Prime Retail Announces New Ground-Up Project North of Atlanta

Site to Offer Nearly Half-Million Square Feet of Retail Space

BALTIMORE, MD, PRNewswire/ -- Prime Retail, a leading outlet shopping center developer, announces the development of a 450,000 square foot outlet center in Holly Springs, Ga., set to open in 2010.

Prime Outlets -- Holly Springs will be located approximately 30 miles north of Atlanta in Cherokee County on Interstate 575 and will serve the metro Atlanta region.

An estimated $120 million project, Prime Outlets -- Holly Springs will house approximately 120 stores. The project is expected to bring approximately 2,000 jobs to the area. (Photo at left shows Prime Outlets San Marcos, TX)

"The Atlanta market ranked off the charts when measured against the criteria we use to determine the potential success of an outlet project," explained Robert Brvenik, (top right photo) president of Prime Retail.

According to the U.S. Census Bureau, the Metro Atlanta region led the nation in population growth between 2000 and 2006, with more than 150,000 people moving to the region each year.

"The need is there for a new, well-tenanted, outlet shopping destination that will provide access to a compelling mix of top designer and brand-name stores that offer shoppers dramatic savings off regular retail prices," Brvenik adds.

Prime Retail's new project joins recent ground-up development announcements for the company, including the 485,000 square foot Prime Outlets -- Grand Prairie, set to serve the Dallas-Fort Worth region, and Prime Outlets -- Livermore, the 485,000 square foot project in the San Francisco Bay area.

(Photo at right shows Prime Outlets St. Augustine, FL)

Headquartered in Baltimore, Md., Prime Retail is the parent company of Prime Outlets and one of the largest and most successful owners of retail centers in the U.S.

Spanning more than eight million square feet throughout major United States markets and Puerto Rico, Prime Retail recently added top designer and brand name stores including Giorgio Armani General Store, Gucci, Michael Kors, Polo Ralph Lauren Factory Store, Salvatore Ferragamo Company Store, Zegna Outlet and many more to its portfolio.

The company owns and operates 21 Prime Outlets in markets including Orlando, San Marcos, Texas, Williamsburg, Va., and Grove City, Pa. Adding nearly two million square feet over the next several years, Prime Retail is positioned to become the leading retail outlet company in the industry.

(Bottom left photo shows Prime Outlets Hagerstown, MD)

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

CONTACTS:

Gretchen Ramsey, +1-609-397-4242, ext. 117, Cell,+1-215-337-1899, gramsey@oxfordcommunications.com, or

Sue Helondovitch,+1-609-397-4242, ext. 176, Cell, +1-908-930-6509, shelondovitch@oxfordcommunications.com,

both of Oxford Communications. Web site: http://www.primeretail.com/

AIG Guaranteed Investment Contract-Backed Issues Cut To 'AA-'; On CreditWatch Negative

NEW YORK May 20, 2008--Standard & Poor's Ratings Services lowered its ratings on 24 American International Group Inc. guaranteed investment contract-backed issues listed below to 'AA-' from 'AA'.

At the same time, Standard & Poor's placed its ratings on CreditWatch with negative implications. These actions follow Standard & Poor's May 8, 2008, downgrade of AIG to 'AA-' from 'AA' and placement on CreditWatch with negative implications.


(For a detailed copy of S&P's news release, please contact Christopher Mortell in New York at 1 212 438 3446.)

Grubb & Ellis|Commercial Florida Negotiates Office Lease in Westshore, Tampa, FL

TAMPA, FL – Grubb & EllisCommercial Florida has negotiated a 3,399-square foot office space lease in Tampa’s Westshore submarket.

Richard Andretta, (top right photo) SIOR and Rob Turner, (photo at left) in the company’s Tampa Office Group negotiated the lease of 3,399-square feet at Concourse Center, located at 3505 E. Frontage Road in Tampa, FL.

The team represented the tenant, Strategic Outsourcing, Inc., a Charlotte, NC-based firm. Colonial Properties is the landlord.

The deal was co-brokered with CM Realty Inc. out of San Francisco, CA. (Westshore Boulevard map is at bottom right).

For more information, contact:

Richard Andretta, SIOR, Grubb & EllisCommercial Florida 813-830-7883, randretta@commercialfl.com;

Rob Turner, Grubb & EllisCommercial Florida 813-830-7882, rturner@commercialfl.com

Larry Lietzman, Grubb & EllisCommercial Florida, 813-639-1111

HFF Closes Sale of Three-Property Class A Multifamily Portfolio Within Legacy Town Center in Plano, TX

DALLAS, TX – The Dallas office of HFF (Holliday Fenoglio Fowler, L.P.) has closed the sale of a three-property, 1,043-unit Class A multifamily portfolio within Legacy Town Center in Plano, Texas.

The properties include Legacy Village, Lakeside at Legacy Village and Acqua. (above photo)

HFF managing directors Bill Miller (top right photo) and Roberto Casas (middle left photo) led the investment sales team exclusively on behalf of the seller, GE Asset Management (GEAM) and Columbus Realty Partners, Ltd. UDR, Inc. purchased the portfolio for an undisclosed amount on an all cash basis in the first quarter of 2008.

“The Legacy Portfolio represents the very best in-class multifamily product available in the Dallas Metroplex and is located in one the most successful mixed-use developments in Texas,” said Miller.

“The quality of the assets, strength of the location in north Plano, and proximity to the area’s substantial office and retail market fueled investor interest in the offering,” Casas added.

The portfolio is located east of the Dallas North Tollway within Legacy Town Center, a mixed-use development with high-end retail shops, restaurants, a five-screen theater, a full-service Marriott Hotel and Class A office space.

Completed between 2003 and 2007, the properties are 95 percent occupied overall and feature amenities such as jogging trails, swimming pools, 24-hour fitness centers, a clubhouse, game room and business center.

Columbus Realty Partners, Ltd. is a Dallas-based developer of luxury Class A multifamily properties.
GEAM is the executive real estate advisor to the General Electric Pension Trust, and is a wholly-owned subsidiary of the General Electric Company.

GEAM is a global asset manager with $190 billion in assets under management, $7 billion of which is invested equity in real estate assets (as of 12/31/07). GEAM and it predecessor organization have been managing investments for GE’s U.S. employee pension and benefits plans for 80 years.

In 1988, GEAM began offering investment management products and services to investors outside GE, and today counts corporate and public plan sponsors, foundations, endowments, healthcare organizations, Taft-Hartley plans, insurance companies and individual investors around the world as clients.

Investment offerings cover all major asset classes, including U.S. and international equities, fixed income and alternative assets. GE Investment Distributors, Inc., Member FINRA & SIPC, is a wholly owned subsidiary of GE Asset Management Incorporated.

UDR (NYSE:UDR), an S&P 400 company, is a leading multifamily real estate investment trust (REIT) with a demonstrated performance history of delivering superior and dependable returns by successfully managing, buying, selling, developing and redeveloping attractive real estate properties in targeted U.S. markets.

HFF (NYSE: HF) operates out of 18 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry.

HFF offers clients a fully integrated national capital markets platform including debt placement, investment sales, structured finance, private equity, note sales and note sale advisory services and commercial loan servicing.

CONTACTS:

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

Roberto E. Casas, HFF Managing Director, 214 265 0880, rcasas@hfflp.com

William D. Miller, HFF Managing Director, 214 265 0880, wmiller@hfflp.com

Hispanic Hotel Owners Association Announces Phoenix Hotel Investment Seminar

WASHINGTON, D.C.—The Hispanic Hotel Owners Association (HHOA), a rapidly growing non-profit organization that seeks to increase Latino ownership of hotels, will hold part one of a three-session series of International Hotel Investment Seminars May 28-29 at the Wyndham Phoenix (above photo) in Arizona.

The HHOA-developed seminars were created to inform high-net worth Hispanic investors about available hotel ownership opportunities.

“This first part of our on-going series continues to draw attendance in numbers that surpass our expectations,” said Angela Gonzalez-Rowe, (top right photo) founder and president of the Hispanic Hotel Owners Association.

“While the Hispanic community often provides the backbone for a hotel’s behind-the-scenes operations, there has been a dearth of ownership opportunities. As more and more Latinos move into higher income brackets, that is rapidly changing. Our goal is to provide this financially capable group with information about the benefits of hotel ownership and investment.”

“With some experts suggesting that we are on the brink of a recession, it is becoming increasingly important for savvy investors to become knowledgeable about their investment options in all economic climates,” said Omar Rodriguez, (photo at right) chairman of the Hispanic Hotel Owners Association. “The hospitality markets continue to provide strong investment opportunities, and we wish to communicate this to the Latino community.”

The Phoenix Hotel Investment Seminar will focus on the basics of hotel investment, beginning with an overview of the hotel industry. Topics range from hotel segments and brands to investment strategies; from market, product and site selection to financing the deal.

An overview of the industry will be given by John Keeling, Sr.,(photo at bottom right) vice president of PKF Consulting, specialists in the hospitality industry.

Other speakers include Bill Hall of Wyndham Worldwide, Patrick Feltes (middle right photo) of GE Capital Solutions, Carlos Rodriguez (bottom left photo) of Driftwood Hospitality, Harry Garewal, (middle left photo above Carlos Rodriguez) president & CEO of the Arizona Hispanic Chamber of Commerce, and Juan Carlos Contalba (top left photo) of Benchmark Hospitality.

Corporate sponsors include Hilton Hotels Corporation, Marriott International, Wyndham Worldwide Corporation, La Quinta, Accor North America, Choice Hotels International, Hotel & Motel Management Magazine and American Airlines.

HHOA will continue the seminar series in Los Angeles on July 1 and 2. The organization will hold its inaugural Hispanic Hotel Investment Conference in October 2008 in Miami, Fla.

Headquartered in Washington, D.C., HHOA is a non-profit organization whose mission is to increase the number of Hispanic-owned, -developed and -operated hotels, further the participation of Hispanic-owned suppliers serving the hotel industry and increase executive level employment opportunities for Hispanics within the lodging industry.

The industry’s leading brands, including Hilton Hotels Corporation, Marriott International, Choice Hotels International, Wyndham Worldwide Corporation and Global Hyatt Corporation have joined the organization and have become major corporate sponsors.

HHOA membership is open to hotel owners, developers, investors, financiers, real estate executives, investment bankers, professional advisors, analysts, franchisors, management company executives, industry product and service providers, hotel general managers, hotel sales and marketing managers, government agencies for tourism and development, hospitality schools, hospitality students or anyone seeking to do business within the Hispanic market.

Additional information about HHOA is available at the association’s Web site, http://www.hhoa.org/. To learn more about the Hotel Investment Series, contact Angela Gonzalez-Rowe at 202-587-5707, or http://www.hhoa.org/.

CONTACTS:

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

Hampton(r) Hotels Open 11 New Properties in April

Hampton Inn & Suites product counts for nearly all monthly hotel openings

MEMPHIS, TN—Hampton (www.hampton.com), the national brand of more than 1,500 mid-priced Hampton Inn® and Hampton Inn & Suites® hotels, opened 11 properties in April 2008, representing 1,135 new rooms.

(Top left photo shows lobby of Hampton Inn & Suites, Manchester, CT)

The new openings include one Hampton Inn hotel, eight Hampton Inn & Suites properties and two Hampton Inn & Suites by Hilton properties. All openings are franchised, newly constructed hotels.

(Middle right photo shows Hampton Inn & Suites Berkshires/Lenox, MA.)

“As our development pace continues to set record levels this year, we are thrilled with the demand for construction of our Hampton Inn & Suites product,” said Phil Cordell, senior vice president, Hampton Hotels.

“With the opening of 10 Hampton Inn & Suites hotels this month, it is clear that our suites product will continue to be a major player in the mid-scale hotel market.

(Hampton Inn & Suites Hotels, Toledo/Perrysburg, OH at middle right photo)

“We also are happy to announce that two Hampton Inn and Suites hotels have opened in Alberta, Canada this month, bringing our total hotel count in the country to 23, with four hotels currently under construction and scheduled to open by year-end 2009.”

(Middle left photo above shows Hampton Inn & Suites by Hilton, Edmonton/West, Alberta, Canada.)

For consumers who would like to take their hotel room experience home with them, Hampton has a program available online at www.hamptonhomecollection.com, where many of Hampton Hotels’ guestroom amenities are available for purchase.

(Photo at right below shows Hampton Inn Hotel, Norco, CA.)

CONTACTS:

Julie Tullbane, Daly Gray Public Relations, T 703-435-6293, F 703-435-6297
julie@dalygray.com

Tori Roberson/Charmaine Easie-Samuels

Hampton Brand Communications, (901) 374-5534

Chris Daly, Daly Gray Public Relations, (703) 435-6293

HFF Secures $5.2M Refinancing for Chappell Oaks Apartments in Belton, TX

HOUSTON, TX – The Houston office of HFF (Holliday Fenoglio Fowler, L.P.) has secured a $5.2 million refinancing for Chappell Oaks Apartments,(above photo) a 120-unit, Class A multifamily community in Belton, Texas.

HFF director Cortney Cole (top right photo) worked exclusively on behalf of the borrower, Chappell Hill Equity IV, Ltd. in arranging the 10-year, 5.75% fixed-rate loan through Wachovia Multifamily Capital, Inc. FNMA. Proceeds from the loan were used to retire the existing debt that was maturing.

Chappell Oaks Apartments is located on 12.8 acres at 200 Lake Road in northwest Belton (approximately mid-way between Dallas and Houston) close to the junction of Interstate Highway 35 and US Highway 190, as well as the Fort Hood Military Reservation, University of Mary, Hardin at Baylor and Texas A&M University College of Medicine.

(Middle left photo shows President George W. Bush greeting soliders at Fort Hood, Killeen, TX)

Completed in 1998, the property is 98% leased and features one-, two- and three-bedroom units averaging 1,076 square feet each. Community amenities include a controlled access gate and swimming pool with hot tub as well as detached and attached parking garages.

CONTACTS:

Laurie Fish McDowell, HFF Associate Director, Marketing, 617 738 0990, lmcdowell@hfflp.com

Cortney R. Cole, HFF Director, 713 852 3500, ccole@hfflp.com

Arbor Teams Up with RealShare to Present Custom Conference in Dallas

How to Navigate the Capital Markets Storm with Agency Lending

UNIONDALE, NY--Arbor Commercial Mortgage LLC has partnered with the RealShare Conference Series to present an exclusive, complimentary breakfast roundtable discussion, How to Navigate the Capital Markets Storm with Agency Lending on June 10 at The Westin Galleria Dallas from 7:30 AM – 11 AM.

FHA and Fannie Mae can represent a lifeline to multifamily owners, investors and developers in the throes of today's credit crunch and liquidity crisis. The conference will focus on the emerging commercial real estate trends in the Dallas-Fort Worth area and how you can capitalize on them in this challenging economy.

The event will kick off with an overall economic forecast and evaluation by nationally acclaimed Chief Economist Dr. Sam Chandan (top right photo) of Reis, Inc., as well as a Dallas-Fort Worth market update by Brian O’Boyle, (middle left photo) the well-known Founder and Managing Broker of Apartment Realty Advisors’ Dallas office.

The esteemed panel will consist of Bud Malone, founder and former president of Malone Mortgage, Mike Brandenberger, (lower right photo) Owner and Operator of D4 Development Services and Wendy Stamnas, FHA Chief Underwriter for Arbor, who will discuss how different kinds of financing structures and solutions might be the key to many deals staying above water during this unprecedented capital markets and financing lockdown.

Registration for the free event is at http://www.arbor.com/fhaconference.aspx.

CONTACTS:

Lynne Viccaro at events@arbor.com or

call 1-800-ARBOR-10.

Ingrid Principe
Marketing Specialist
Arbor Commercial Mortgage, LLC

333 Earle Ovington Boulevard, Suite 900 Uniondale, NY 11553

PH 516-506-4298
FX 516-542-2555

iprincipe@arbor.com
http://www.arbor.com/

Starwood Hotels & Resorts Aggregate $600M Of Senior Notes Rated BBB-

NEW YORK -- Standard & Poor's Ratings Services has assigned its 'BBB-' rating to Starwood Hotels & Resorts Worldwide Inc.'s proposed $400 million senior notes due 2018 and to the $200 million add-on to its senior notes due 2013.

(Starwood property Four Points by Sheraton Hangzhou, China, at top left)

The proceeds will be used to reduce outstanding borrowings under Starwood's revolving credit facilities.All other ratings for the company, including the 'BBB-' corporate credit rating, were affirmed. The rating outlook is stable.

"The rating on White Plains, N.Y.-based Starwood reflects the company's large, high-quality, and geographically diversified hotel portfolio with many well-established brand names," said Standard & Poor's credit analyst Emile Courtney.

We expect that Starwood will pursue an operating strategy and financial policy of balancing share repurchases, dividends, and growth investments to maintain an investment-grade financial profile over the lodging cycle.

(Starwood property St. Regis Resorts & Residences, Bal Harbour, FL, at middle left photo)

These positive credit factors are partly tempered by aggressive share repurchase activity over the last few years, the sensitivity of lodging demand to economic cycles, and the company's exposure to the performance of its largest owned hotels.

We continue to expect the lodging environment inside and outside the U.S. to remain supportive of improvements in operating performance in Starwood's lodging business in 2008.

In April 2008, Starwood generally affirmed its 2008 guidance for profitability measures, including EBITDA, and raised its comparable worldwide operated hotel revenue per available room (RevPAR) guidance for 2008 to 8%-10% from 4%-7%, almost entirely reflecting a weaker U.S. dollar in international markets with no change in the underlying local currency RevPAR growth expectation for 2008.

The company's exposure to owned and leased hotels remains a key rating factor. (Starwood property Sheraton Grande Tokyo Bay Hotel at middle right photo)

Even though these properties comprise only 10% of its total room base, they generated about 35% of EBITDA in 2007. Starwood remains a large owner of 74 upper-upscale and luxury hotels that are branded Sheraton (25), Westin (14), "W" (9), The Luxury Collection (9), St. Regis (4), Four Points (4), and nine others. In addition, we expect the company to continue to have 100% of its rooms concentrated in the upscale and luxury hotel segments.

Media contact: Mimi Barker, New York, (1) 212-438-5054 Analyst Contact: Emile Courtney, CFA, New York, (1) 212-438-7824

RP Realty Partners Awards CB Richard Ellis Exclusive Listing for The Plaza

ORLANDO, FL - RP Realty Partners, LLC a privately held, fully integrated real estate investment and operating company headquartered in Beverly Hills, California, is fast becoming a lynchpin in the continued renaissance of downtown Orlando, announced they have awarded CB Richard Ellis the exclusive listing agreement for The Plaza (top right photo).

CB Richard Ellis is a worldwide leader in commercial real estate services. Bobby Palta, Senior Associate, (photo at left) Wood Belcher,(photo at left below Palta) First Vice President (both with the Retail Properties Group), and Nan McCormick, (photo at right) Senior Vice President (Office Properties Group) are currently exclusively representing over 102,000 square feet of retail, restaurant and entertainment space on the first and second floors of The Plaza in Downtown Orlando.

The property is located at the Northeast Corner of Orange Avenue and Church Street in the heart of Orlando's Central Business District.

"The Plaza property is Downtown Orlando's premier retail venue. With the progress that has been made thus far by developers partnering with the City of Orlando, downtown Orlando has made tremendous strides towards becoming a 24/7 city.

"The lease up of the remaining retail space in The Plaza development will be key in making progress towards that goal. Targeted users include a theater, entertainment venues, destination restaurants & bar/lounges as well as retail and services for the ground floor retail," said Belcher and Palta.

Over $800 million dollars in new projects including a new Arena for the Orlando Magic scheduled to open for the 2010 basketball season and new state of the art four theater Performing Arts Center are all slated for downtown Orlando just blocks from The Plaza.

In addition, construction of new access ramps to both the Interstate 4 and the 408 East West Expressway Interchange will also increase connectivity in and around Downtown Orlando which much of the off ramp traffic eventually flowing right by the Plaza via Church Street.

The Plaza is uniquely positioned in the 100% location to capture the daytime and nighttime energy within Downtown Orlando.

With more than 7.1 million square feet of office space at a 9.4% vacancy rate (Florida's lowest) and 137,041 employees working within two miles, The Plaza is positioned well for Downtown's workforce.

The half-dozen gentrifying neighborhoods in and around Downtown provide a young, active population base to generate success for retailers and restaurants in The Plaza - more than 286,000 people within five miles.

RP Realty Partners invests in middle-market transactions ranging form $10-100 million and provide debt & equity capital for real estate properties throughout the United States. They are fast becoming one of the key owners in the Orlando MSA, with their interest in The Plaza, Altamonte Town Center, Baldwin Park and several other retail centers.

CONTACTS:

Bobby Palta, 407 839 3124, bobby.palta@cbre.com

Jessica Wilhoite, 407 839 3158, jessica.wilhoite@cbre.com