Arbor Closes $1,574,400 Fannie Mae DUS® Loan for Encanto Apartments in Houston, TX

UNIONDALE, NY, Sept. 24, 2008) –-Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC, announced the funding of a $1,574,400 loan under the Fannie Mae DUS® product line to refinance the 60-unit complex known as Encanto Apartments in Houston, TX. (bottom left map)

The 7-year loan amortizes on a 30-year schedule and carries a note rate of 6.14 percent.

The loan was originated by Matt Norman, (top right photo) Director, in Arbor’s full-service Dallas, TX lending office.

“While this deal looked like a standard refinance for an experienced Houston owner/operator; Arbor’s underwriting team had to work through a couple of smaller hurdles, including negative market rate adjustments, to help the borrower accomplish his goals,” said Norman.

Contact: Ingrid Principe, Tel: (516) 506-4298, iprincipe@arbor.com

Arbor Closes $1.8M Fannie Mae DUS® Small Loans on Briarwood Apartments in Shreveport, LA

UNIONDALE, NY, Sept. 24, 2008-- Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC, announced the recent funding of a $1,800,000 loan under the Fannie Mae DUS® Small Loans product line to finance the 109-unit complex known as Briarwood Apartments (top right photo) in Shreveport, LA.

The 10-year loan amortizes on a 30-year schedule and carries a note rate of 6.23 percent.

The loan was originated by Jay Porterfield, (bottom left photo) Director, in Arbor’s full-service Dallas, TX lending office. “Arbor provided acquisition financing for an experienced real estate investor,” Porterfield said. “We were able to slightly increase the loan amount during underwriting even in the midst of difficult market conditions.”

Contact: Ingrid Principe, Tel: (516) 506-4298, iprincipe@arbor.com

Davidson Hotel Company Begins Management of Scottsdale Cottonwoods Resort and Suites in Arizona

Continues Aggressive Third-Party Management Growth Plan
MEMPHIS, TN, Sept. 24, 2008—Davidson Hotel Company, one of the nation’s largest hotel management companies, today announced that it has taken over management responsibilities for the 171-room Scottsdale Cottonwoods Resort and Suites, (top right and lower left photos) set on 32 acres in the Sonora Desert, straddling the border between Paradise Valley and Scottsdale, Ariz.

The legendary resort property is owned by a partnership between Walton Street Capital, Rockpoint Group and SCS Advisors.

Ownership also has commenced a series of upgrades to the resort, including the addition of a new fitness center and select upgrades to the property’s 107 suites to improve the overall guest experience at the resort. Davidson will oversee this process.

“The addition of the Cottonwoods Resort and Suites brings our portfolio of managed resorts to four nationwide,” said John A. Belden, (top left photo) Davidson’s president and chief executive officer.

“Walton Street Capital, Rockpoint Group and SCS Advisors are notable additions to our impressive list of partners, which includes private equity funds, insurance companies, REITs, pension funds and public companies.

"The Scottsdale property marks our fifth third-party management opportunity this year and our eighth new deal overall. Following completion of the improvement plan, as well as the addition of our proprietary management and marketing systems, we believe the hotel will be well positioned to become a leader in the marketplace.”

Situated near Camelback Mountain at 6160 North Scottsdale Road, the resort is surrounded by the Borgata Shopping Village and within minutes of Scottsdale Fashion Square Mall and the thriving Old Town Scottsdale entertainment district.

The hotel also is proximate to many world-class golf courses. The property is comprised of 34 casita-style structures dispersed over 32 lushly landscaped acres.

Of the hotel’s 171 suites, ranging in size from 485 to 700 square feet, 107 feature their own private, outdoor Jacuzzi.

Additionally, the resort offers a full-service restaurant, The Moriah Restaurant; two outdoor dining venues, Courtyard Tapas Bar and Tumbleweeds; 8,000-plus square feet of meeting space; full-service business center; four tennis courts; and two outdoor pools.

“The addition of the Scottsdale Cottonwoods Resort and Suites continues Davidson’s plans to grow our portfolio through third-party management of both hotels and resorts,” said Steven A. Margol, (middle right photo) Davidson’s executive vice president of Business Development. “We pride ourselves on our ability to work with owners to augment a property’s value by strategically improving aspects whose potential has not yet been realized.”

CONTACTS:

Cyndi Norwood, Davidson Hotel Company, (901) 821 4155, cnorwood@davidsonhotels.com

Jerry Daly, Chris Daly (media), Daly Gray Public Relations , (703) 435-6293, jerry@dalygray.com

Julie Tullbane, Daly Gray Public Relations, T 703-435-6293. F 703 435 5297. julie@dalygray.com

Wyndham Hotel Group Expands Roles for Key Executives

PARSIPPANY, N.J.-- Wyndham Hotel Group has announced expanded senior staff roles as part of a three-pronged strategic initiative to enhance franchisee service delivery, drive revenue growth and commit additional resources to the company’s namesake upscale Wyndham brand.

Duane Elledge (top right photo) has been promoted to executive vice president, brand services, responsible for strategic direction and leadership oversight for Wyndham Hotel Group’s core operational departments and key franchisee-facing services including franchise communications, quality assurance, global training, design, construction and procurement services, group operations, property openings and conversions, brand identity and franchise administration.

Elledge also will be responsible for identifying best practices to help franchisees achieve their business goals through the company’s new Count On Me! service culture initiative.

Elledge previously served as senior vice president, group operations, North America. He joined the Wyndham Hotel Group in August 2006 as senior vice president, design and procurement, responsible for the day-to-day management of the Hotel Group’s preferred alliance and design and development departments.

Keith Pierce (middle right photo, under Elledge photo) has been promoted to president, brand operations, the Americas, responsible for overall strategy, revenue growth, product quality, global brand standards and customer satisfaction of nine hotel brands.

Reporting to Pierce will be Ken Greene, (top left photo) group president of the Days Inn ®, Travelodge®, Howard Johnson ®and Ramada ® brands; John Valletta, (middle left photo, under Greene photo) president, Super 8 ®; Roy Flora, group president, Microtel Inns and Suites ®, Hawthorn Suites ® and Baymont Inn & Suites ®; and Rajiv Bhatia, (middle right photo, under Pierce photo) brand senior vice president, Knights Inn ®.

Pierce most recently served as group president since April 2004, responsible for overseeing the company’s AmeriHost, Baymont, Knights Inn and Ramada brands and its franchisee communications, preferred client services and event services departments. Prior to that, he held the title of president of the AmeriHost, Ramada, Baymont and Wingate brands.

The company also announced consolidation of its distribution, channel management and reservations functions under Jeff Edwards, (bottom left photo, under Valletta photo) chief information officer and executive vice president, revenue services.

Edwards is responsible for Wyndham Hotel Group’s information technology systems and revenue management services including reservation platforms, property-based systems, enterprise-wide data warehouse, brand web sites and call centers, global distribution systems and sales, third party reservation providers and international systems and services.

Jeff Edwards previously served as executive vice president and chief information officer since December 2005.

All three positions report to Stephen P. Holmes, (bottom right photo, at desk) chairman and CEO of Wyndham Worldwide and interim CEO of the Wyndham Hotel Group.

Peter Strebel,(bottom left photo) president, Wyndham Hotels and Resorts, will continue to lead the company’s namesake brand with additional marketing and development resources.

Wyndham Hotel Group, one of three principal components of Wyndham Worldwide Corporation (NYSE: WYN), encompasses nearly 7,000 hotels representing approximately 581,000 rooms in 65 countries on six continents under the Wyndham®, Ramada®, Days Inn®, Super 8®, Wingate® by Wyndham, Baymont Inn & Suites®, Microtel Inns and Suites®, Hawthorn Suites®, Howard Johnson®, Travelodge®, Knights Inn® and AmeriHost Inn® brands.

All hotels are owned individually and operated independently or by Wyndham Hotel Management. Wyndham Hotel Group is based in Parsippany, N.J. Additional information is available at http://www.wyndhamworldwide.com/.

CONTACT:

Evy Apostolatos Director, Media Relations, Wyndham Hotel Group, 1 Sylvan Way, Parsippany NJ 07054. (973) 753-6590. evy.apostolatos@wyndhamworldwide.com

Marcus and Millichap Sells a 54,027-SF Shopping Center in Panama City, FL

PANAMA CITY, , FL, Sept. 24, 2008 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Mariner Plaza, (top right photo) a 54,027-square foot shopping neighborhood property located in Panama City, Florida, according to Steven M. Ekovich, First Vice President/Regional Manager of the firm’s Tampa office.

The asset commanded a sales price of $5,825,000. David DeGroot and Michael Jaworski, investment specialists in Marcus & Millichap’s Tampa office, along with Adam Mancinone and Victor Nolletti, Steve Witten and Blake Barbarisi of Marcus & Millichap’s New Haven office, represented the respective parties in this transaction.

“This property has assumable conduit financing which greatly helped in effecting the closing,” says Jaworski.

“The investment has solid fundamentals. We were able to attract a number of local, national and international buyers, all trying to maintain cash flow,” adds DeGroot

Located at 625 Highway 231 in Panama City, Florida, the property is situated on a 5.93 acre parcel with 190 parking spaces.

Press Contact: Steven M. Ekovich First Vice President/Regional Manager, Tampa (813) 387-4700

HFF closes sale of Bammel Business Park 6 & 7 in northwest Houston

HOUSTON, TX – The Houston office of HFF (Holliday Fenoglio Fowler, L.P.) announced today that it closed the sale of Bammel Business Park 6 & 7, (bottom right photo) industrial/flex buildings totaling 110,400 square feet in northwest Houston, Texas.

HFF senior managing director Rusty Tamlyn (middle left photo) and associate director Mike Parker (top right photo) led the investment sales team exclusively on behalf of the seller.

The properties were purchased free and clear of debt for an undisclosed amount. The seller will continue to manage and lease the properties post-closing.

Tamlyn and Parker are also marketing the remaining five properties in Bammel Business Park (buildings 1 through 5) for the seller, which is leasing and managing these properties.

Completed in 2008, Bammel Business Park 6 & 7 have 55,200 square feet of industrial/flex space each. The properties are located at 4702 and 4802 North Sam Houston Tollway within the Bammel Business Park in northwest Houston.

“Despite ongoing problems in the global capital markets, the Houston industrial property market fundamentals remain strong supported by a booming energy sector, sustained job growth and the expansion of our port,” said Parker.

“Situated with direct frontage along the Sam Houston Parkway, Bammel Business Park is one of the few remaining sites tagged for industrial use between Interstate 45 and Interstate 10.”

CONTACTS:

James R. Tamlyn, HFF Senior Managing Director, 713 852 3500, rtamplyn@hfflp.com

Michael L. Parker, HFF Associate Director, 713 852 3500, mparker@hfflp.com

Laurie Fish McDowell, HFF Associate Director, Marketing, 617 338 0990, lmcdowell@hfflp.com

Hunter Hotels Promotes Mayank Patel to Senior Analyst

Expanded Role Reflects Growth of the Company

ATLANTA, Ga., Sept. 24, 2008—Hunter Hotels, a leading national hotel brokerage and investment services firm, today announced the promotion of Mayank Patel (top right photo) to senior analyst.

In his new role, he will head up a team of analysts responsible for the research and preparation of property evaluations, hotel marketing packages and broker opinions of value.

He also will conduct financial and industry analysis, examine valuation methods, and prepare offering memoranda for prospective buyers.

“Our firm has enjoyed substantial growth over the past five years, in part thanks to the thoughtful analysis and evaluation provided by Mayank and his team,” said Bob Hunter, (top left photo) president of Hunter Hotels.

“He brings a full range of understanding of hotels from development to operations, as well as in-depth expertise on valuation and finance. With rock-solid analysis and valuation, we believe we are able to help clients achieve the optimum pricing for their properties in all phases of the hotel real estate cycle.”

A 10-plus year hotel veteran, Patel has been involved in valuation and analysis, operations and development throughout his career, which includes stints at hotel corporations and real estate investment trusts. He holds a bachelor’s degree in economics from the University of North Carolina.

Hunter Hotels, founded in 1978, has offices in Atlanta and Washington, D.C. Hunter’s exclusive focus is in hotel brokerage and hotel-related investment banking. Properties range from upper upscale to economy with an emphasis on premium-branded and quality independent hotels in the mid-market segment.

For more information or to view current listings, please visit http://www.hunterhotels.net/ or contact us at 770-691-0300 in Atlanta, or 703-246-0035 in Washington, D.C.

CONTACTS:

Patrick Daly, Account Executive, Daly Gray, 620 Herndon Parkway, Suite 115, Herndon, VA 20170. Tel (703) 435-6293. Fax (703) 435-6297. patrick@dalygray.com

Net Office Space Absorption in Red for Six Straight Quarters in Pinellas County, FL Market

TAMPA, FL--The slowing economy and the weak job market have sapped much of the demand for office space in Pinellas this year, reports Randy Smith, (top right photo) Director of Research, GVA Advantis, Tampa.

In his second quarter 2008 Pinellas Office Market Report, Smith notes net absorption has been in the red for six straight quarters, but its drop in the first half of 2008 was more significant, totaling negative 130,842 square feet.

This is nearly twice the decline in occupancy that was registered in Pinellas for all of last year.

Class B properties, which makeup about 40 percent of Pinellas County’s total office inventory, were hit the hardest.

This year, vacant space for this group pushed past the one-million square foot mark for the first time — at midyear 2008 direct vacancy averaged 19.3 percent for class B inventory, up 220 basis since the year’s start.

Unless there is a dramatic recovery in the second half of 2008, this year could prove to be one of the weakest in terms of annual office sales in Pinellas County.

The aggregate dollar volume of Pinellas office transactions through the first six months of 2008 was $19.9 million, off a dismal 85 percent from the same period last year.

The Pinellas office market will regain its footing as soon as the employment downturn in financial firms and business services companies begins to turn the corner, projected for mid-2009 at the earliest. Until then, users in select groups, especially health services and medical technology companies, should continue to provide some positive momentum for the Pinellas office market in the coming months.

CONTACT:

Randy Smith, Director of Research, Advantis Real Estate Services Company, 3000 Bayport Drive, Suite 100, Tampa, FL 33607. Tel 813.342.4725. Fax 813.372.4004. E-mail rsmith@gvaadvantis.com
www.gvaadvantis.com

SPECIAL REPORT: China Consumer Confidence Hits New Low in September as Fast Deteriorating Subprime Mortgage Crisis Lowers Future Expectations

SHANGHAI, /Xinhua-PRNewswire/ -- Xinhua Finance eziData China Consumer Confidence Index (CCCI) has been updated with the survey results showing that China Consumer Confidence Index declined 1.9 points to 91 in September after a slight rebound in August, led by a fall in consumer sentiment on future expectations.

(Dr. Richard Curtin, Research Professor and Director of the Consumer Sentiment Surveys at the University of Michigan's Institute of Social Research, top right photo.)

This shows high concerns on the part of the Chinese consumers about the future of the business conditions in China at a time when the subprime mortgage crisis in the US is evolving into a global financial crisis.

Consumer sentiment on current conditions inched up 0.1 point to 90.2, supported by stable general prices which were manifested in a relatively stable consumer satisfaction with current prices (only slightly lower than the month before). Shanhai night skyline, middle left photo.)

However, consumer sentiment on future expectations plunged 3 points to 91.4, creating a new low as well as the largest month-on-month fall in survey history since April 2007.

The sharp fall in consumers' future expectations was mainly due to the fast deterioration of the subprime mortgage crisis --- such as the take-over of Freddie Mac and Fannie Mae by the US government, as well as the bankruptcy of Lehman Brothers -- which made consumers in China worry about the future of China's business conditions.

Under the support of the Xinhua Finance family, Xinhua Finance eziData China Consumer Confidence Index is produced monthly by eziData, a local provider of China consumer data, and in association with Dr. Richard Curtin (top right photo). Dr. Curtin is Research Professor and Director of the Consumer Sentiment Surveys at the University of Michigan's Institute of Social Research.

The survey this month was conducted through 1,520 telephone interviews from September 1 to 15, 2008. April 2007 survey results are set as the benchmark value of 100. The September survey was completed on September 15.

After that, the US government released a program of US$ 700 billion to save the market, and the central government of China also issued a series of policies in the same effort. (Shanghai harbor, middle right photo)

According to eziData analysts, this is very likely to cause a strong rebound in consumer confidence in October.

However, the mid-long term trend in consumer confidence will be subject to the future trend in the subprime mortgage crisis as well as that in the stock market and real estate market in China.

Consumer Voices:"I really shouldn't buy a house and a car at the same time. The mortgage could kill you. And the prices are rising so fast that I could hardly meet my expenses with my income."

"The appreciation of RMB has undermined export with raised costs. Company performance is getting poor. And now the US is coming with the subprime mortgage crisis. I guess the economic growth will slow down."

"The house price rose so much last year, and only lowered a little this year. Who knows if it will go down again? I'd better wait and see."

The index is based on a monthly survey of around 1,500 Chinese households via stratified random sampling in 50 representative cities across East, Middle and West China using the same methodology as is used by the University of Michigan.

All data is collected via computer assisted telephone interviewing (CATI). Index of April 2007 survey is set as the benchmark (100).

Through its subsidiary Xinhua Finance Media Limited (NASDAQ:XFML), XFL leverages its content across multiple distribution channels in China including television, radio, newspaper, magazine and outdoor media.

Founded in November 1999, XFL is headquartered in Shanghai, with offices and news bureaus spanning 11 countries worldwide.

For more information, please visit http://www.xinhuafinance.com/.

About eziData: eziData is a local provider of China consumer data, serving both financial and consumer market participants. It aims to serve global and local business professionals with decision-making tools that relate to consumption in China and conform to international standards.

eziData's comprehensive portfolio of high-quality consumer data products, which includes a structured real-time databank, delivers a broader and more insightful view of the market.

For more information, please visit http://www.ezidata.com/.

For more information, please contact: Xinhua Finance China: Ms Joy Tsang, Tel: +86-21-6113-5999, or +86-136-2179-1577 Email: joy.tsang@xinhuafinance.com

Mr. Scott Zhang Tel: +86-21-6113-5996, Email: scott.zhang@xinhuafinance.com