Hamstra Builders Inc. Sells Grocery-Anchored Shopping Center in Indiana

 MONTICELLO, IN– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has brokered the sale of Monticello Plaza, (top left photo) a 189,330-square foot grocery-anchored shopping center in Monticello, a city in central Indiana approximately 85 miles northwest of Indianapolis. The terms of the sale were not disclosed.

David Weber (middle right photo), an associate vice president in Marcus & Millichap’s Washington, D.C. office, and Nathan Whalen (middle left photo), a retail property investment specialist in the firm’s Indianapolis office, represented the seller, Hamstra Builders Inc. Michael Wernke (lower right photo), a vice president investments in Indianapolis, represented the buyer, an Indiana-based LLC.

 “With its in-depth market knowledge and unparalleled access to a variety of capital sources nationwide, Marcus & Millichap was able to create a competitive market for this property and lead us to the right buyer,” says Mitch Van Kley, chief financial officer and executive vice president of Hamstra Builders Inc. “We are extremely pleased with the high level of service we received from Marcus & Millichap throughout the process.”

“At the time of the sale, Monticello Plaza was 95 percent occupied with approximately 8,700 square feet of vacant space available for lease,” says Weber. “The center’s double-anchor tenants, Kroger and Rural King, and other strong in-line tenants such as Ace Hardware and Fashion Bug, lend themselves to making the shopping center a stable and solid investment.”

            The property is located on Monticello’s major north/south thoroughfare at 916 North Main St. Retailers in the immediate area include Taco Bell, CVS, Arby’s, Advance Auto Parts and Wells Fargo.

“Fewer completions and resumed job creation will strengthen the Indianapolis retail market in 2012,” says Wernke. “With operations in high-traffic corridors already recovering, metrowide vacancy will trend lower.”

 Built in 1979 on 20.2 acres, Monticello Plaza is anchored by Kroger and Rural King, a strong regional retailer. Other tenants include a freestanding Pizza Hut, Ace Hardware, Standard Auto and King Buffet.

Situated between Lake Shafer and Lake Freeman, Monticello is a popular summertime tourist destination and home of the Indiana Beach amusement park.

  Contact: Stacey Corso, Public Relations Manager, (925) 953-1716

Marcus & Millichap Hired as a Consultant to Sell $1 Billion Orlando, FL Development

 APOPKA, FL– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has been hired as a consultant to sell the $1 billion Kelly Park Crossings (top left map), the largest development ever set to rise in Apopka.

Initial entitlements call for the construction of up to 900 acres, including housing, a regional mall, offices, a campus for Valencia College, a hotel, a hospital and medical office space, as well as a four million-square foot Merchandise Mart near the Wekiva Parkway extension.

Located in northwest Orange County where Seminole and Lake County intersect, the $1.6 billion parkway extension is the final portion of the Orlando Beltway expansion project.

Paul Bouldin (middle right photo), a senior associate in the Tampa office of Marcus & Millichap, has been hired as an advisor to the seller, an investment group led by Jim Palmer (lower left photo), a well-known Republican power broker and Orlando attorney.

 “An investor could become a joint venture development partner and receive a return on the equity placed, with a profit participation in the total project,” explains Bouldin.

“I am very pleased with the progress we have made thus far with Kelly Park Crossings, starting with the 9.2 million square feet of development rights secured from state and local governments,” says Palmer. “Additionally, we are moving forward with Valencia College to develop a campus on our site, which has been solidified in the last month.

“We are also pleased to be working with the premier land brokers in the country and we have an excellent relationship with Paul Bouldin,” says Palmer. “With its in-depth market knowledge and unparalleled access to a variety of capital sources nationwide, Marcus & Millichap will take our project to the next level by attracting the most qualified joint-venture capital partners.”

Located at 3434 Kelly Park Rd., Kelly Park Crossings is a mixed-use, regional development slated to encompass up to 9.2 million square feet. The property consists of four distinct quadrants located at the northwest and southwest corners of the intersection of West Kelly Park Road and the planned Wekiva Parkway extension.

Upon completion, Kelly Park Crossings will include a 1.4 million-square foot regional open-air mall, a 400-bed hospital and medical office space, a 500-key hotel, a new campus for Valencia College, an office and industrial park and residential housing that will create a new community at the only interchange along a 14-mile stretch of the Orlando Beltway.

Chinese businessmen from Zhongshan City, Guandong Province, China, which boasts $34 billion in exports annually, are interested in investing $150 million in the Kelly Park Crossings project to build a four million-square foot Asian Merchandise Mart, published reports say.

“The proposed Merchandise Mart is one of the most exciting parts of this project,” says Palmer. “Wholesalers from around the world will come in for exhibits and conferences to sell their products, which would be a huge boon to the regional and state economy.”

Contact: Stacey Corso, Public Relations Manager, (925) 953-1716

Silicon Valley Apartment Complex Trades for $11.3 Million

LOS GATOS, CA– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of Lamar Apartments (top left photo), a 48-unit, 103,237-square foot garden-style apartment community in Los Gatos, a suburb of San Jose.

The sales price of $11,327,500 translates to $235,990 per unit and $269 per square foot.

 Michael Henshaw, a vice president investments, and Michael Mann, a multifamily property investment specialist, both in Marcus & Millichap’s Palo Alto office, represented the seller.

 

Henshaw, Mann and Ted Kokernak (middle right photo), a senior vice president investments, also in Palo Alto, represented the buyer, a local private investor.

“Lamar Apartments possesses great upside potential,” says Henshaw. “The tech industry’s projected robust growth this year is predicted to result in Silicon Valley leading California in job creation, enabling landlords to raise rents at the fastest rate in the nation.”

The property is located at 14930 Oak Road in Los Gatos near the intersection of State Route 85 and State Route 17. Los Gatos is bounded by San Jose to the north and east and is closely tied to Silicon Valley. San Francisco is approximately 60 miles away.

Lamar Apartments’ four main buildings have graphite composite shingle roofs. The first floors are concrete perimeter and the second floors are wood-framed. The unit mix features 40 814-square foot two-bedroom/one-bath units and eight approximately 1,200-square foot three-bedroom/two-bath units. The units feature walk-in closets and private patios.

The property has 48 covered parking spaces and 30 open spaces, a gated pool with recreation room and saunas, a remote surveillance security system and on-site Wi-Fi hot spot.

 Contact: Stacey Corso, Public Relations Manager, (925) 953-1716

Jones Lang LaSalle to Market Solyndra Facility in California’s Silicon Valley

 PALO ALTO, CA /PRNewswire/ -- Jones Lang LaSalle has been chosen by Solyndra LLC to sell the solar panel manufacturer's corporate headquarters and primary production facility located at 47488 Kato Road in Fremont, Calif.

The engagement has been approved by the Bankruptcy Court overseeing Solyndra's bankruptcy case.

The team in charge of marketing the building is led by Bart Lammersen, Greg Matter and Jason Ovadia.

The approximately 450,000-square-foot manufacturing facility, completed in 2010, is suited to a variety of cleantech and technology businesses, as well as global manufacturers and companies looking for a signature presence in California's Silicon Valley.

The 280,000-square-foot manufacturing space is rated as Class 100,000 Clean Room (ISO Clean 8) and the two-story office space, totaling approximately 30,000 square feet, was constructed to LEED Gold standards. 

The property sits on a 30-acre parcel, with prominent Interstate 880 frontage minutes from San Jose International Airport, Oakland International Airport and a short drive from the Port of Oakland and the San Francisco Peninsula.  The property includes plans for an additional 200,000-plus-square-foot expansion facility.

Additional information may be found at www.solyndrabuilding.com.

For more news, videos and research resources on Jones Lang LaSalle, please visit the firm's U.S. media center webpage. Bookmark it here: http://bit.ly/czyo1D

For further information, please visit our website, www.joneslanglasalle.com.

Contacts:

 Brooke Houghton, +1-312-228-2387, Brooke.houghton@am.jll.com;

Andrew Neilly, Andrew@gallen.com,

Tim Gallen, Tim@gallen.com, +1-925-930-9848

Web Site: http://www.joneslanglasalle.com

Marquis Residences Announces Sky Townhomes Now Available; Downtown Miami’s Most Luxurious Address Releases New-To-Market Townhomes

 Miami, FL –  Marquis Residences (top left photo) – the stunning, 67-story skyscraper condominium in Downtown Miami – is now offering 14 never-before-on-the-market luxury Sky Townhomes for sale, giving buyers yet another way to live the Marquis lifestyle.

“These Sky Townhomes now available at Marquis are a unique opportunity for buyers, as homes like these are not typically seen in high rise condos,” says Wendy Marks Pine (middle right photo) of Cervera Real Estate, the Sales Director at Marquis Residences.

“The supreme privacy, breathtaking views and impeccably styled interiors are the perfect combination for these homes to sell quickly,” she continues.

The glamorous two-bedroom, two-and-a-half bathroom, tri-level homes – located on the 14th floor overlooking Marquis’s sky pool deck and Asian-inspired gardens – feature private and direct access to the parking garage and will be furnished exclusively by the acclaimed design specialists at Artefacto.

Led by CEO Paulo Bacchi (lower left photo), Artefacto’s team will masterfully create the interiors of each of the 14 homes, fashioning a contemporary aesthetic that flatters the Arquitectonica designed building.

This marks an expansion of the successful partnership between the property and the Brazilian design firm, which has already created several model units at Marquis, each of which sold upon completion.

For more information, contact the sales office at 305-571-4000, visit www.Marquis-Miami.com or stop by the sales office at 1100 Biscayne Boulevard.

Contact:

Robin Diamond

Hundred Stories PR

Phone:  (305) 903 - 5444

Email: rdiamond@hundredstoriespr.com

Greystar Appoints Hutchinson to Spearhead Southeast Growth

Atlanta, GA – Greystar, the nation’s largest multifamily real estate management firm, has appointed Ray Hutchinson (top right photo) as Senior Managing Director of Real Estate.

Based in Greystar’s Atlanta office, he is now responsible for the firm’s property management operations throughout the Southeast, which includes Georgia, Alabama, Tennessee, the Carolinas and Kentucky.

 “We expect significant growth from our clients in both Florida and the Southeast, said Andrew Livingstone (lower left photo), Executive Managing Director for Greystar. “These expectations, coupled with our desire to maintain the high level of customer service they have come to expect, drove our decision to establish them as separate regions,” he added. “We look forward to Ray continuing to drive our growth and customer satisfaction in the Southeast.”

The Atlanta Business Chronicle’s 2011-2012 Book of Lists already ranks Greystar first in the Atlanta market. It also tops The National Multi-Housing Council’s 2011 list of Top 50 Apartment Managers. The team’s goal is to increase the number of apartment units under management in the Southeast to 60,000 – 25,000 in the Atlanta area alone – within five years.

 Hutchinson was previously a principal and co-founder of Allegiant Residential, a privately-held firm based in Birmingham. He also has almost two decades of REIT experience, serving in senior positions with both Colonial Properties and Summit Properties. Those past experiences have allowed Hutchinson to develop a strong circle of influence in the Southeast.

 “My 17 years with public REITs, which gave me operational, investment and development experience, have helped me establish strong relationships with owners, operators, brokers and land sellers across the Southeast,” Hutchinson said.

  For more information, visit www.Greystar.com.

Contact:

Terri Thornton

404-932-4347 

www.TerriThornton.com

Jones Lang LaSalle Orchestrates Building Sale; New Lease for Sealy Manufacturing in Phoenix, AZ

 PHOENIX, AZ – The Phoenix office of Jones Lang LaSalle has completed a building sale and relocation that consolidates four local manufacturing operations for Sealy Mattress Co. into one larger location, and keeps one of the world’s largest bedding brands in the Phoenix market.

Managing Directors Anthony J. Lydon (top right photo), SIOR, and Marc Hertzberg (middle left photo), SIOR, of Jones Lang LaSalle represented property buyer DCT Industrial Trust Inc. (NYSE: DCT) in its $1.8 million purchase of the former Sealy building, located at 48th Avenue and Van Buren Street.

Colorado-based DCT is a leading U.S. real estate company that specializes in high-quality bulk distribution and light industrial properties. DCT plans to lease the building and hold the property in its portfolio, which at the end of third quarter 2011 totalled 78.4 million square feet of space that it owned interests in, managed or had under development.

 Sealy will move to 125 S. 67th Ave. in Phoenix, where it has committed to a 10-year, 120,801-square-foot lease in the Five Star Distribution Center (lower right photo).

Lydon and Hertzberg represented the Center’s builder, Scottsdale, Ariz.-based Five Star Development, an integrated real estate development company specializing in management, development and investment around the globe.

Sealy was represented in both transactions by Dev Gupta, Vice President at UGL Services – Equis Operations in Phoenix, and Scott Goldman, Executive Vice President at UGL Services – Equis Operations in Chicago. The manufacturer will move to its new space in the Five Star Distribution Center by June 2012.

“Sealy’s challenge was compounded by a limited number of space solutions that matched the optimal building dimensions for its manufacturing process,” said Lydon.

The former Sealy facility totals 76,401 square feet of warehouse/distribution space at 4802 W. Van Buren St., just one mile south of I-10 in Phoenix. Lydon and Hertzberg have been named the exclusive leasing agents for the property and are now marketing the building, which totals 76,401 square feet (3,828 square feet of office; 2,088 square feet second-story office).

Five Star Distribution Center sits in a major transportation corridor, is in close proximity to I-10 and the Loop 101 freeway, and is adjacent to the Union Pacific Railroad. Sealy will fill approximately half of a 251,668-square-foot building in the Center.

The other half of the building is occupied by CVS. Other corporate neighbors include Swift Transportation, Holsum Bakery, Target Distribution and Alliance Beverage.

For more news, videos and research resources on Jones Lang LaSalle, please visit our U.S. media center Web page. www.joneslanglasalle.com.

About

Additional information on DCT Industrial Trust Inc. ® is available at www.dctindustrial.com.

Contact:

Stacey Hershauer

focusAZ

Marketing & Public Relations

(480) 600-0195

www.focusaz.com

Stan Johnson Co. Opens Atlanta Office

                              

 ATLANTA, GA  (Feb. 24, 2012) – Stan Johnson Company, one of the nation’s leading real estate brokerage and advisory firms specializing in net-lease investment sales, announced today the continuation of its national expansion plans with the opening of a new regional office in Atlanta, Georgia, located at 3340 Peachtree Road.

 In connection with the new office opening, Stan Johnson Company announced the hire of two top performing Atlanta real estate professionals— Britton Burdette (top right photo) and Andrew Ackerman (top left photo).

Burdette comes to Stan Johnson Company from Marcus & Millichap, where he specialized in Office and Industrial Sales. He was recognized as the number 11 agent nationally within the firm’s National Office & Industrial Properties Group in 2011 and was the overall top performing Office & Industrial Agent in the Atlanta office. In 2011, Burdette closed more than $36 million office and industrial investment sale transactions.

Prior to joining Stan Johnson Company,  Ackerman co-founded and served as president for Smith Attaway  Company, a commercial real estate development service company focused on real estate brokerage and development. He spent the previous five years as a broker with Marcus & Millichap where he focused on multi-tenant and single tenant retail.

The Atlanta office launch comes on the heels of the company’s record-breaking year in 2011.

“We’re excited about this next evolution in our expansion plans and the addition of these two, talented net lease professionals to the Stan Johnson Company team,” said Harold Briggs (lower right photo), Executive Managing Director.  “The Atlanta office allows us to better serve our existing client base in the Southeast region while opening up new opportunities for future growth.” 

The company has executed an aggressive expansion strategy beginning in 2008 with the opening of the Houston office. Since that time, Stan Johnson Company has opened offices in Chicago, Los Angeles, New York, and now Atlanta. 

 For more information regarding job opportunities with Stan Johnson Company, visit http://www.stanjohnsonco.com/careers/job_listings.aspx.

Contact:        

Dave Ebeling

Ebeling Communications

(9490) 278-7851

david@ebelingcomm.com                             

Faris Lee Investments Completes $7.85 Million Sale of Retail Property Occupied by Sports Authority to Overseas Asian Investor in Moreno Valley, CA

  

IRVINE, CA,  Feb. 24, 2012 – Faris Lee Investments, the nation’s largest retail-specialized investment advisory firm, has completed the $7.85 million sale of a 40,000 square foot retail property occupied by Sports Authority in Moreno Valley (Riverside County, Calif.)

Built in 2009 and situated on 3.35 acres, the property is located at 12450 Day Street within the area’s main retail corridor at the intersection of the 60 and 215 freeways.

Dennis Vaccaro (top right photo) and Donald MacLellan (middle left photo) of Faris Lee Investments represented the seller, Gateway Company, L.C. from Newport Beach, Calif. The all-cash buyer, Day Moreno Valley LLC, was an investor from China who was represented by a Michigan-based advisor.  Escrow on the property closed in just 28 days.

“The Moreno Valley retail market has been depressed and there were several big box store vacancies near the Sports Authority location, however, the market is in a slow recovery and the location is prime – within the area’s main retail corridor directly off two major freeways,” said Vaccaro.

The transaction was not without its challenges as the tenant has just eight years left on its lease and there were no rental increases remaining on the primary lease term.

“Our marketing strategy was to gain international exposure through our proprietary database of buyers and brokers,” said MacLellan. “Faris Lee generated eight offers and identified an international buyer who was willing to view this as a longer term investment.”

Sports Authority is located within the TownGate Crossing retail center and its freeway-adjacent location is known as the “Gateway” to northeast Riverside and western Riverside County.

It is also adjacent to the Moreno Valley Mall (middle right photo), a two-level 1.1 million square foot super-regional mall anchored by Macy’s, Sears, JC Penney, and Harkins 16-Screen Theatre.

Dubbed the Day Street retail corridor which totals approximately 3.5 million square feet, the shopping district services the University of California, Riverside, as well as the affluent communities of Canyon Crest, Wood Crest, Orange Crest, and Victoria.

“This property is another example of the demand for net-leased retail investments in well located, highly populated secondary and tertiary markets,” said Rick Chichester (lower left photo), chief operating officer with Faris Lee Investments.

“Faris Lee continues to see big box properties that have long-term leases being sought after by investors as well as big box properties like this one with a shorter lease, presenting a value-added play once the market recovers.

 For more information, please visit www.farislee.com.

Contact:              

Darcie Giacchetto, 949.278.6224

Spaulding Thompson & Associates

For Faris Lee Investments

                              

HFF named to market for sale Wells Fargo Center in Winston-Salem, NC

  

 CHICAGO, IL – HFF announced that it has been named to market for sale Wells Fargo Center (top left photo), a 549,065-square-foot, Class A office tower in Winston-Salem, North Carolina.

HFF is marketing the property on behalf of the seller, 601W Companies.  The property is listed without a formal asking price free and clear of debt.

Wells Fargo Center is a 29-story office tower that is 95.8 percent leased to tenants including Wells Fargo, Deutsche Bank Securities, Morgan Stanley Smith Barney, the Department of Veterans Affairs and Wake Forest University Health Sciences. 

Wells Fargo (S&P AA-) leases 60 percent of the property with 12.75 years of remaining lease term providing safety and security of income. Completed in 1995, the property also features an 1,015-space adjacent parking garage. 

Wells Fargo Center is located at 100 North Main Street in Winston-Salem’s central business district.

The HFF investment sales team representing the seller is led by senior managing directors Jaime Fink (top right photo), Jeff Bramson (middle left photo), and Jeff Hollinden.

“This Cesar Pelli-designed trophy office tower is a truly unique landmark on the Winston-Salem skyline, transcends the local market, and features an exceptional first class tenancy that is on par with the institutional quality of the property,” said Fink.

“The property’s long term credit tenancy embodies the essential characteristics of a highly secured investment grade bond, with the added benefit of residual value appreciation.  Wells Fargo Center provides an investor a steady, secure annually increasing income stream with 10.4 years of average lease term remaining and investment grade caliber tenancy,” added Bramson.

Contacts: 

         

JEFFREY M. BRAMSON                 JAIME M. FINK                                    

HFF Senior Managing Director        HFF Senior Managing Director       

(312) 528-3650                                  (312) 528-3650                                   

jbramson@hfflp.com                          jfink@hfflp.com                                  

                                           

KRISTEN M. MURPHY

HFF Associate Director, Marketing

(713) 852-3500

krmurphy@hfflp.com

HFF secures financing for 1201 Indiana near downtown Indianapolis

INDIANAPOLIS, IN – HFF announced that it has secured financing for 1201 Indiana Townhouses & Apartments (“1201 Indiana”) (top left photo), a 253-unit / 667-bed, Class A, student-oriented, urban apartment community near Indiana University-Purdue University Indianapolis (IUPUI)  (lower left photo)in Indianapolis, Indiana.

HFF worked on behalf of the borrower, a joint venture between Trinitas Ventures (“Trinitas”) and Harrison Street Real Estate Capital (“HSRE”), to arrange permanent financing to replace the borrower’s construction bank loan.

The financing was secured through M&T Realty Capital Corporation as a Fannie Mae execution.  1201 Indiana represents the third financing that HFF / M&T have secured for Trinitas and HSRE joint venture-owned projects.

Completed in 2011, 1201 Indiana serves the more than 30,000 students of IUPUI.  The property is a four-story, mid-rise building with one-, two-, three- and four-bedroom luxury furnished units averaging 1,160 square feet each. 

Community amenities include an oversized pool and sundeck, clubhouse, 24-hour fitness center, tanning beds, security, and shuttle service access to and from IUPUI.  1201 Indiana has an urban infill location in close proximity to IUPUI’s campus on the west side of downtown Indianapolis.  Access to campus is provided by a university bus stop at the property.

The HFF team representing the borrower was led by managing director Jon Everson (middle right photo).

Trinitas Ventures and Harrison Street Real Estate Capital are experienced owners and managers of student-oriented multi-housing communities throughout the United States. 

Contacts: 

         

JONATHAN P. EVERSON                             

HFF Managing Director                                     

 (317) 630-3191                                                  

jeverson@hfflp.com                                          

                                           

KRISTEN M. MURPHY

HFF Associate Director, Marketing

(713) 852-3500

krmurphy@hfflp.com

HFF arranges $22.2 million refinancing of Class A multi-housing community in Central Florida

MIAMI, FL – HFF announced that it has arranged a $22.2 million refinancing for Integra Landings (top left photo), a 270-unit, Class A multi-housing community in Orange City, Florida.

HFF worked exclusively on behalf of the borrower, Integra Landings, LLC, to secure the seven-year, fixed-rate loan through Freddie Mac.  The financing has a two-year, interest-only period, a rate in the low four percent range, and will be securitized through Freddie Mac’s CME Program. 

HFF will service the loan through its Freddie Mac Program Plus® Seller/Servicer program.

The property is located at 1112 Integra Landings Drive within close proximity to Interstate 4, which provides access to the Orlando central business district to the south.

 Development of the project was completed in 2008 by Integra Land Company.  Integra Landings has one-, two- and three-bedroom unit floor plans averaging  1,075 square feet each, and offers its residents secure gated access, a resort style pool with a lap lane, and a washer and dryer in every unit, among other amenities.

The HFF team representing the borrower was led by director Elliott Throne (middle right photo).

“Freddie Mac was not only able to offer a very aggressive 80 percent LTV deal with two years of interest only, but was also able to increase proceeds following the early locking of the rate,” said Throne.

“Integra Landings is the premier luxury complex in the area and offers an impressive collection of community and individual residence amenities,” added Throne.

Headquartered in Lake Mary, Florida, Integra specializes in identifying new sites for development as well as shaping bold and innovative designs into sound income producing resources.

Contacts: 

              

ELLIOTT P. THRONE                        KRISTEN M. MURPHY

HFF Director                                      HFF Associate Director, Marketing

(305) 421-6549                                  (713) 852-3500

ethrone@hfflp.com                             krmurphy@hfflp.com

Chatham Lodging Trust Announces Fourth Quarter Results

  

 PALM BEACH, FL—Chatham Lodging Trust (NYSE: CLDT), a hotel real estate investment trust (REIT) focused on investing in premium branded upscale extended-stay hotels and select-service hotels, announced results for the quarter ended December 31, 2011.

 In addition, the company outlined its strategic growth plan designed to increase FFO by approximately 50 percent in 2012.

“2011 was a banner year as we successfully executed our business plan of building a high quality hotel portfolio that generates strong operating results and provides meaningful cash dividends,” said Jeffrey H. Fisher (top right photo), Chatham’s chief executive officer and president.

 “In 2011, our hotel investments dramatically increased nearly 150 percent from $210 million to $510 million. 

 

“We assembled a great portfolio of hotels with 65 percent of our properties located in metropolitan New York City, Southern California and Washington D.C., all markets with high barriers to new competition.  Our hotels produced strong results, with adjusted FFO per share increasing approximately 68 percent from $0.53 in 2010 to $0.89 in 2011.

For a complete copy of the company’s news release and statistics, please contact:

Dennis Craven (Company)                 Jerry Daly or Carol McCune

Chief Financial Officer                         Daly Gray (Media)

(561) 227-1386                                    (703) 435-6293