New Office Construction Expected to Place Upward Pressure on Columbus Vacancy Rate

COLUMBUS, OH— Tenant demand in the Columbus office market will be steady in 2008, though the delivery of 1.1 million square feet of space will put additional upward pressure on vacancy, according to the 2008 National Office Report by Marcus & Millichap, the nation’s largest real estate investment services firm. Fortunately, deliveries of new office space are expected to decline next year, following three years of above-average activity.

Also included in the report is the firm’s annual National Office Index (NOI), a snapshot analysis that ranks 43 office markets based on a series of 12-month forward-looking supply and demand indicators. Columbus moves down three places this year to No. 42.

“With average cap rates expected to hover in the mid-8 percent range, local and regional investors will remain active in the Columbus office market,” says Greg A. Moyer, (photo at right ) regional manager of Marcus & Millichap’s Columbus office

Following are some of the most significant aspects of the Columbus Office Research Report:

* Employers are expected to expand payrolls 0.4 percent this year with the addition of 4,200 jobs.
*Completions are expected to total 1.1 million square feet in 2008.
* Vacancy is forecast to end the year at 18.4 percent.
*Asking rents are expected to gain 2 percent to $17.82 per square foot, while effective rents will rise 2.2 percent to $14.68 per square foot.
* Investment activity could pick up in 2008, especially in the Northeast submarket.

In the 2008 NOI, Seattle moved up three places to secure the No. 1 spot, surpassing last year’s leader New York City, which slipped to No. 2. Boston moved up two spots to No. 3, while San Francisco jumped 12 places to the No. 4 position. Los Angeles slipped two spots, coming in at No. 5.

For a copy of Marcus & Millichap’s National Office Report and the complete NOI rankings, visit http://www.marcusmillichap.com/.

CONTACT:
Stacey Corso
Public Relations Manager
Marcus & Millichap
2999 Oak Road
Suite 210
Walnut Creek, CA 94597
Office: 925.953.1716
Mobile: 415.672.6460
Fax: 925.953.1710
http://www.marcusmillichap.com/

MBA to Release 2007 MARI Report Exposing Fraud Against Lenders

WASHINGTON, DC --The Mortgage Bankers Association (MBA) and the Mortgage Asset Research Institute, LLC (MARISM) is scheduled to jointly release MARI's 10th Periodic Mortgage Fraud Case Report at MBA's annual National Fraud Issues Conference in Chicago.

This report by the Mortgage Asset Research Institute (MARI), a ChoicePoint company, has been prepared for the members of MBA and examines the current composition of residential mortgage fraud and misrepresentation in the United States. This year's report continues that trend, but will also explore the impact of mortgage fraud on the current mortgage market environment and provide some insight from other respected industry sources.

Media conference call participants will include:
· David G. Kittle, CMB, Chairman-Elect of MBA (photo top right) and Merle D. Sharick, CMB, VP-Manager, ChoicePoint Mortgage / Real Estate Services Business Development (photo top left)

WHEN: Thursday, March 13, 2008
12 PM EDT / 11 AM CDT

To register for this conference call, please contact:
Kimberly Tate-Nuwar
(770) 752-3985
kimberly.tate-nuwar@choicepoint.com

The Mortgage Bankers Association (MBA) is the national association representing the real estate finance industry, an industry that employs more than 370,000 people in virtually every community in the country.

Headquartered in Washington, D.C., the association works to ensure the continued strength of the nation's residential and commercial real estate markets; to expand homeownership and extend access to affordable housing to all Americans. MBA promotes fair and ethical lending practices and fosters professional excellence among real estate finance employees through a wide range of educational programs and a variety of publications.

Its membership of over 2,400 companies includes all elements of real estate finance: mortgage companies, mortgage brokers, commercial banks, thrifts, Wall Street conduits, life insurance companies and others in the mortgage lending field. For additional information, visit MBA's Web site: http://www.mbaa.org/.

Sunstone Hotel Investors, Inc. Announces Resignation of Steven R. Goldman as Chief Executive Officer and the Appointment of Robert A. Alter as Interim

SAN CLEMENTE, Calif. Sunstone Hotel Investors, Inc. (NYSE:SHO) announced today that Steven R. Goldman (photo top left) has tendered his resignation as President and Chief Executive Officer of the Company, to become President of Global Real Estate and Development at Hilton Hotels Corporation. Mr. Goldman will remain at the Company until the end of March to assist in the transition of duties.

The Board of Directors has appointed Robert A. Alter (photo top right) as interim Chief Executive Officer effective March 31, 2008. Mr. Alter currently serves as the Company's Executive Chairman, and from its founding until March 2007, he served as the Company's Chief Executive Officer. Mr. Alter will remain as interim Chief Executive Officer until a permanent chief executive officer is retained.

The Board expressed regret over Mr. Goldman's decision, but wishes him well in his unique opportunity and appreciates his efforts and results during his tenure.

About Sunstone Hotel Investors, Inc.
Sunstone Hotel Investors, Inc. is a lodging real estate investment trust (REIT) that, as of the date hereof, has interests in 46 hotels with an aggregate of 16,085 rooms primarily in the upper-upscale segment operated under nationally recognized brands such as Marriott, Hyatt, Hilton, Starwood and Fairmont.

CONTACT
Bryan Giglia
Director of Finance
Phone: (949) 369-4236

ORGANIZATION
Sunstone Hotel Investors, Inc.
http://www.sunstonehotels.com/

903 Calle Amanecer, Suite 100
USA - San Clemente,, CA 92673-6212
Phone: 949-369-4100
Fax: 949-369-4110
Email: mcummins@sunstonehotels.com

Catalyst/Cambridge Healthcare Finance Arranges $9.08M Loan for Los Angeles Nursing Home

CHICAGO, ILL--Cambridge/Catalyst Healthcare Finance has
arranged a $9.08 million FHA-insured loan to refinance The Rehabilitation Centre of Beverly Hills, a 150-bed skilled nursing home facility in Beverly Hills, Calif. (photo top right)

Cambridge/Catalyst is the West Coast affiliate of Chicago-based Cambridge Realty Capital Companies, one of the nation’s leading senior housing/healthcare lenders. The 35-year term loan was arranged for the property’s owner, a California limited liability company, by Cambridge Realty Capital Ltd. of Illinois, an authorized FHA/MAP-approved HUD lender.

The fully amortized loan was underwritten using HUD’s Section 232 pursuant to Section 223(f) funding program. The interest rate was not disclosed.

President Hymie Barber (photo at left) said Cambridge/Catalyst has closed more than 50 senior housing/healthcare loans on the West Coast totaling more than $100 million since 1996. Nationally, Cambridge has closed more than 300 transactions totaling more than $2.75 billion.

In addition to its role as a HUD lender Cambridge offers an integrated debt/equity financing strategy that includes direct property acquisitions and joint ventures, sale/leasebacks, conventional and mezzanine debt financing and the acquisition of distressed debt. Conventional funding options include permanent construction and interim loans on either a floating or variable rate basis.

Privately owned since its founding in 1983 as a real estate investment banker specializing in commercial real estate properties, Cambridge emerged in the 1990s as one of the nation’s leading senior housing and healthcare debt and equity capital providers, closing more than 300 such transactions totaling more than $2.75 billion since then.

The company is one of the nation's leading HUD 232 FHA / MAP-approved lenders and also has an integrated debt / equity financing strategy that includes direct property acquisitions and joint ventures; sale / leasebacks for clients; conventional and mezzanine debt financing; and acquisition of distressed debt. Additionally, Cambridge offers a wide array of conventional lending options for senior housing / healthcare owners, including permanent construction and interim loans on either a floating or variable rate basis.

Cambridge is the creator of The Signature Experience™, a four-step process designed to transform the traditional lender / borrower relationship and identify “ideal” capital solutions for worthy projects. The company has created four separate processes for customer groups that are designed to build and enhance long-term relationship potential and speed the way loans are processed and closed.

Programs include The Key To Capital™ for senior housing owners, The Navigator Experience™ for senior housing brokers and mortgage bankers, The Principal Lender Network™ for lenders who refer loans to Cambridge, and The Relationship Building Experience™ for various industry-related consultants, including lawyers and accountants.

The company has a regional office in New York, affiliate office in Los Angeles, and correspondent relationships nationwide. The firm also has established key origination relationships and a dozen or more Internet-based strategies.

Cambridge’s award-winning Web site, www.cambridgecap.com, provides monthly rate updates for its debt and equity capital programs. The company also publishes the bi-monthly e-PULSE electronic newsletter, which delivers company news and feature stories via e-mail to corporate friends and clients. For additional information, contact Cambridge at (312) 357-1601 or via e-mail at info@cambridgecap.com.

Contact:
Evan Washington
Phone: (312) 521-7603
Fax: (312) 357-1611
E-Mail: ew@cambridgecap.com

Survey Names CB Richard Ellis No. 1 Brand in Commercial Real Estate

CBRE Tops Lipsey Brand Survey for Seventh Consecutive Year

TAMPA, FL, March 7, 2008 - For the seventh year in a row, CB Richard Ellis has been named the leading global brand in commercial real estate, according to a survey of real estate professionals from around the world. CB Richard Ellis has been named the top brand every year since the survey's inception in 2002.

"Recognition from our respected clients and peers always carries a special significance. We are very appreciative of this acknowledgement for the seventh straight year. The top commercial real estate services brand in the world-that's an honor and responsibility we take very seriously every day," said Ray Sandelli, Senior Managing Director. (photo top left)

Conducted by The Lipsey Company, the survey measures how industry participants perceive commercial real estate brands. More than 20,000 professionals from REITs, institutions, lenders, commercial brokerages, and asset and property management firms participated in the survey. Responses came from U.S. and international real estate professionals.

"Being recognized once again as commercial real estate's top brand attests to the confidence that our clients place in us and the success of our people in delivering exceptional service on a daily basis," said Brett White, (photo top right) CB Richard Ellis' President and Chief Executive Officer. "Our 29,000 professionals are the CBRE brand. Their talent, combined with our unsurpassed global platform, has solidified our position as the industry leader, and built our reputation as the premier commercial real estate services company in the world."

The Lipsey Company provides training and professional development services to the commercial real estate industry.

About CB Richard Ellis

CB Richard Ellis Group, Inc. (NYSE:CBG), an S&P 500 company headquartered in Los Angeles, is the world's largest commercial real estate services firm (in terms of 2007 revenue). With over 29,000 employees, the Company serves real estate owners, investors and occupiers through more than 300 offices worldwide (excluding affiliate offices). CB Richard Ellis offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. In 2007, CB Richard Ellis was named one of the 50 "best in class" companies by BusinessWeek, and one of the 100 fastest growing companies by Fortune.

Please visit our Web site at http://cbremarketing.com/ve/ZZu80qDp61808781q59/stype=click/OID=6083711224954/VT=0.
Contacts:
Lauren Crawford
813.273.8482
lauren.crawford@cbre.com

Ray Sandelli
813.273.8450

ray.sandelli@cbre.com

Legendary Auctioneer Addresses RE/MAX Representatives on Growth in Real Estate Auctions

AMARILLO, TX--(BUSINESS WIRE)--Hall of Fame Auctioneer Tom “Spanky” Assiter (top left photo) addressed an audience of RE/MAX real estate agents from across the country yesterday (March 6) in Las Vegas. One of the industry’s leading Auctioneers, “Spanky” presented a seminar titled “Explore the Auction Option” before conference attendees.

The 35th RE/MAX International Convention began on Monday, March 3 and concludes today at the MGM Grand. RE/MAX is one of the world’s largest real estate companies with 7,000 offices and 115,000 agents.

Founder of Assiter & Associates, “Spanky” is one of the world’s most sought-after Auctioneers. An International Auctioneer Champion (IAC) and National Auctioneers Association (NAA) Hall of Fame inductee, “Spanky” is an expert in the field of auctions, particularly real estate auctions.

In 2007, the NAA reported that the auction industry sold $270.7 billion in goods and services at auction. Real estate is the fastest growing segment of the auction industry with over $58.5 billion sold at auction in 2007. Residential real estate auctions continue to lead the industry, growing 46.6% between 2003-2007.

As more and more consumers turn to auctions to buy and sell real estate, traditional realtors are adding the auction method of marketing to their business practices. Despite a downturn in home sales, residential real estate auctions grew 5.3% in 2007.

In years past, Auctioneers and traditional real estate professionals have competed for business; however, in today’s housing market, real estate professionals are partnering with auction companies or expanding their business services to incorporate auctions as a viable option to buyers and sellers of real estate. Auctions expedite the process of selling real estate, minimize holding costs and sell the real and personal property at its market value.

About “Spanky” Assiter
In addition to successful career selling real estate at auction, “Spanky” has extensive auction experience in a variety of fields. Auto enthusiasts around the world tune in to Speed TV every year to see “Spanky” in action at the Barrett Jackson Classic Car Auction. His auction experience includes heavy equipment and livestock as well. “Spanky” is currently one of the top Auctioneers for the Keeneland Thoroughbred Racing Association which is the world’s largest thoroughbred horse auctions. “Spanky” is a member of the National Auctioneers Association and the National Association of REALTORS®.

About Assiter & Associates, LLC (http://www.assiter.com/)
Founded in 1983, Assiter & Associates is an international auction company based in Amarillo, Texas. Specializing in auto, real estate, heavy equipment and livestock auctions, Assiter & Associates has conducted over 5,000 auctions generating over $3 billion in assets sold at auction.

Contacts:

Assiter & Associates, LLC

Spanky Assiter,

806-373-0000

Meridian Capital Group Arranges Financing for Multifamily Building in Miami

MIAMI, FL - Meridian Capital Group has arranged a loan in the amount of $1,220,000 for the refinance of The Shutters, a 23 unit building located at 1425 NE 125 Terrace.

Sean P. Miller of Meridian’s Florida office negotiated to secure a rate of 6.25% over a 5-year term. The borrower, Mr. Alfred Morana, plans on refurbishing the property over the next several months with new paint and landscaping.

Founded in 1991, Meridian Capital Group LLC is one of the nation’s largest mortgage brokerages serving the multifamily and commercial real estate sectors. The company is based in New York City with additional offices in New Jersey, Pennsylvania, Maryland, Illinois, Florida, California, and Texas. Working with a wide variety of lenders, Meridian finances transactions ranging from $500,000 to more than $500 million for multifamily, co-op, office, retail, hotel, healthcare, self-storage, industrial, and construction properties. Nationally, Meridian reported more than 2,350 transactions in 2007, totaling over $16.5 billion.

Contact:

Dani Sabesan

dsabesan@meridiancapital.com
(212) 612-0109
Meridian Capital Group, LLC
1 Battery Park Plaza
New York, NY 10004

Meridian Capital Group Arranges Financing for Multifamily Building in Pompano Beach, FL

Pompano Beach, FL - Meridian Capital Group recently arranged a loan in the amount of $1,100,000 for the refinance of an 18 unit building located at 3321 NE 1st Avenue. Michael Brown and Chaim Lanner of Meridian’s Florida office negotiated to secure a rate of 5.950% over a 7-year term.

Contact:

Dani Sabesan:

dsabesan@meridiancapital.com

(212) 612-0109

Meridian Capital Group, LLC
1 Battery Park Plaza
New York, NY 10004

Marcus & Millichap Sells Travelodge Inn & Suites for $6.28M

TAMPA, FL, March 7, 2008--The sale of Travelodge Inn & Suites (photo top right) was announced today by Steven M. Ekovich, First Vice President and Regional Manager for the Jacksonville, Florida office of Marcus & Millichap Real Estate Investment Services.

The property sold for $6,280,000 to Dr. Kenneth Choi, a private investor based out of Los Angeles, California. Mr. Nilesh Patel, the seller, has owned the property since 2005. David Hsieh and Mark Prideaux of Marcus & Millichap’s Jacksonville office represented the Sellers in this transaction.

Benefiting from the growth in Jacksonville, its airport location and the anticipated demand to be generated by the shipping port a few minutes away, this hotel investment gave its prior owners a positive return for their money and is expected to generate very strong cash flow and equity growth for its new owner.

“This hotel was a diamond in the rough, which simply needed its four “C’s” so to speak, exposed to our client base”, stated Mark Prideaux, lead broker on this sale. The result was a 1031 related sale at 97% of asking price.

The Travelodge Inn & Suites has 192 rooms and has recently undergone over $1 million in capital improvements and benefits. The property is situated only one half-mile from the rapidly expanding Jacksonville International Airport.

With more than 60 offices nationwide, more than 1,300 investment professionals nationwide and sales in excess of $20.5 billion last year, Encino, California-based Marcus & Millichap is the largest commercial real estate brokerage in the nation focusing exclusively on real estate investments. Since its inception in 1971, the firm has perfected a powerful system for marketing properties that combines product specialization; local market expertise; the industry’s most comprehensive research and analysis capabilities; state-of-the-art technology; and established relationships with the largest pool of qualified investors nationally.

Contacts:

Steven M. Ekovich

Marcus & Millichap

813 387 4700 or

Sue Sampson
Brokerage Administrator/CAST
Marcus & Millichap
7650 Courtney Campbell Causeway
Suite 920
Tampa, FL. 33607
Phone: (813) 387-4700
Fax: (813) 387-4710

Marcus & Millichap Facilitates Sale of Two Hialeah Apartment Buildings

Hialeah, Fla, March 6, 2008 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment brokerage firm, has announced the sale of two Hialeah apartment buildings, according to Gene A. Berman, Managing Director of the firm’s Fort Lauderdale office.

Nina’s Apartments, (photo top left) a 36-unit apartment complex located at 1288 W 29th Street, demanded a sales price of $3,153,000.00. Built in 1968 with concrete block construction, the building features an excellent mix of one and two bedroom units.

Queens Apartments, (photo at right) a 34-unit apartment complex located at 1271 W 29th Street, demanded a sales price of $2,978,000.00. Built in 1971, the property has a total of 60 marked parking spaces, which is a rare commodity in the Hialeah market.

Evan Kristol, Senior Vice President Investments and Still Hunter, III, First Vice President Investments in Marcus & Millichap’s Fort Lauderdale office represented the seller of the properties, Samuel and Nina Levy. The listings agents and an outside broker represented the buyer of the properties, L & D Investors, Inc.

“Over the past decade Hialeah has seen its inventory of rental apartments greatly reduce due to condo conversions. In this same time period, no new market rate properties have been built and there is no land available on which to build new inventory. Therefore, the buyer will benefit from an immediate opportunity to increase rents,” says Kristol.

Contact:

Ashley Steele

Marketing Coordinator

Marcus & Millichap

5900 N. Andrews Avenue, Suite 100

Fort Lauderdale, FL 33309

Direct Tel: (954) 245-3516

Cell: (215) 828-9585

Fax: (954) 245-3410

First International-Style Shopping Mall in Montenegro to Open This Summer

PODGORICA, Montenegro, Mar. 7, 2008-- The first international-style shopping mall in Montenegro, Delta City in Podgorica, is set to open this summer.

Colliers International is the exclusive leasing agent, previously responsible for the resounding success of the leasing of Delta City in Belgrade, which featured a host of big international retailers. Delta City will have a GLA of 24,000 m². Located three kilometers from the center of Podgorica, its primary catchment area – the entire city of Podgorica – will be nearly 200,000 people.

Its secondary catchment area, the center and south of the country, raises that figure to nearly 450,000 people, or nearly two thirds of the country.The development will include a cineplex and a supermarket as anchor tenants, and there will also be entertainment facilities and a food court.
Delta Real Estate is the leading shopping mall developer in Serbia and the region. Currently, Delta Real Estate is undertaking work on another ground-breaking mall in Belgrade, Delta Planet, and has significant regional plans for expansion. Miodrag Gazibara, Key Accounts Manager at Colliers International Serbia, is responsible for bringing some of the big name international retailers to Montenegro.

He said, “We think that the people of Podgorica are going to be very excited by the quality of the retailers that we are bringing to town! This mall is going to transform shopping in Montenegro!” Jovica Jakovac, Managing Director of Colliers International Serbia, said, “We are extremely proud to have worked with Delta Real Estate on both Delta City in Podgorica and Delta City in Belgrade. We are both the clear market leaders in our fields, and together we are able to deliver a great product to the marketplace!”

Andreas Marambos, Managing Director, Colliers International Montenegro, concluded, “We are very proud to be bringing a landmark project like this to the people of Montenegro and we look forward to delivering more outstanding developments here.”

Colliers International Southeast Europe was named Property Consultant of the Year for the region in 2007 for the second straight year. It has nine offices in six countries: Albania, Bulgaria, Croatia, Greece, Montenegro and Serbia, and performs selected assignments in Slovenia, Bosnia & Herzegovina, FYR of Macedonia, and Cyprus.

Colliers International Southeast Europe currently has 2,500,000 m2 of projects under exclusive representation. It is bigger than all four of its nearest competitors put together, and has averaged growth of 69% in the last five years per annum. Colliers International is a global affiliation of independently owned and operated companies.

CONTACT: Colliers Kontakt-Person: Christen Thomson Director, PR Phone: E-mail: e-mail Web: http://www.pr-inside.com/cc~http://www.colliers.com__474448.htm

Author: Christen Thomsone-mail Web: http://www.pr-inside.com/cc~http://www.colliers.com/Markets/Croatia__474448.htm
Telefon: +385992187603

EastGroup Properties Announces Dividend Increase

JACKSON, MS, March 6, 2008– EastGroup Properties (NYSE-EGP) announced today that its Board of Directors approved a 4.0% increase in its quarterly dividend, raising it to $.52 per share from $.50 per share.

This is the sixteenth consecutive year of dividend increases. The dividend is payable on March 31, 2008 to shareholders of record of Common Stock on March 21, 2008. This dividend is the 113th consecutive quarterly distribution to EastGroup's shareholders and represents an annualized dividend rate of $2.08 per share.

EastGroup also announced that its Board of Directors declared a quarterly dividend of $.4969 per share payable on April 15, 2008 to shareholders of record of Series D Preferred Stock on March 31, 2008.

EastGroup Properties, Inc. is a self-administered equity real estate investment trust focused on the development, acquisition, and operation of industrial properties in major Sunbelt markets throughout the United States with a special emphasis in the states of Florida, Texas, California and Arizona.

Its strategy for growth is based on its property portfolio orientation toward premier business distribution facilities clustered near major transportation features. EastGroup's portfolio currently includes 23.8 million square feet with an additional 2.2 million square feet of properties under development.

FOR MORE INFORMATION, CONTACT:
David H. Hoster II, President and Chief Executive Officer
N. Keith McKey, Chief Financial Officer
(601) 354-3555

EastGroup Properties, Inc. press releases are available at http://www.eastgroup.net/.
P.O. Box 22728, Jackson, MS 39225-2728
Telephone: 601/354-3555 Fax: 601/352-1441

Arbor Promotes Joseph Donovan to Senior Vice President, Production Management

UNIONDALE, NY (March 6, 2008) - Arbor Commercial Mortgage, LLC (“Arbor”) announces the promotion of Joseph Donovan (photo top right) to Senior Vice President, Production Management. He previously held the title of Vice President, Production Management.

In his new role, Mr. Donovan will continue to oversee the day-to-day operations of the Company’s Fannie Mae, FHA/Ginnie Mae and CMBS production unit. Additionally, Mr. Donovan will be responsible for ensuring operational conformity with all aspects of investor compliance.

Mr. Donovan joined Arbor in 1993. Prior to Arbor, Mr. Donovan worked for the Federal Deposit Insurance Corporation (“FDIC”) and Commonwealth Mortgage Company.

Mr. Donovan earned his Bachelor of Arts degree from Canisius College where he was awarded the Lester J. Suess Scholarship. He has previously served as a board member of the National Multi Housing Council. He resides in Canton, MA.

Arbor Commercial Mortgage, LLC, and Arbor Realty Trust, Inc., have extensive experience in mortgage origination, servicing and securitization and have built a reputation for service, quality and flexibility. Arbor’s seasoned management team specializes in debt and equity financing for multifamily, office, retail, hotel and various other commercial real estate properties. The company offers a broad array of financing options including Fannie Mae DUS®, FHA, CMBS, Bridge and Mezzanine products. Currently, Arbor services over $3 billion in loans. Arbor is a rated Standard & Poor’s third-party commercial loan and special servicer.

Arbor also manages Arbor Realty Trust, Inc., a real estate investment trust (REIT), formed to invest in real estate bridge and mezzanine loans, preferred equity investments and in limited cases, discounted mortgage notes and other real estate related assets. Arbor is headquartered in Uniondale, NY, and has full-service lending offices throughout the United States.

Contact:
Ingrid Principe
Marketing Specialist
Arbor Commercial Mortgage, LLC 333 Earle Ovington Boulevard, Suite 900
Uniondale, NY 11553 Phone: 516-506-4298
Fax: 516-542-2555
Email: iprincipe@arbor.com
http://www.arbor.com/

St. Regis® Resort & Residences, Bal Harbour Celebrates Groundbreaking with VIP Ceremony

BAL HARBOUR, FL, Mar. 6, 2008--A VIP groundbreaking ceremony was held today for the luxurious St. Regis® Resort & Residences, Bal Harbour, on the site of the former Sheraton Bal Harbour. It is anticipated that the nine-acre complex of three all-glass towers will be completed in 2011.

The St. Regis® Resort & Residences, Bal Harbour is one of the largest developments of its kind in Florida and will include 268 ultra-luxury residences, 37 condo-hotel suites, 183 hotel rooms and 24 St. Regis Residence Club® residences. The groundbreaking ceremony was hosted by Sergio Rivera, president of real estate for Starwood Hotels & Resorts Worldwide, Inc. Jorge Perez of the Related Group and numerous Bal Harbour city officials also participated in the event.

“This is one of the most significant development projects in Florida. The end result will be one of the most luxurious mixed-use projects in the world featuring fractional ownership, whole ownership and 5-star hotel accommodations. We are extremely excited to reach this ceremonial milestone today and celebrate with all of our partners the future success of the St. Regis® Resort & Residences, Bal Harbour. I would especially like to thank Jorge Perez and The Related Group for their leadership with this project,” said Mr. Rivera.

The St. Regis® Resort & Residences, Bal Harbour is located on the former site of the historic Sheraton Bal Harbour, which was imploded late last year to make way for this project.

About St. Regis Hotels & Resorts

Combining timeless sophistication with modern luxury, the St. Regis brand is uncompromising in its commitment to excellence. Founded by John Jacob Astor with the landmark St. Regis Hotel, New York over a century ago, St. Regis is known for delivering an unrivaled dimension of luxury, bespoke service and refined elegance at the best addresses in the world. For more information on St. Regis Hotels & Resorts, please visit http://www.stregis.com/.

About Starwood Hotels & Resorts Worldwide, Inc.

Starwood Hotels & Resorts Worldwide, Inc. is one of the leading hotel and leisure companies in the world with approximately 900 properties in more than managed properties. For more information, please visit http://www.starwoodhotels.com/pressclub%20

About The Related Group

Established in 1979, The Related Group is the nation's leading builder of luxury condominiums and one of the country's premier multi-family real estate development firms. Founded by Chairman and CEO Jorge M. Perez, The Related Group has built and managed more than 55,000 residential units throughout Florida. For more information, please visit

www. relatedgroup.com.

Contact:

Starwood Hotels & Resorts Worldwide, Inc., http://www.starwoodhotels.com/, 1111 Westchester Ave. Phone: 914-640-8100. Fax: 914-696-1138

Wesley Homes Inc., WA's $52.245 Million Refunding Revenue Bonds Assigned 'BBB-'Rating

SAN FRANCISCO, CA--Standard & Poor's Ratings Services assigned its 'BBB-' long-term rating to the Washington State Housing Finance Commission's $52.245 million refunding revenue bonds issued for Wesley Homes Inc.

The rating reflects the successful completion and ramp-up of its second long-term care community in Auburn, Wash., high occupancy levels at its Des Moines facilities, solid excess margins and adjusted maximum annual debt service coverage (MADS), and a strong balance sheet. The outlook is stable.

"Wesley Homes reported a good operating margin in fiscal 2006 of 4.3% and a breakeven operating budget for 2008 based upon the successful fill-up at its new Lea Hills facility, and an excess margin of 10.6% in fiscal 2006," said Standard & Poor's credit analyst Keith Dickinson. "Its adjusted MADS coverage of 2.3x for fiscal 2006 is solid."

Offsetting credit factors include a large operating loss for the 11-month interim period (fiscal year end is Dec. 31) due to a $2 million write-off of letter of credit fees paid in 2005, and low unrestricted cash to debt for the rating at 24.4% for fiscal 2006 and 29.2% for the interim period, due to high long-term debt.

The Wesley Homes Inc. obligated group is made up of Wesley Homes, the group's sole corporate member; Wesley Homes Des Moines LLC, which owns and operates Wesley Homes Des Moines, a continuing care retirement community; Wesley Homes Lea Hill LLC, which owns and operates Wesley Homes Lea Hill, a planned retirement community; Wesley Homes Foundation, organized for charitable and education purposes to support Wesley Homes in its endeavors; and Wesley Homes Community Health Services, which provides nursing and other services to residents of Wesley Homes Des Moines and Lea Hill.

Media Contact:

Christopher Mortell , New York, (1) 212-438 3446

christopher_mortell@standardandpoors.com

Analyst Contacts:

Keith I Dickinson, San Francisco (1) 415-371-5036

Geraldine Poon, San Francisco (1) 415-371-5078