IDI Opens LEED-Certified Warehouse/Distribution Facility West of Atlanta

WestPoint at Riverside Building A is the largest industrial building to receive LEED certification in Georgia

ATLANTA, GA– IDI has received Silver LEED® (Leadership in Energy and Environmental Design) certification from the U.S. Green Building Council (USGBC) for its recently completed WestPoint at Riverside Building A, (top left photo) a 744,331-square-foot warehouse and distribution facility located west of the city of Atlanta at Thornton Road and Riverside Parkway in Douglas County.

The facility is the largest industrial building to receive LEED certification to date in the state of Georgia.

“Corporate America is starting to seek out LEED-certified buildings,” said Jay Mitchell, (bottom right photo) senior vice president and regional development officer in IDI’s Atlanta development office.

“Companies realize that occupying LEED buildings is not only good for the environment but also good for business since these facilities, with their enhanced work environments, help attract and retain employees.”

IDI has been committed to sustainable development since its inception, and the company’s participation in the LEED program is an integral part of its sustainability initiatives.

At WestPoint at Riverside, IDI also took several additional steps during the construction process to reduce the project’s environmental impact.

“Our sustainable development practices included an emphasis on using recycled materials for construction and a strong reliance on regional materials,” Mitchell said.

“A total of 38 percent of the materials used contained recycled content, and 89 percent of all the materials were from regional sources.” USGBC awards a maximum of three LEED points to companies that surpass 30 percent for recycled content and 40 percent for regional content.

Contacts:

Jay Mitchell, IDISVP and Regional Development Officer, 770-866-1105, jmitchell@idi.com

Lisa Ward, IDIVP of Leasing, 770-866-1115, lward@idi.com

Steve Webb, IDIMarketing & Communications, 404-479-408, 1swebb@idi.com

Grubb & Ellis Receives $6.25M in Non-Refundable Deposits on Proposed Disposition of Danbury Corporate Center

SANTA ANA, CA – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, has received non-refundable earnest money deposits totaling $6.25 million from an undisclosed buyer for the Danbury Corporate Center,(top right photo) a class A office complex in Danbury, Conn.

Upon closing, the transaction is expected to result in net cash proceeds of approximately $14 million for Grubb & Ellis.

Contacts:
Damon Elder, 714.975.2659, damon.elder@grubb-ellis.com
Janice McDill, 312.698.6707, janice.mcdill@grubb-ellis.com

Crescent Resources named exclusive Leasing and Management Representative for retail centers in Maitland and Orange City, FL

ORLANDO, FL– Crescent Resources, LLC has been named exclusive leasing and management representatives for retail centers in Maitland and Orange City that total approximately 129,600 square feet of space.

Dianne Crouse, property manager for Crescent Resources, LLC will oversee management and Ida I. Wozniak, (top right photo) CCIM, vice president of commercial leasing in Florida for Crescent Resources, LLC, will oversee the leasing. Sun Life Assurance of Canada, based in Wellesley Hills, Mass., owns both retail centers.

The Shoppes at Maitland, with 23,516 square feet of retail space is located on U.S. 17-92 and E. Ventris Ave. in Maitland.

Crowne Centre Plaza, (bottom left photo) with 106,063 square feet, anchored by a Publix Supermarket and a Beall’s department store, is located on Enterprise Rd. and Saxon Blvd. in Orange City.

For more information, contact

Ida I. Wozniak, CCIM, Vice President of Commercial Leasing / Florida, Crescent Resources LLC; 201 S. Orange Avenue, Orlando, Fla; 407-472-3383; iiwozniak@crescent-resources.com

R.W. “Whit” Duncan, SIOR, Senior Vice President, Crescent Resources LLC; 201 S. Orange Avenue, Orlando, Fla. 407-804-1200; rwduncan@crescent-resources.com;

Larry Vershel or Beth Payan, Larry Vershel Communications 407-644-4142

Massive food distribution center, cold storage facility designed by Randall-Paulson Architects uses 100 percent renewable energy

Facility is first in the U.S. to be awarded LEED Gold certification

ROSWELL, GA --- A massive food distribution center in Ridgefield, Wash., designed by Randall-Paulson Architects of Roswell, Ga., and built by ARCO Design/Build Construction of Atlanta, Ga., is the first cold storage facility (top right photo) awarded the coveted LEED Gold certification by the U.S. Green Building Council (USGBC) as an energy-efficient and environmentally safe facility.

LEED---which stands for Leadership in Energy and Environmental Design---has established design and construction standards that result in energy efficient and environmentally safe facilities.

Michael B. Randall, co-founder and partner at Randall-Paulson Architects, explains that the 259,729 square foot United Natural Foods facility,(top right photo) which includes 54,000 square feet of refrigerated storage, freezers and a cold storage dock, is powered by 100 percent renewable energy, which reduces CO2 emissions more than four million pounds annually.

In addition, Randall-Paulson designed energy efficiency features that result in an energy savings of more than 30 percent over comparably-sized facilities with conventional energy plans.

Randall said Randall-Paulson Architects launched a ‘green’ campaign more than two years ago, providing incentives for its planners, architects, designers and engineers to qualify as USGBC LEED-AP professional accreditation.

“The USGBC’s LEED program will have a dramatic effect on improving the environment,” said Randall. “We wholeheartedly support the LEED program, as do many of our clients.”

For more information, contact

Caroline K. Slaten, CPSM, Business Development Manager, Randall-Paulson Architects 770-650-7558 x116; ckslaten@randallpaulson.com;

Larry Vershel, Larry Vershel Communications 407-644-4142; lvershelco@aol.com

Plaza Advisors Brokers Sale of Orlando Retail Center

ORLANDO, FL-Plaza Advisors of Tampa, FL is pleased to announce the sale of Regency Village, a Publix anchored shopping center located in the Buena Vista area of Orlando, Florida. The transaction closed January 29, 2009.

Jim Michalak (top right photo) of Plaza Advisors exclusively represented the seller Tinwood LLC, a joint venture between Regency Centers and Publix. The buyer was Regency Village Realty Associates, LLC.

The project, located at the intersection of International Drive South and Vineland Avenue, contains 83,167 square feet and was 88% occupied.

The asset was built in 2002. The sale included a freestanding Outback Steakhouse. The center’s major tenants include; Subway, The UPS Store, and Sony JVC Superstore.

Plaza Advisors is a real estate brokerage firm that specializes in the disposition of anchored shopping center properties in the southeastern United States.

Plaza Advisors clients include private equity, developers, and major institutions including; pension funds, life insurance companies, REITs, and money center banks.

Jim Michalak, the firm’s managing partner, is a 25 year career real estate broker. Mr. Michalak has closed over 100 shopping center transactions, with a combined GLA exceeding ten million square feet with an aggregate sales volume in excess of $1 billion. Plaza Advisors is based in Tampa, FL

http://www.plazadvisors.com/

Jim Michalak
Managing Partner
Plaza Advisors
3412 Bay To Bay Boulevard
Tampa, FL 33629
813.837.1300 Ext. 101
Fax 831.2627
jim.michalak@plazadvisors.com

Wyndham Hotel Group Announces First Two Resorts in Cayman Islands

PARSIPPANY, NJ – Wyndham Hotel Group, one of the world’s largest hotel companies, announces its entrance into the Cayman Islands with the addition of two resorts on Grand Cayman island:

The 130-room Wyndham Grand Bay Waterford – Cayman Islands (middle right photo) and the 170-room Ramada Grand Caymanian Beach Club and Resort. (top left photo)

Both resorts are owned and managed by the Grand Cayman-based GFK Group, a property development and management firm with more than 25 years of experience developing in the Cayman Islands.

The Wyndham Grand Bay Waterford – Cayman Islands, the newest addition to The Wyndham Grand Collection, recently began construction and is expected to be complete in the third quarter of 2011.

The five star luxury property will feature rooms with a British Colonial décor that offer sweeping ocean views from North Sound to Rum Point. The resort will offer a 5,000 square foot spa, pre-arrival grocery service, luxury car service, an on-site restaurant and cigar room and 24 hour room and concierge service.

The recently renovated Ramada Grand Caymanian Beach Club and Resort is located adjacent to The North Sounds Club championship golf course on the shores of Grand Cayman’s North Sound Lagoon.

Guests can choose from studio, one and two bedroom suite accommodations with high speed wireless Internet access, flat screen televisions, DVD player, personal washer and dryer and full kitchen.

The resort also features a business center, on-site restaurant, lighted tennis court, beach volleyball court, freshwater pool, multiple hot tubs, a kids club and a variety of water activities including scuba diving, snorkeling and deep sea fishing.

In addition to the completed renovations, the resort will also be adding an additional 44-unit condo hotel and free form swimming pool with beach access later this year.

“Year after year, the Cayman Islands continue to be a popular tourist destination, attracting nearly 1.7 million visitors annually,” said Doug Smith, Wyndham Hotel Group vice president of development. “By adding not one, but two properties in the Caymans, Wyndham Hotel Group is well poised to take advantage of the tourism opportunities that exist there.”

Theresa Foster, GFK Group managing director, said, “We knew that Wyndham Hotel Group was the company we wanted to do business with right from the start.

"We want to be backed by a company with strong brands and with significant breadth and scale, and we found a match in Wyndham.”

Wyndham Hotel Group, one of three principal components of Wyndham Worldwide Corporation (NYSE: WYN), encompasses nearly 7,000 hotels representing approximately 583,000 rooms in 67 countries on six continents.

The brands are 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®.

All hotels are owned individually and operated independently or by Wyndham Hotel Management. Wyndham Hotel Group is based in Parsippany, N.J. For additional information or to make a reservation visit http://www.wyndhamworldwide.com/.

CONTACT:
Christine Da Silva, Director, Media Relations, Wyndham Hotel Group, 1 Sylvan Way, Parsippany NJ 07054. (973) 753-6590. Christine.Dasilva@wyndhamworldwide.com

Apartment Realty Advisors Brokers Sale of Remaining Units in LaVia Condominium

PEMBROKE PINES, FL — Atlanta-headquartered Apartment Realty Advisors (ARA), the largest privately held, full-service investment advisory brokerage firm in the nation focusing exclusively on the multihousing industry, announceS that ARA’s Florida division arranged the sale of the 26 remaining units at La Via Condominium (top right photo) community located in Pembroke Pines, FL.

The transaction was arranged by ARA Florida’s Boca Raton-based Avery Klann. (top left photo)

Shaoul Mishal, President of Israel-based Gamla-Cedron Group purchased the remaining units for $1,430,000 or $55,000 per unit in January 2009.

The 250-unit property was converted to condominiums in 2005 and a total of 224 units were sold over the past three years. After paying off the senior debt and achieving strong profits, the owner decided to bulk sale the remaining inventory in the La Via Condominium. The seller desired a fast closing with a strong all-cash buyer.

š“We worked under a very tight timeframe to identify a buyer who could close as quickly and efficiently as possible,” said Avery Klann, of ARA’s Boca Raton office, who brokered the deal.š “We expect to see several more fractured condo sales in Florida in 2009.”

Klann is a member of ARA’s Distressed Assets Solutions Group which provides responsive, professional and knowledgeable brokerage solutions to servicers and lenders of distressed conventional multifamily, land, student and seniors housing assets.

Marc deBaptiste,(bottom right photo) one of ARA Florida’s founding partners said, “This is one of several transactions where we have recently sourced unique, foreign-based buyers that are now capitalizing on the tremendous buying opportunities in multifamily product throughout Florida.”

To schedule an interview with an ARA executive regarding this transaction or for more information about Apartment Realty Advisors, please contact Marti Zenor at mzenor@ARAusa.com or 561-988-8800 ext. 112.

Downtown Miami's 1450 Brickell Office Tower "Tops Off" At 35-Stories

Rilea Group's 586,000-SF 'class-A' office toweron track for January 2010 completion

MIAMI, FL – Jan. 29, 2009 – 1450 Brickell, (top right photo) a 'class-A' office tower currently under construction at the entrance to downtown Miami's Brickell Financial District, reaches an important milestone on January 30 when it tops-off construction at 35-stories.

The occasion will be celebrated during a special 'topping-off' party held at the 1450 Brickell construction site at 1 p.m.

The 586,000 square-foot tower is scheduled for delivery in January 2010, when it will become the first of three new downtown Miami office buildings to come online next year.

Following its completion, 1450 Brickell will make headlines again by becoming Miami's first LEED Gold-certified office tower (the building earned LEED Gold pre-certification in 2008).

In addition to its environmentally-sound design, 1450 Brickell has earned high marks for its construction quality. The entirety of the Tower's exterior will be clad in high-impact resistant glass offering sweeping views of Biscayne Bay, Brickell Avenue, and the city of Miami.

Further, 1450 Brickell's safety installations will remain functional during a power outage, thanks to a generator that will run the air conditioning system for humidity control and enable tenants to utilize lighting and electrical power for their basic needs.

Alan Ojeda, (middle right photo) CEO of Rilea Group, the Miami-based development firm responsible for building 1450 Brickell, believes the Tower's construction and location set it apart from other projects underway in downtown Miami.

"We conceived and designed 1450 Brickell with two words in mind: 'quality' and 'convenience,'" said Mr. Ojeda.

"Now that we're one year out from completion, I can say with certainty that the Tower's quality of construction will be matched only by its convenient location and accessibility. The building's surroundings offer tenants a mixed-use setting unique in the Miami marketplace.

"The Brickell Gateway neighborhood is home to more than 30,000 square-feet of retail space and nearly 30 retail businesses within walking distance of 1450 Brickell's front door, making location one of its many advantages.

Beyond the prevalence of retailers surrounding 1450 Brickell, the Tower benefits from traffic-free roads, direct access to I-95 and close proximity to public transportation.

In addition to 586,000 square-feet of 'class-A' office space, 1450 Brickell is adjacent to One Broadway,(bottom left photo) a luxury apartment building developed by Rilea Group in 2006, which is home to 371 rental units and ground floor retail.

For One Broadway apartment leasing and information call (305) 374-1660 or visit http://www.onebroadway.com/. For One Broadway retail leasing, contact Jonathan Carter of Cushman & Wakefield at (305) 371-4411.

1450 Brickell is a 35-story, 586,000 square-foot 'class-A' office tower in downtown Miami, Florida's Brickell Financial District.

The building offers both commercial office and ground-level retail space and is located in one of the neighborhood's least congested areas, offering convenient in-and-out access, as well as some of the area's best views of Biscayne Bay.

The tower, which is downtown Miami's first pre-certified LEED Gold 'class-A' office building, offers flexible floor plates ranging in size from 24,000 square-feet to 25,600 square-feet. 1450 Brickell is slated for completion in January 2010. Learn more at http://www.1450brickell.com/.

Miami, Florida-based Rilea Group is a full-service real estate development company that has been developing real estate projects in South Florida since 1981.

The company has experience in all facets of real estate, including development, construction, leasing, and management. Past projects include Miami's Mellon Financial Center and One Broadway.

Currently, Rilea Group is constructing 1450 Brickell, a 35-story, LEED Gold Certified 'class-A' office tower in Miami's Brickell Financial District. Visit http://www.rileagroup.com/.

Media Contacts:
Schwartz Media Strategies
Tadd Schwartz: (305) 807-3612
Aaron Gordon: (305) 962-3292

Cambridge Reports Loan Origination Requests in 2008 Relatively Strong Despite Economic Meltdown

CHICAGO, IL--In a year in which stocks imploded and the credit markets lost their way, efforts by senior housing/healthcare borrowers to improve the financial underpinning for their businesses never waned.

Cambridge Realty Capital Companies Chairman Jeffrey A. Davis (top right photo) says the company processed 333 loan origination requests in 2008, a total only slightly less than the 357 requests reviewed a year earlier.

But the total dollar volume for all processed requests in 2008 was somewhat higher, $4.7 billion compared with $4.3 billion a year earlier.

And the total number of beds/units was also up, from 53,228 in 2007 to 55,614 a year later.

Davis points out that lenders close a relatively small percentage of loan origination requests received, but believes it’s useful to track this information as an indication of market directions.

“Competitive interest rates contributed to relatively strong demand throughout the year and remain in place as the New Year begins,“ he noted.

“In the final quarter of 2008, the economic news was particularly bleak and origination requests were down 11 percent, from 110 in 2007 to 97 in 2008. However, dollar volume was not off dramatically, falling from $1.30 billion in the fourth quarter of 2007 to $1.23 billion for the same period in 2008,” he said.

Privately owned since its founding in 1983 as a real estate investment banker specializing in commercial real estate properties, Cambridge today has three distinctive business units: FHA-insured HUD loans, conventional financing and investments and acquisitions.

The company is one of the nation’s leading senior housing and healthcare debt and equity capital providers with more than 300 closed transactions totaling more than $2.75 billion since the mid-1990s.

Contact: Evan Washington, Phone: (312) 521-7603. Fax: (312) 357-1611.

E-Mail: ew@cambridgecap.com

HFF closes sale of Jefferson Building in Washington, D.C.

WASHINGTON, D.C. – The Washington, D.C. office of HFF (Holliday Fenoglio Fowler, L.P.) announced today it has closed the sale of the Jefferson Building, (top right photo) a 72,756-square-foot, eight-story office building in Washington, D.C.

The HFF investment sales team was led by senior managing directors Dek Potts, (top left photo) Jim Meisel, (bottom right photo) and director Andy Pulliam who marketed the property on behalf of the seller, BlackRock Realty.

INVESCO Real Estate purchased the property for an undisclosed amount free and clear of debt.

Located at 1225 19th Street NW, the Jefferson Building is situated within the Golden Triangle Business Improvement District of Washington, D.C. with easy access to Connecticut and Massachusetts Avenues, K Street and Rock Creek Parkway as well as Dupont Circle Metro Station and Farragut North Metrorail Station.

The 93% leased property was most recently renovated in 2007 and has parking for 64 cars in a two-level underground parking garage.

“This boutique asset has enjoyed an excellent occupancy history due to its prominent corner location with windows on all four sides as well as 9,350-square-foot floor plates, which have attracted small law firms and associations.

"In addition, The Palm, the building’s landmark restaurant, recently expanded and renewed its lease,” said Potts.

BlackRock is one of the world’s largest publicly traded investment management firms.

As of September 30, 2008, BlackRock’s assets under management were $1.259 trillion. The firm manages assets on behalf of institutions and individuals worldwide through a variety of equity, fixed income, cash management and alternative investment products. For additional information, please visit the firm's website at www.blackrock.com.

INVESCO is a leading independent global investment management company, dedicated to helping their clients build their financial security. INVESCO provides a comprehensive array of enduring investment solutions for retail, institutional and high-net-worth clients around the world.

Operating in 20 countries, the company is listed on the New York Stock Exchange under the symbol IVZ. Additional information is available at http://www.invesco.com/.

Contacts:
James A. Meisel, HFF Senior Managing Director, (202) 533-2500, jmeisel@hfflp.com
Stephen "Dek" Potts Jr., HFF Senior Managing Director, (202) 533-2500,
dpotts@hfflp.com
Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500,
krmurphy@hfflp.com

Grubb & Ellis|Commercial Florida closes on Sale of Three Acre Parcel in Downtown Orlando for $7M

Broker Sees Signs of Economic Upturn

ORLANDO, Fla. --- Grubb & EllisCommercial Florida has closed on the sale of a three-acre commercial/mixed use land parcel at 100 W. Livingston St. in downtown Orlando for $7 million.

(The price equates to $2.3 million per acre or about $53.56 per square foot)

David G. Calcanis, (top right photo) vice president of the Land Group at Grubb & EllisCommercial Florida, negotiated the transaction on behalf of the seller, Orlando Land Trust, LLC of Aventura. Jain West Livingston, LLC of Orlando was the buyer.

Jeffrey Sweeney, (middle left photo) SIOR, managing director of Grubb & EllisCommercial Florida, associated with 200 Grubb & Ellis offices worldwide, said Calcanis, who joined the firm in 2004, ranks as the leading land broker at Grubb & EllisCommercial Florida for 2008.

His recent sales besides the Livingston Avenue parcel include a 5.6 acre parcel on N. Orange Ave. across from the Orange County Courthouse facility.

Altogether, the value of Calcanis’ transactions last year totaled more than $25 million.

“Bargain basement prices are beginning to attract more buyers and we see recent interest in land acquisitions as a major sign that economic conditions are beginning to improve,” said Calcanis.

Contact: Larry Vershel or Beth Payan, Vershel Communications, 407 644 4142.

Mercantile Commercial Capital Closes on Four Commercial Loans in December for over $6.3M in Total Project Costs

ALTAMONTE SPRINGS, FL--- Mercantile Commercial Capital, LLC, which specializes in U.S. Small Business Administration (SBA) 504 loans for small business owners who want to acquire or develop their own facilities, reported it closed on four commercial loans in December that total over $6.3 million, and helped to create 42 new jobs.

(Christopher Hurn, top right photo), is president of Mercantile Commercial Capital. Geof Longstaff, top left photo, is vice president)

Mercantile Commercial Capital’s December loans included:

• $1,185,000 to Beckman & Associates, Inc, to provide 80 percent financing for refinance of a 3,532 square foot office condo located in Maitland, Fla;

• $1,675,000 to Mississippi Embroidery, LLC to provide 90 percent financing for the purchase of an approximately 17,000 square foot building located in Hattiesburg, Mississippi;

• $2,107,200 to Irish Properties, LP, to provide 85 percent financing to purchase a mix-used restaurant with eight residential apartments -- an 11,030 square foot facility in New Cumberland, Penn. and

• $1,345,000 to Autogalaxy USA, LLC/Miami Car Sales, Inc., to provide 75 percent financing for the purchase of an 8,000 square foot office/warehouse condo located in Hallandale, Fla.
In 2008, Mercantile Commercial Capital closed on 43 Commercial Loans valued at more than $75 Million. Altogether, their loans helped to create 483 new jobs.

For more information, visit http://www.thesmartchoiceloan.com/ and http://www.504blog.com/.

For more information about this press release, contact:

Chris Hurn, Mercantile Commercial Capital, LLC 407-786-5040
Robin Lashley, Mercantile Commercial Capital, LLC 407-786-5040
Larry Vershel or Beth Payan, Larry Vershel Communications, 407-644-4142

Starwood to open 1,000th hotel this year

SAN DIEGO, CA – Starwood Hotels & Resorts Worldwide, Inc. (NYSE: HOT) announces it will open its 1000th hotel in 2009. The milestone comes as part of the company’s plan to open 100 hotels this year in diverse markets throughout the world.

Focused on opening the right properties in the right places with the right partners, Starwood remains on-track to expand its portfolio by more than 40 percent in the next five years. Starwood’s pipeline consists of more than 400 hotels – 60 percent of which currently are outside of the United States.

“By working closely with our development partners, we are able to open high caliber, best-in-class hotels around the world, even during challenging economic times” said Simon Turner, (top right photo) President of Global Development, Starwood Hotels & Resorts Worldwide, Inc.

“Starwood is building, opening, converting, renovating and innovating for the recovery and beyond, and these new hotels will further position Starwood and its development partners for long term growth and success.”

2009 marks a year of significant milestones and meaningful growth for Starwood and its portfolio of nine distinctive and compelling brands.

Celebrating 10 years of proven success, W Hotels will triple its portfolio in the next three years.

The once New York-centric wonder is transforming into a global phenomenon, opening 13 properties this year in markets including Barcelona, Bali, Doha and Santiago, as well as Atlanta, South Beach, Hollywood and Washington D.C.
As part of its $4 billion revitalization program, Sheraton Hotels & Resorts expects to open 18 hotels in high-profile destinations like New York City; San Juan, Puerto Rico; Istanbul, Turkey; Prague, Czech Republic; and Qiandao, China.

The iconic brand is also scheduled to complete its goal of renovating nearly 100 hotels at an investment of $1.3 billion.

Westin Hotels & Resorts expects to open 11 hotels this year in dynamic international cities including Montreal, Mumbai, Shanghai, Mexico City and Houston.

(Westin Fort Lauderdale Beach Resort, middle left photo)

After opening 17 hotels in the U.S., Canada and China in 2008, Aloft will double its portfolio in 2009 with openings in Houston; Phoenix; and Abu Dhabi, UAE, among others.

And Starwood’s green trailblazer, Element, expects to open five more hotels this year in U.S. markets such as Houston and Denver.

Four Points by Sheraton continues to be a major growth vehicle for Starwood and is set to open nearly 30 hotels in 2009, including one in New York City’s Times Square; Albuquerque, New Mexico; Winnipeg, Canada, and its first new prototype, which is slated to be in San Antonio.

(Aloft Beijing Haidian Hotel lobby, middle left photo)

2009 began with St. Regis opening a new resort in Punta Mita, Mexico. The luxury brand will ramp up its global expansion with plans to open an additional four hotels in 2009, including properties in Atlanta; Park City, Utah; Mexico City; and Lhasa, China.

The Luxury Collection entered the year celebrating the recent opening of a hotel in Beverly Hills and continues to grow with more than 10 hotels in its pipeline.

And Le Méridien has nearly 20 hotels in development and four openings planned this year in markets around the world. Notably, the brand is making further inroads in North America, with plans to open hotels in Dallas and Philadelphia.

(Shimei Bay Beach Resort & Spa, China, bottom right photo)

CONTACTS:

Brad Minor, Senior Manager, Corporate Public Relations, Phone: 914.640.3687

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
http://www.starwoodhotels.com/;

http://www.starwoodpressclub.com/

New Mortgage Metrics Redefine Capital Markets

Mortgage Availability Emerges as Key Funding Variable

CHICAGO, IL - Starting more than a year ago,dramatic re-pricing of mortgage markets still leads to a downward spiral of property values of which the full impact is yet to be felt.

Lenders and buyers alike are trying to understand new pricing realities that are based on more conservative mortgage underwriting parameters.

Furthermore, given today's unpredictable markets, lenders seldom rely upon any current sales transactions for appraisal purposes. Most properties sold prior to the mortgage market meltdown are based on metrics using more favorable mortgage terms and leverage not available now.

While many investors are uncertain how to price properties based on current leverage, the following underwriting benchmarks are currently in favor with the funding community:

* Actual Cash Flow: Current cash flow is mandatory. Three years operating history preferred, if available. Projects with deferred cash flow require additional collateral and/or recourse

.* Properties: Gravitating toward conventional property types(apartment, industrial, office and retail). Properties with too much "story" avoided as risk aversion prevails.

* Valuation: Cap rates priced 50 basis points or more above mortgage constant

* Leverage: 65% or less loan-to-value for commercial properties; 75%f or apartments

* Debt Coverage: 125% debt service coverage or more for conventional properties (apartment, industrial, office and retail); 140% or higher for special-purpose.

* Guarantees: Life companies continue providing non-recourse debt. Full recourse required as well as deposit relationships with banks and most other financial institutions.

* Sponsorship: Seasoned borrowers with established track records sought. Qualified borrowers typically normally support net worth statements equaling the loan amount. Liquidity test of 25%+/- desired.

Observation: As strange as it sounds, pricing is not mentioned above. The availability of funds is the most important criteria above all else. In fact, a standard contingency in most purchase contracts today is buyers to prove to sellers that reliable financing is in place. Buyers need to specifically disclose their funding source and provide reasonable proof that loan proceeds are available at closing.

Contact:

Nat Zvislo, Research Director, Toll Free 800-994-RECI (7324), director@reci.com,

http://www.reci.com/

Ardaman wins Indian River County, FL contract

ORLANDO, FL — Ardaman & Associates Inc. was awarded a contract by the Indian River County Board of Commissioners.

The scope of services includes geotechnical engineering, construction materials testing, environmental engineering and consulting.

The one-year continuing services contract has an option for three additional one-year renewals. Services for this contract will be performed by Ardaman’s Port St. Lucie office.

Ardaman & Associates currently has continuing services contracts with Orange County Utilities Department, Osceola County, Polk County, Seminole County and the City of Orlando.

The Port St. Lucie office of Ardaman & Associates, located at 460 N.W. Concourse Place, was established in 1987. Clients include St. Lucie County, Martin County, the City of Fort Pierce and the City of Port St. Lucie.

Ardaman & Associates Inc. is an engineering practice providing geotechnical, environmental, water resources and facilities engineering, and construction materials testing to public, industrial and private clients worldwide.

The Company is headquartered in Orlando with offices in Bartow, Cocoa, Fort Myers, Miami, Pasco County, Port St. Lucie, Sarasota, Tallahassee, Tampa, and West Palm Beach, Fla., and in New Orleans, Baton Rouge, Shreveport, Monroe and Alexandria, La.

Established in 1959, Ardaman employs a professional, support and field staff of 550. Please visit ardaman.com for more details about services and experience.

Contact: Elaine Ingra, PR WORKS!, PH: 407 384-1344,
elainei@pr-works.com, www.pr-works.com