below) to the date of
payment, upon the terms and subject to the conditions set forth in this Offer to
Purchase (the "Offer to Purchase") and in the related Agreement of Assignment
and Transfer, as each may be supplemented or amended from time to time (which
together constitute the "Offer"). The Offer will expire at 5:00 p.m., New York
Time, on October 2, 2001, or such other date to which the Offer may be extended
(the "Expiration Date"). This Offer is being made by the Purchaser solely for
investment purposes and not for purposes of acquiring or influencing control of
the business of the Partnership.

         If tendering Unitholders tender more than the number of Units that the
Purchaser seeks to purchase pursuant to the Offer, the Purchaser will take into
account the number of Units so tendered and take up and pay for as nearly as may
be tendered, pro rata, disregarding fractions, and in accordance with
Partnership's Agreement of Limited Partnership, according to the number of Units
tendered by each tendering Unitholder during the period during which the Offer
remains open.

         Payment for all validly tendered Units that are not properly withdrawn
prior to the Expiration Date, and not otherwise subject to proration, shall be
paid to the Unitholder by the Purchaser in accordance with the terms and
conditions of the Offer. The Purchaser has filed a Schedule TO with the United
States Securities and Exchange Commission in connection with the Offer. The
Purchaser's information contained in its filing on Schedule TO and the exhibits
thereto are incorporated herein by reference.

         This Offer to Purchase is not conditioned upon any minimum number of
Units being tendered. A Unitholder may tender any or all Units owned by such
Unitholder as long as such tender does not otherwise violate the terms of the
Limited Partnership Agreement of the Partnership.

         For purposes of the Offer, the Purchaser shall be deemed to have
purchased tendered Units accepted for payment when the Purchaser is in receipt
of the Partnership's confirmation that the transfer of Units has been
effectuated and actual transfer of Units to the Purchaser has occurred.



         If the Purchaser makes a material change in the terms of the Offer, or
if it waives a material condition to the Offer, the Purchaser will extend the
Offer and disseminate additional tender offer materials to the extent required
by Rules 14d-4(c) and 14d-6(d) under the Securities Exchange Act of 1934, as
amended (the "Exchange Act"). The minimum period during which the Offer must
remain open following any material change in the terms of the Offer, other than
a change in price or a change in percentage of securities sought, will depend
upon the facts and circumstances, including the materiality of the change. With
respect to a change in price or, subject to certain limitations, a change in the
percentage of securities sought, a minimum of ten business days from the date of
such change is generally required to allow for adequate dissemination to
holders. Accordingly, if prior to the Expiration Date, the Purchaser increases
(other than increases of not more than two percent of the outstanding Units) or
decreases the number of Units being sought, or increases or decreases the
consideration offered pursuant to the Offer, and if the Offer is scheduled to
expire at any time earlier than the tenth business day from the date that notice
of such increase or decrease is first published, sent or given to holders, the
Offer will be extended at least until the expiration of such ten business days.
For purposes of the Offer, a "business day" means any day other than a Saturday,
Sunday or a federal holiday and consists of the time period from 12:01 a.m.
through 12:00 midnight, New York Time. The period of time during which the Offer
is open may be extended by the Purchaser, at any time and from time to time. If
the Purchaser extends the Offer, such extension will be followed by a press
release or public announcement thereof, which will be issued no later than 9:00
a.m., New York Time, on the next business day after the scheduled Expiration
Date.

         For withdrawal to be effective, a written notice of withdrawal must be
timely received by the Purchaser (i.e., a valid notice of withdrawal must be
received after August 31, 2001 but on or before October 2, 2001, or such other
date to which this Offer may be extended) at the address set forth in the
attached Agreement of Assignment and Transfer. Any such notice of withdrawal
must specify the name of the person who tendered the Units to be withdrawn and
must be signed by the person(s) who signed the Agreement of Assignment and
Transfer and must also contain a Medallion Signature Guarantee.

         Tender offer materials will be mailed to Unitholders of record and will
be furnished to brokers, banks and similar persons whose name appears or whose
nominee appears on the list of Unitholders or, if applicable, who are listed as
participants in a clearing agency's security position listing for subsequent
transmittal to beneficial owners of such securities.

         The terms of the Offer are more fully set forth in the Offer to
Purchase with respect to the Offer and the related Agreement of Assignment and
Transfer (collectively, the "Tender Offer Documents"). The Tender Offer
Documents contain terms and conditions, and the information required by
Rule14d-6(e)(1)(vii) under the Exchange Act, which are incorporated herein by
reference.

         Questions and requests for assistance or additional copies of the
offering material may be directed to the Purchaser, Madison Liquidity Investors
114, LLC, telephone 1-800-269-7313 (toll-free).

August 31, 2001