NAIOP Georgia Names 2008 Award Winners

---Regent Partners, LLC, IDI, VeenendaalCave, Inc. and Don Childress (top right photo) receive awards.

=---Lieutenant General Russel L. Honoré (Ret.) (bottom right photo) delivers keynote speech.

ATLANTA, GA-– The Georgia chapter of the National Association of Industrial and Office Properties (NAIOP) honored three Atlanta real estate firms and one of the community’s leading executives at its 20th Annual Awards Program on December 4.

The event which had over 220 in attendance, was also highlighted by a keynote speech from Lieutenant General Russel L. Honoré (Ret.), best known for his take-charge style leading relief efforts in New Orleans following Hurricane Katrina.

The 2008 recipients of NAIOP awards are:

· Regent Partners, LLC, honored as Office Development Firm of the Year. The firm received recognition for its development of the 3344 Peachtree building in Buckhead, called Sovereign, a 50-story signature tower featuring residences and office space, as well as for its community involvement and participation in NAIOP.

· IDI, recipient of the Industrial Development Firm of the Year award. The company was honored for its sustainable development, including two facilities in Atlanta and Savannah totaling 1.2 million square feet that have been registered to receive LEED® (Leadership in Energy and Environmental Design) certification. The company also was recognized for its commitment to volunteerism, which included its sponsorship and underwriting of two charity golf tournaments that raised more than $200,000 for organizations benefiting children’s health and literacy.

· Don Childress, (top right photo) co-founder and managing partner of Childress Klein Properties, received the Carter/Mathis award, recognizing individuals or firms for contributions to the community. Childress’ volunteer efforts included organizing a capital campaign that raised more than $50 million for the Lovett School and heading a campaign to build a sanctuary for Cumberland Community Church.

· VeenendaalCave, Inc., honored as the Associate Firm of the Year. The interior design and planning firm was recognized for the volunteer efforts of its employees for organizations such as The Study Hall at Emmaus House, Midtown Assistance Center, Kreate 4 Kids and Children’s Healthcare of Atlanta, as well as for its service to NAIOP.

The event also featured a keynote speech from Lieutenant General Russel L. Honoré (Ret.), (bottom right photo) who mixed no-nonsense advice with humorous anecdotes while delivering a message on the importance of disaster preparedness. He is the former 33rd Commanding General of the U.S. Army at Fort Gillem, Georgia.

“It’s important that you take time to prepare your employees, your families and your companies,” he said. He said the country must re-prioritize and move from its current condition of “zero preparedness” to a “culture of preparedness.”

Honoré said the key items needed in every home to prepare for an emergency are: an evacuation pack, a weather radio and a back-up generator. He added that the real estate community must take steps to plan for disasters, suggesting that county planners could help matters by requiring developers to receive certificates verifying that their buildings are equipped with emergency generators.

The event also featured short speeches from students enrolled in programs that receive support from NAIOP: Portia Neal, a student enrolled in YES!Atlanta, an organization that provides programs for at-risk youth, and Willie Thornton and Zharia White, students at the Ron Clark Academy, a school that serves students from a wide range of backgrounds.

Both of these organizations receive support from the proceeds of NAIOP Night, NAIOP’s annual, black-tie fund raiser.

NAIOP also elected its slate of 2009 officers, including new chapter President Lisa Dunavin, (top left photo) senior leasing director at Cushman & Wakefield of Georgia, who replaces outgoing president Jeff Mixson.

The National Association of Industrial and Office Properties (NAIOP) is a professional organization for developers and owner of commercial real estate. Over 16,000 real estate professionals belong to one of the 59 NAIOP chapters located in the United States and Canada.

CONTACT: Lisa Ward, VP- Communications, NAIOP Georgia Chapter, 770 866 1115, lward@idi.com

Fidelity National Financial Announces Bankruptcy Court Approval of its Acquisition of Commonwealth Land Title. and Lawyers Title

JACKSONVILLE, FL /PRNewswire-FirstCall/ -- Fidelity National Financial, Inc. (NYSE:FNF) announce that the Chapter 11 Bankruptcy Court has approved its acquisition of LandAmerica Financial Group, Inc.'s ("LFG") two principal title insurance underwriters, Commonwealth Land Title Insurance Company ("Commonwealth") and Lawyers Title Insurance Corporation ("Lawyers").

FNF's purchase remains subject to the expiration of the waiting period under the Hart Scott Rodino application and other closing conditions specified in the amended stock purchase agreement. The waiting period expires at Midnight on Thursday, December 18, 2008 and closing is to occur on or before December 22, 2008.

CONTACT: Daniel Kennedy Murphy, Senior Vice President and Treasurer, Fidelity National Financial, Inc., +1-904-854-8120, dkmurphy@fnf.com

Web site: http://www.fnf.com/

HFF arranges $6.9M construction/mini-permanent loan for San Antonio, TX medical office building

DALLAS, TX – The Dallas office of HFF (Holliday Fenoglio Fowler, L.P.) has arranged a $6.9 million construction/mini-permanent loan for Shavano Oaks II, (top right photo) a recently completed Class A medical office building in San Antonio, Texas.

HFF director Brian Carlton (middle left photo) worked exclusively on behalf of Oaks Development Group to secure the 48-month loan through Chris Martineau and Cari Robinson in the Dallas office of Mutual of Omaha Bank.

Oaks Development Group is a full-service, medical office development company and general contractor with offices in North Carolina, Texas, Georgia, Massachusetts, Florida and Illinois.

Kerry Angus and Eric Perardi in the Austin office of Oaks Development Group placed the building under contract while it was under construction and began securing leases from a core group of doctor tenants, who are also given ownership in the property.

Approximately 70% of the space was pre-leased at closing and the remaining space will be leased to future medical practices that complement the existing tenants’ businesses.

Oaks Development Group has completed over 50 similar transactions, both as developer and purchaser, throughout the Southeast United States. Messrs, Angus and Perardi have several other projects in Texas under development or nearing the acquisition stage.

Completed in October 2008, the three-story Shavano Oaks II has 34,576 square feet of leasable medical office space.

The property is located at 3603 Paesano’s Parkway off Loop 1604 within close proximity to Interstate Highway 10 and Highway 281 in the Shavano Park area of San Antonio. Finish-out for the four current medical practices is underway with occupancy expected in early 2009.

Contacts:

Brian G. Carlton, HFF Director, (214) 265-0880, bcarlton@hfflp.com

Myra F. Moren, HFF Director, Marketing (713) 852-3500, mmoren@hfflp.com

Arbor Closes $18M in Fannie Mae Loans on Three Apartment Communities

Marian Gardens in Lynn, MA Gets $8,321,800 Fannie Mae DUS® Loan

UNIONDALE, NY, Dec. 17, 2008-- Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC, announced the recent funding of a $8,321,800 loan under the Fannie Mae DUS® product line to finance the 94-unit complex known as Marian Gardens in Lynn, MA.

The 10-year loan amortizes on a 30-year schedule and carries a note rate of 6.42 percent.

The loan was originated by John Kelly, (top right photo) Vice President, in Arbor’s full-service Boston, MA lending office.

“This transaction demonstrated our ability to deliver excellent financing terms in a very uncertain market,” said Kelly. “We look forward to continuing our financing relationship with this strong Boston-based provider of affordable housing.”

Wheatland Club Apartments in Cedar Rapids, IA Obtains $8,475,000 Fannie Mae DUS® Loan

UNIONDALE, NY, Dec. 17, 2008--Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC, announced the recent funding of a $8,475,000 loan under the Fannie Mae DUS® product line to finance the 144-unit complex known as Wheatland Club Apartments (middle right photo) in Cedar Rapids, IA.

The 10-year loan amortizes on a 30-year schedule and carries a note rate of 6.61 percent.

The loan was originated by Michael Jehle (middle left photo) , Director, in Arbor’s full-service Bloomfield Hills, MI lending office.

“Arbor successfully provided low-cost, fixed-rate Fannie Mae financing for the take–out of the construction loan on a recently completed, and now fully stabilized, multifamily property,” said Jehle.

Meadow Estates in Madrid, IA Receives $1,427,600 Fannie Mae DUS® Loan

UNIONDALE, NY, Dec. 17, 2008--Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC, announced the recent funding of a $1,427,600 loan under the Fannie Mae DUS® product line to finance the 85-unit complex known as Meadow Estates in Madrid, IA.

The 10-year loan amortizes on a 25-year schedule and carries a note rate of 6.85 percent.

The loan was originated by Peter Margolin, Director, in Arbor’s full-service Deerfield, IL lending office. “Arbor was pleased to be able to meet the borrower’s financing goals on this multifamily property,” said Margolin.

Contacts:

Ingrid Principe or Bonnie Habyan, Arbor Realty Trust, Inc., Earle Ovington Blvd, Suite 900, Tel: (516) 506-4298 or (516) 506-4615333

iprincipe@arbor.com or bhabyan@arbor.com

Arbor Commercial Mortgage, Uniondale, NY 115531-800-ARBOR-10, http://www.arbor.com/

Marcus & Millichap Arranges Two Apartment Sales in Kentucky Totaling $17.4M

The assets set records in both Lexington and Louisville

LOUISVILLE, KY– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of two multi-family communities totaling $17.4 million in Lexington and Louisville.

The 312-unit Pegasus Place Apartments (bottom left map site) in Lexington commanded a price of $13.6 million, representing $43,590 per unit.

The sale marks the highest price per unit for a 1970s-constructed, market-rate apartment property in the Lexington MSA.

In a separate transaction in Louisville, Marcus & Millichap arranged the sale of the 66-unit Worthington Apartments (top right photo) for $3.8 million, representing $57,576 per unit. Constructed in1968, this asset commanded the highest price per unit ever achieved in the apartment market for product developed before 1990 in Louisville.

Aaron Johnson, principal broker of the Louisville office of Marcus & Millichap, represented the both the local and the New Jersey-based sellers, as well as the New York-based buyer, who acquired both properties.

“This transaction proves that there are still tremendous real estate investment opportunities even as the capital markets continue to tighten,” says Johnson.

“Apartment properties offer the most stability out of all the major property sectors to private investors in the current economic climate.”

Located at 2504 Larkin Road, Lexington, the 267,600-square foot Pegasus Place Apartments features one- and two-bedroom units on 14.62 acres. Amenities include a swimming pool, clubhouse, on-site laundry facilities, fitness center, play ground and tennis court.

Pegasus Place sold at a cap rate of a 6.9 percent and assumed an interest-only loan.

Located at 735-737 South Second St., the Worthington Apartments consists of 66 one- and two-bedroom units, just minutes away from downtown Louisville.

Amenities include gated off-street parking, monitored and controlled entry, business center with Internet access and a courtyard. Worthington Apartments sold at a 7.6 percent cap rate.

Press Contact: Stacey Corso, Communications Department, (925) 953-1716

Fed Cuts Benchmark Interest Rate to Record Low

WASHINGTON, DC, Dec. 16, 2008—The 10-member board of governors at the Federal Reserve Bank stunned financial analysts and market watchers today by lowering the benchmark interest rate to zero to one-quarter percent. The previous record low rate was 1 percent.

The rates statement by the Federal Open Market Committee conceded that an even lower rate might be set in the near future.

“…Weak economic conditions are likely to warrant exceptionally low levels of the federal funds rate for some time,” according to the one-page statement.

In the prepared statement, Federal Reserve Chairman Ben S. Bernanke (top right photo) said the unprecedented low rate was set by the governors because “labor market conditions have deteriorated, and the available data indicate that consumer spending, business investment and industrial production have declined.”

To boost the commercial and residential real estate industries, the Fed promised, “over the next few quarters, to purchase large quantities of agency debt and mortgage-backed securities to provide support to the mortgage and housing markets, and it (also) stands ready to expand its purchases of agency debt and mortgage-backed securities as conditions warrant.”

Small businesses and households were also promised some financial relief by early next year. At that time, the Fed will use a portion of the $700 billion Congress-approved Term Asset-Backed Securities Loan Facility to facilitate the extension of credit to households and small businesses,” according to the statement.

“Financial markets remain quite strained and credit conditions tight,” the statement said. “Overall, the outlook for economic activity has weakened further.”

However, there was a sliver of good news.

“Inflationary pressures have diminished appreciably,” the Fed board believes. “In light of the declines in the prices of energy and other commodities and the weaker prospects for economic activity, the Committee expects inflation to moderate further in coming quarters.”

The Fed promised to “employ all available tools to promote the resumption of sustainable economic growth and to preserve price stability.”

The statement said “the focus of the Committee’s policy, going forward, will be to support the functioning of financial markets and stimulate the economy through open market operations and other measures that sustain the size of the Federal Reserve’s balance sheet at a high level.”

The Committee is also “evaluating the potential benefits of purchasing longer-term Treasury securities.”

In a related action, the board of governors unanimously approved a 75-basis-point decrease to the 1.25 percent Federal Discount Rate to ½ percent.

The board also established interest rates on required and excess reserve balances of ¼ percent.

Voting for the benchmark interest rate decrease today were nationally-known banking figures that included seven men and three women.

They were Chairman Bernanke, Christine M. Cumming, (top left photo) Elizabeth A. Duke,(middle right photo) Richard W. Fisher, Donald L. Kohn, Randall S. Kroszner, Sandra Pianalto, (bottom left photo) Charles I. Plosser, Gary H. Stern and Kevin M. Warsh.

MGM MIRAGE to sell Treasure Island

LAS VEGAS, NV -- MGM MIRAGE (NYSE: MGM) and Ruffin Acquisition, LLC have entered into an agreement whereby MGM MIRAGE, through its wholly-owned subsidiary The Mirage Casino-Hotel, will sell Treasure Island Hotel & Casino ("TI") (top right photo) to Ruffin Acquisition, LLC for $775 million.

Ruffin Acquisition, LLC is wholly owned by Phil Ruffin. (bottom left photo, on right, chatting with developer Donald Trump at an unrelated event.)

The purchase price is to be paid at closing as follows: $500 million in cash and $275 million in secured notes bearing interest at 10%, with $100 million payable not later than 175 days after closing and $175 million payable not later than 24 months after closing.

The notes, to be issued by Ruffin Acquisition, LLC, will be secured by the assets of TI and will be senior to any other financing.

The transaction is subject to customary closing conditions contained in the purchase agreement, including receipt of necessary regulatory and governmental approvals. The parties expect the transaction to close by the end of the second quarter of 2009. MGM MIRAGE expects to report a substantial gain on the sale.

MGM MIRAGE acquired TI as part of the merger between MGM Grand, Inc. and Mirage Resorts, Incorporated in May 2000.

"We are extremely proud of the accomplishments of Treasure Island's employees and management team in making it one of the must-see properties in Las Vegas," said James J. Murren, (middle right photo) Chairman and Chief Executive Officer of MGM MIRAGE.

"We are pleased to have been able to work with Phil Ruffin, a known and trusted community partner. This transaction creates value to our stakeholders through significantly increased liquidity and enhanced financial flexibility."

TI is located on the Las Vegas Strip and features 2,885 guest rooms and suites, approximately 90,000 square feet of gaming space, several fine and casual dining outlets, The Sirens of TI -- the iconic pirate battle attraction, and Mystere, the first permanent production in Las Vegas by Cirque du Soleil.

"We are very excited to be in a position to acquire such a stellar property in Treasure Island," said Mr. Ruffin. "The property is in pristine condition, ideally located in the heart of the Strip and benefits from a wonderful team of outstanding employees.

" We are financially positioned to close on this transaction once all of the necessary approvals have been received," Mr. Ruffin noted.

MGM MIRAGE (NYSE: MGM), one of the world's leading and most respected development companies with significant holdings in gaming, hospitality and entertainment, owns and operates 17 properties located in Nevada, Mississippi and Michigan, and has 50% investments in four other properties in Nevada, New Jersey, Illinois and Macau.

MGM MIRAGE is developing major casino and non-casino resorts, separately and with partners in Las Vegas, Atlantic City, the People's Republic of China and Abu Dhabi, U.A.E.

MGM MIRAGE supports responsible gaming and has implemented the American Gaming Association's Code of Conduct for Responsible Gaming at its properties. MGM MIRAGE has received numerous awards and recognitions for its industry-leading Diversity Initiative and its community philanthropy programs.

For more information about MGM MIRAGE, please visit the company's website at http://www.mgmmirage.com/.

CONTACTS:

Investment Community, Dan D'Arrigo, EVP & Chief FinancialOfficer, +1-702-693-8895, or

Media, Alan M. Feldman, Senior Vice President of Public Affairs, +1-702-650-6947, afeldman@mirage.com, both of MGM MIRAGE

CB Richard Ellis Secures Long-Awaited Movie Theater Lease at The Plaza in Downtown Orlando

ORLANDO, FL, Dec. 16, 2008 – The Orlando office of CB Richard Ellis is pleased to announce the completion of a 12 screen movie theater lease to anchor The Plaza (top right photo) mixed-use development within Downtown Orlando.

The Plaza is at the intersection of Orange Ave. and Church St. in the core of the Downtown area.

CB Richard Ellis brokers Bobby Palta, (top left photo) Senior Associate, and Wood Belcher, (middle right photo) First Vice President, procured and negotiated the lease with the new theater tenant, Atlanta-based American Theater Corporation.

The 57,000 sq. ft. lease will be for a 15-year initial terms plus options. The lease was signed in September but contained several contingencies including the recent City Council vote.

The vision for a Downtown movie theater began with the City of Orlando in the early 2000s. Construction started on The Plaza in 2004 with a theater opening planned for 2006 under a management agreement only, however several financial obstacles with the former owner impeded the entire project.

RP Realty Partners purchased the retail portion of The Plaza from the developer as well as the parking garage from its lender in a foreclosure sale in 2007 and 2008. In April 2008, RP Realty Partners hired CB Richard Ellis to lease the remaining retail space within The Plaza including the partially completed second floor movie theater space.

The Orlando City Council vote on December 15 represented a major milestone for the property owners and citizens of Orlando. The City Council voted to approve two funding agreements providing loans of $6 million to The Plaza owners to be repaid exclusively using special tax assessments on its properties.

This will allow construction to resume on the theater space immediately with funding contingent on a Certificate of Occupancy on or before July 1, 2009.

"We are very pleased to have completed this remarkable transaction, which is of major economic importance to our clients RP Realty Partners," says Palta and Belcher.

"It was very complex given the problems with the previous developer and current economic climate. We are excited that the citizens of Central Florida will now be able to enjoy this first-class theater when it opens this summer."

The theater will have 12 screens, two of which will feature digital high-definition – a first for Central Florida. The Plaza Theater will show mostly 'First Run Films' along with independent, art and foreign films.

Major televised sporting events will also be shown in addition to opportunities for corporate events. Beginning in November 2009, The Plaza Theater will be the new home to the Orlando Film Festival, currently in its third year.

Unique to the Plaza Theater will be the full menu of concessions, including hot entrees, beer and wine.

Under the new ownership, the buildout of the lobby, theaters and two wine bars have been upgraded to an upscale, modern look.

The theater chairs will be wide stadium recliners with 10-inch tables between the chairs. Attendance at the theaters is estimated between 500,000 and 600,000 patrons annually, impacting existing tenants within The Plaza and throughout Downtown Orlando.

RP Realty Partners is in final bidding for the construction and is dedicated to using local contractors. Upon opening, the Plaza Theater will create more than 100 new jobs within the cinema alone. The economic impact within the immediate area of Downtown Orlando is conservatively estimated at $12 million annually.

Contact: Angelique Greven, 407.839.3158, angelique.greven@cbre.com

More Bank Failures Coming, Warns FDIC Chairman

WASHINGTON, DC--Sheila C. Blair, (top right photo) chairman, Federal Deposit Insurance Corp., warns more bank failures are on the horizon, despite the Fed's $700 billion approved bailout for this country's financial institutions.

Writing in the December issue of AARP Bulletin, Blair says, "Despite what we hear about the credit crisis and the problems facing banks, the bulk of the U.S. banking industry is healthy and remains well capitalized."

She says, "While we will likely continue to see more bank failures, it is important for the American public to know that the FDIC stands ready to meet our sacred commitment to depositors. It is a golden promise that has been kept for 75 years and one that will not be broken."

Blair reminds individual depositors that "after going 2 1/2 years without a bank failure, many people had forgotten that banks do fail. Banking, like any other business, is cyclical.

"During the Great Depression (in the 1930s)--an era that gave birth to the FDIC--thousands of banks were shuttered." In 1989, a total of 534 FDIC-insured institutions closed their doors. And at the end of October 2008, "despite the seriousness of the credit crisis, only 17 banks had failed," Blair says.

She says recent changes in FDIC insurance limits temporarily raised protection from the familiar $100,000 level to $250,000 per qualified account category.

"This means that a married couple could each have individual accounts, two separate retirement accounts and a joint account at one bank, and be fully insured for up to $1.5 million," Blair says. "Structuring your accounts properly is the key to maximizing deposit insurance protection."

She adds, "In 75 years, no depositor has ever lost a penny of insured deposits. Not a penny."

LodgeNet Interactive Corp. Rating Cut To 'B-'

CHICAGO, IL--Standard & Poor's Ratings Services has lowered its corporate credit rating on Sioux Falls, S.D.-based LodgeNet Interactive Corp. (formerly LodgeNet Entertainment Corp.) to 'B-' from 'B'. The rating outlook is stable. The issue-level rating on the company's secured debt also was lowered to 'B-' from 'B'.

(Scott C. Petersen, chairman and CEO, LodgeNet, top right photo)

"The downgrade is based on our concern that the company could violate its leverage covenant once covenants tighten in the first quarter of 2009, particularly given the steep decline in the operating performance and challenging economy," explained Standard & Poor's credit analyst Jeanne Mathewson.

(David M. Bankers, senior vice president, product and technology development; and chief technology officer, LodgeNet, top left photo)

The reported leverage as per the covenant calculation was 4.38x as of Sept. 30, 2008, versus the leverage ratio covenant of 4.50x, which further tightens to 4.25x on March 31, 2009.

LodgeNet will need to significantly reduce debt in order to maintain compliance, based on our expectation that EBITDA will continue to decline well into 2009. As of Sept. 30, 2008, LodgeNet had outstanding debt of $610.5 million.

The 'B-' rating reflects LodgeNet's slim cushion of compliance with its bank covenants, declining operating trends, exposure to the cyclical and seasonal lodging industry (which is facing challenges due to the economic downturn), and the limited size and long-term growth potential of this market niche.

LodgeNet's operating results are subject to consumer and corporate travel, to the discretionary nature of traveler purchases, and to the unpredictable quality of movies, which generate the majority of room revenue.

(James G. Naro, senior vice president, legal and human Resources; and general counsel, LodgeNet, middle right photo)

Longer term, we are concerned that increasing broadband access in hotel rooms, combined with growing usage of portable devices, could reduce demand for LodgeNet's core services, such as movies on demand. The company's participation in high-speed Internet access services, aided by its February 2007 acquisition of assets of StayOnline Inc., helps mitigate that risk somewhat.

LodgeNet is a provider of in-room electronic entertainment and data services to hotels and, to a lesser extent, hospitals and other guest-based businesses.

The company has a leading position in its market niche, good EBITDA margins in the mid-20% area, and relatively stable long-term noncancellable hotel property contracts.

(Steven R. Pofahl, senior vice president and general manager, Hospitality Operations, Lodge Net, bottom left photo)

The company's revenue and EBITDA decreased 5% and 3%, respectively, in the third quarter of 2008 year over year. Growth in Hotel Services and System sales partially offset the decline in Guest Entertainment revenue.

We expect the decline in Guest Entertainment revenue to continue as a result of lower hotel occupancy rates and continued consumer and business guest caution.

(Gary H. Ritondaro, senior vice president, chief financial officer, LodgeNet, bottom right photo)

Media Contact:
Mimi Barker, New York (1) 212.438.5054, mimi_barker@standardandpoors.com

Analyst Contacts:
Jeanne Mathewson, CFA, Chicago (1) 312.233.7026
Tulip Lim, New York (1) 212.438.4061

Tilt-Con Starts Work on 326,230-SF Warehouse in Miami

ORLANDO, FL – Altamonte Springs-based Tilt-Con Corporation is under way on the new 326,230-square-foot Building 33 warehouse at Flagler Station Industrial Park in Miami, under its contract with Flagler Construction, Coral Gables.

Ranked as the nation’s largest tilt-up concrete constructor by Engineering News-Record magazine, Tilt-Con utilizes its economical system for tilt-up concrete walls.

Tilt-Con’s scope of work includes foundations, slab-on-grade, tilt-up concrete wall panels and walkways, and is slated for completion in April 2009. The project was designed by RLC Architects, Boca Raton.

Tilt-Con also announced that project manager Jeff Chalk has received the prestigious Green Advantage® certification from The Green Clean Institute, Inc., Plainfield, IL. The certification signifies expertise in green building principles, materials and techniques. Chalk has been at Tilt-Con for five years

Contact: Kenneth H. Cristol 407-774-2515

S&P Report Forecasts Changes In Financial Markets As World Economy Falters

NEW YORK, NY--After the current global economic crisis subsides, Standard & Poor's Ratings Services' economists envision a much chastened world with greater regional and global coordination in banking and securities oversight, and the reversal of a long trend of deregulation and privatization in the financial services sector.

Among the findings discussed in the report, "How Today's Turmoil Will Shape Tomorrow's Markets," are:

-- Risk aversion in the wake of declining valuations in the structured finance market, especially in the United States, will continue for the foreseeable future.

-- More coordination among regulators across national boundaries is inevitable.

-- As markets become more global, so will financial centers. We believe trading will be concentrated in more than one center, and three major focal points--in the U.S., Europe, and Asia--will foster 'round-the-clock trading.

-- Markets will become more dispersed, and secondary centers will become more important, but national financial capitals will remain essential for certain types of trading or for domestic companies.

-- Securitization will likely be revived, but only in the simplest forms--at least for a while.

"The players and the regulators are changing, but exactly how remains difficult to determine," said Standard & Poor's Chief Economist David Wyss.(top right photo)

"The trend toward globalization of financial markets will likely accelerate, in part because of capital injections from overseas investors into U.S. banks and financial institutions.

"The trend toward deregulation seems likely to reverse…We expect one result of the current turmoil to be a streamlining of the regulatory structure, even if the U.S. doesn't move to a single regulator as the U.K. has done," he continued.

"Moreover," adds Standard & Poor's Asia-Pacific Chief Economist Subir Gokarn, (bottom left photo) "the role of government in financial systems around the world will increase significantly, and conventional boundaries between the state and markets will be subject to challenge."

Across national boarders, our economists expect to see a re-intermediation of banking systems, especially in the U.S., where there has been more market debt than bank debt.

The European banking model of investment banking, we believe, appears to have won out as investment banks in the U.S. have been absorbed into other banks or have taken on quasi-bank status.

Media Contact:
Michael Privitera, New York (1) 212-438-6679, michael_privitera@standardandpoors.com

Analyst Contacts:
David Wyss, New York (1) 212-438-4952
Subir V Gokarn, Mumbai (91) 11-4250-5113
Jean-Michel Six, Paris (33)-1-44-20-67-05

Shangri-La Hotel Plans Jan. 16 Debut in Wenzhou, China

HONG KONG--Shangri-La Hotel, Wenzhou, (top right photo) the first international luxury hotel in the city, will open on January 16, 2009.

To celebrate this occasion, the hotel is offering introductory rate through March 15, 2009 starting from RMB818 (about US$119) per night with breakfast, single or double occupancy.

Located on the south-east coast of China, between the two economic zones of the Pearl River and Yangtze River deltas, Wenzhou is the economic, cultural and communications center of southern Zhejiang Province.

It has been a principal trading port in China since the Tang Dynasty. Shangri-La Hotel, Wenzhou is located in the center of the new development area of Wenzhou next to the International Exhibition and Convention Centre.

The hotel is a 25-minute drive from Wenzhou Yongqiang Airport (middle right photo) and about an hour from the area’s major tourist attractions, Yandang Mountain and Nanxi River.

Each of the hotel’s 409 contemporary style guestrooms and suites will overlook the Oujiang River with its backdrop of mountain views and offer a minimum floor space of 42 square meters (452 square feet).

Shangri-La Hotel, Wenzhou will offer a variety of meeting and banquet facilities, including a 1,700-square-meter (18,300-square-foot) pillarless grand ballroom with a ceiling height of nine meters (30 feet).

A 456-square-meter (4,909-square-foot) junior ballroom and 11 function rooms of different sizes are also available.

All facilities will have state of the art audio-visual equipment and will be staffed by dedicated event specialists.

Hong Kong-based Shangri-La Hotels and Resorts currently owns and/or manages 58 hotels under the Shangri-La and Traders brands with a rooms inventory of over 28,000.

Shangri-La hotels are five-star deluxe properties featuring extensive luxury facilities and services.

Shangri-La hotels are located in Australia, mainland China, Fiji, Hong Kong, India, Indonesia, Malaysia, Philippines, Singapore, Sultanate of Oman, Taiwan, Thailand and the United Arab Emirates.

The group has over 50 projects under development in Austria, Canada, mainland China, France, India, Japan, Macau, Maldives, Philippines, Qatar, Seychelles, Taiwan, Thailand, United Arab Emirates, United Kingdom and the United States.

For more information or reservations, please contact a travel professional or access the website at http://www.shangri-la.com/

Judy Reeves Public Relations Manager, North America Shangri-La Hotels and Resorts

Tel: (212) 382-3155. Fax: (212) 382-3329. E-mail: judy.reeves@shangri-la.com

Host Hotels Completes $40M Renovation at W New York

W Hotels Celebrates 10 Years of Industry Revolution and Design Innovation With Global Growth Plans to Triple the Brand’s Portfolio by 2011

NEW YORK, NY– W Hotels Worldwide, the hotel category buster, celebrates 10 years of industry revolution and design innovation.

More than a hotel brand, W Hotels has established itself as an iconic lifestyle brand, offering guests unprecedented access to a world of “Wow” through fashion, nightlife, celebrities and entertainment.

With 10 years of proven success, W Hotels will triple its global footprint by 2011, with expansion into vibrant primary destinations around the world, from Dubai to Shanghai, Hong Kong to London, Hoboken to South Beach, and Athens to Barcelona.

The W brand marks this 10 year milestone with the completion of a $40 million renovation of W New York, the brand’s iconic first property. Since 1998, W New York has served as the W brand’s innovation lab, creating a unique mix of guest experiences that put W Hotels at the forefront of a new category in hospitality.

“Innovation has been central to the W brand since its inception,” said Eva Ziegler, (middle right photo) Global Brand Leader, W Hotels Worldwide and Le Méridien Hotels & Resorts.

“In just 10 years, W Hotels has evolved from a New York-centric concept to a worldwide phenomenon. In celebration of this milestone, we are proud to announce the completion of the renovation of W New York, W’s iconic first property.”

“Our renovated guestrooms are a celebration of the innovation, design and unique style W has led over the past 10 years,” said Edward Maynard, (top left photo) General Manager, W New York.

“In addition to celebrating our 10 year milestone as the first W Hotel to open its doors, we are excited to share the property’s sophisticated, contemporary and clever new design with our guests who will continue to enjoy our signature Whatever/Whenever promise in guestrooms that have been designed specifically to their travel needs.”

CONTACT:

Hwee-Peng Yeo
Director, Corporate Communications
Starwood Asia Pacific Hotels & Resorts Ltd
9 Temasek Boulevard, Suntec City Tower 2
#24-02, Singapore 038989

Tel : +65 6335 4837; Cell : +65 9768 6087; +65 9248 0424
Fax : +65 6335 4820
www.starwoodhotels.com; www.starwoodpressclub.com