IHR to Manage Jackson Shaw's Hampton Inn Tropicana

Second Contract Expands Interstate/Jackson-Shaw Relationship in Las Vegas

ARLINGTON, VA—Interstate Hotels & Resorts (NYSE: IHR), a leading hotel real estate investor and the nation’s largest independent operator of full- and select-service hotels, is now managing the 322-room and suite Hampton Inn Tropicana (top right photo) and adjacent Southwest Event Center (bottom right photo) in Las Vegas, Nev.

It is the largest Hampton Inn among the brand’s more than 1,600 hotels worldwide.

The property, which recently completed a major refurbishment of all guestrooms, public spaces, pool and cabanas, is owned by Jackson-Shaw, a national real estate developer.

“This is our second Las Vegas property with Jackson-Shaw, for whom we also manage the 548-room Renaissance Las Vegas,” said Thomas F. Hewitt, (top left photo) chief executive officer. “Despite the current economic slowdown, Las Vegas remains a major travel destination, attracting more than 36 million tourists annually.

The hotel’s adjoining event center adds an important dimension to the property, which has become a popular venue for business meetings, weddings and other local social events. We believe this contract demonstrates Jackson-Shaw’s confidence in our ability to deliver excellent results at major urban properties.”

“In such a challenging economic environment, Interstate, with its size advantages and depth of experience with the full range of hotel products and market segments, was a logical choice,” said Christopher Sheldon, (middle left photo) vice president of hotel operations at Jackson-Shaw.

“They’ve already produced excellent results for us this year at our full-service Renaissance Las Vegas, and we’re confident they can duplicate that success at the Hampton Inn Tropicana.”

Located at 4975 Dean Martin Drive, a short walk from the fabled Las Vegas Strip lined with colossal mega casinos, the hotel is two miles from McCarran International airport and close to the UNLV campus and Thomas & Mack Center, the Fashion Show Mall and the Sands Convention Center, and the Las Vegas Convention Center.

The Hampton Inn Tropicana and adjoining Southwest Event Center provide a total of 10,000 square feet of flexible meeting and event space. The hotel can accommodate groups of up to 180 and offers full catering services and state-of-the-art audio/visual. The event center can accommodate larger meetings of up to 300 people, and can be configured as one grand conference room, a split conference room, a reception foyer, and an outdoor patio.

“We have added more than 50 management contracts to our portfolio this year, and we will continue on our path towards helping owners optimize returns, particularly in this challenging economic climate,” said Leslie Ng, Interstate’s chief investment officer.

For more information about Interstate Hotels & Resorts, visit the company’s Web site: http://www.ihrco.com/.

Contacts:
Julie Tullbane, Daly Gray Public Relations, T 703-435-6293, F 703-435-6297,
julie@dalygray.com
Carrie McIntyre, SVP, Treasurer, (703) 387-3320

Silver-McCann Refinances Northlake Village Apartments in Indianapolis, IN

INDIANAPOLIS, IN/PRNewswire/ -- Silver-McCann Apartment Group, L.P. ("Silver-McCann") announced the refinancing of Northlake Village Apartments (top right photo) in Noblesville (Indianapolis), Indiana, which had been acquired using a bridge loan.

The 347-unit, garden-style community located in the Noblesville submarket of metropolitan Indianapolis was built in 1984 and purchased by Silver-McCann in October 2006.

The property was upgraded in 2007 and 2008 and was 94% occupied at the time of the refinancing. Proceeds from the Freddie Mac capped ARM mortgage originated by Primary Capital Advisors LC were used in part to pay off the original bridge loan.

"In this very difficult financial climate, we were able to close an attractive, long-term mortgage loan with Freddie Mac that both reduced our current debt service on Northlake Village and provided additional capital to Silver-McCann Apartment Group," said John McCann (middle left photo) of McCann Realty Partners.

"We are pleased with the way that we have repositioned Northlake Village and believe that the property has continued growth potential that we can realize over the next two years."

Silver Capital -- a division of Silver Companies -- and McCann Realty Partners closed their latest apartment investment fund, Silver-McCann Apartment Group II, L.P., after purchasing its fifth asset in July 2008.

The second fund closed with total acquisitions of $154 million made over the past 18 months. Since Silver-McCann made its first acquisition in 2005, its two funds have acquired almost 3,200 apartment homes.

Contact: Fleet Wallace, McCann Realty, (804) 290-8870 Bernadette Bruce, Silver Companies, (561) 981-5252

Wyndham Hotel Group Continues Expansion in China with 173-Room Hotel

PARSIPPANY, N.J. -– Ramada Worldwide, a member of the Wyndham Hotel Group family of lodging brands, continues to grow the Ramada® brand in China with the addition of the 173-room Ramada Changzhou upscale hotel in Changzhou, China.

The property, being developed by Changxing Group Co. Ltd, which signed a 20-year franchise agreement with Ramada Worldwide, is scheduled to open in December this year.

Wyndham Hotel Group is the largest U.S.-based hotel franchising company in China today, based on number of hotels, with over 140 properties open and under development under the Wyndham®, Ramada, Days Inn®, Howard Johnson® and Super 8® brand names.

“Wyndham Hotel Group continues to build a strong and diverse global portfolio by working with solid in-market players such as the Changxing Group,” said Tom Monahan, (top right photo) executive vice president of international development for Wyndham Hotel Group International. “The addition of the Ramada Changzhou hotel is indicative of the brand’s commitment to expanding in key markets.”

(Middle left photo, Downtown Changzhou at night)

The Ramada Changzhou hotel will feature a full service restaurant, bar, lobby lounge, fitness center, swimming pool, spa, business center and 325 square meters of meeting space.

Located near the 3000-year-old ancient city of Yancheng, the property is situated on the southern bank of the Yangtze River, just northwest of Shanghai. Changzhou is a part of the Jiangsu province and serves as a key center for China’s textile and food processing industries.

As of June 30, 2008, Wyndham Hotel Group, one of three principal components of Wyndham Worldwide Corporation (NYSE: WYN), encompassed nearly 7,000 hotels representing approximately 581,000 rooms in 65 countries on six continents under 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® brands.

All hotels are owned individually and operated independently or by Wyndham Hotel Management. Wyndham Hotel Group is based in Parsippany, N.J.

Additional information is available at http://www.wyndhamworldwide.com/.

(Bottom right photo, Tianning Temple with pagoda behind it, in Changzhou.)

CONTACT:

Christine Da Silva
Director, Media Relations
Wyndham Hotel Group
1 Sylvan Way
Parsippany, NJ 07054

+1 (973) 753-6590
Christine.DaSilva@WyndhamWorldwide.com

Cambridge Provides $6.5M FHA-Insured Loan to Refinance DeKalb, IL Nursing Home

CHICAGO, IL--Cambridge Realty Capital Companies has provided a $6.5 million FHA-insured first mortgage loan to refinance and fund a 5,075-square-foot addition at Pine Acres Care Center, (top right photo) a 119-bed skilled nursing home facility in DeKalb, Ill.

Cambridge Chairman Jeffrey A. Davis (bottom left photo) said the fully-amortized, 40-year HUD Section 232 healthcare loan was arranged for the company’s owner, an Illinois limited liability company, by Cambridge Realty Capital Ltd. of Illinois, the Cambridge business that underwrites HUD loans.

The interest rate was not disclosed.

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.

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

E-Mail: ew@cambridgecap.com

CB Richard Ellis Brokers $16.7M Sale of Magnolia Grove Apartments in Metro Orlando

ORLANDO, FL--CB Richard Ellis is pleased to announce the $16.7 million sale of Magnolia Grove, (top right photo) a 352-unit apartment complex in the Maitland/Fern Park area of Orlando.

Completed in 1972, this garden-style community consists of one- and two-bedroom units that average 619 SF. Shelton Granade (bottom left photo) of CBRE’s Orlando office represented the seller in the transaction.

CBRE’s Central Florida Multi-Housing Group has sold more than 1,900 units in greater Orlando for over $163 million in 2008 thus far. Luke Wickham (bottom right photo) is Granade's partner on CBRE's Central Florida Multi-Housing Group.

The assets sold range from “value add” opportunities built in the 1970s and ‘80s to class “A” projects built within the last ten years. CBRE has also sold several “fractured” deals – communities that converted and sold units as condominiums and reverted the remaining units back to rentals.

CBRE’s Central Florida Multi-Housing Group has closed more multi-housing properties locally over the last twelve months than any other company, and continues to be the market leader in Orlando.

For further information, please contact the Central Florida Multi-Housing Group of CB Richard Ellis.

CONTACTS:

Shelton Granade Luke Wickham
First Vice President Director of Operations
Central Florida Multi-Housing Group Central Florida Multi-Housing Group
T 407.839.3103 T 407.839.3130
F 407.404.5001 F 407.404.5001
shelton.granade@cbre.com

Luke Wickham,

Director of Operations,

Central Florida Multi-Housing Group Central Florida Multi-Housing Group
T 407.839.3103 T 407.839.3130
F 407.404.5001 F 407.404.5001
luke.wickham@cbre.com

Licensed Real Estate Broker
189 S. Orange Avenue
Suite 1900
Orlando, FL 32801

Benjamin West Opens Hong Kong Office, Expands International Operations

Asian Outsourcing, Bi-cultural Expert Bill Cheung to Manage New Office and Provide Expertise in Helping Brands, Designers and Master Franchisees Develop Hotels

BOULDER, CO—Officials of Benjamin West, one of the hotel industry’s largest purchasing firms for furniture, fixtures and equipment (FF&E) and operating services and equipment (OS&E), has opened an office in Hong Kong.

It is the third new office the company has opened outside the Continental United States in the past 24 months, bringing the total of Benjamin West offices to six.

The new office will be located at The Millennium City 1, 388 Kwun Tong Road, in Kwun Tong, Kowloon. Bill Cheung, (bottom left photo) a seasoned executive with broad procurement, supply chain management and Asian business experience, will head the new operation.

“This new office will give us true global reach and expertise,” said Alan Benjamin, (top right photo) Benjamin West president. “We now have offices on mainland U.S., the Middle East, Asia and Europe. Each brings special expertise and benefits to our clients.

Contacts: Jerry Daly, Chris Daly or Patrick Daly, Daly Gray Public Relations, (703) 435-6293

Crescent Resources Negotiates Lease of 11,577 SF at Primera in Lake Mary, FL

LAKE MARY, FL – Crescent Resources, which is developing Primera at I-4 and Lake Mary Blvd., (bottom left aerial) has negotiated a new lease agreement for 11,577 square feet of class A office at 1000 Primera Blvd.

Ida I. Wozniak, (top right photo) CCIM vice president of leasing for Crescent Resources, LLC in Florida, negotiated the lease agreement on behalf of the landlord and owner of the building, Lake Mary-based CFE Federal Credit Union.

The new tenant is Avatar International, a firm currently based in Sanford providing quality improvement services to the healthcare industry. Bill Miller of ReMAX Central Realty represented Avatar in the transaction.

About Crescent Resources LLC

Crescent Resources is a joint venture between Duke Energy and Morgan Stanley Real Estate Fund.

Crescent’s formation in 1969 to its position today as a real estate force in the Southeast and Southwest remains a dominant development and land management company comprised of dedicated people with uncompromising integrity.

More information about Crescent Resources is available on the Internet at www.crescent-resources.com

CONTACTS:
Ida I. Wozniak, CCIM, Vice President of Leasing-Florida, Crescent Resources, LLC, 407-804-1200, iiwozniak@crescent-resources.com;

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

Marcus and Millichap Sells 10-Unit Multi-Family Property in Gulfport, FL

GULFPORT, FL – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Clinton Arms, (bottom left photo) according to Steven M. Ekovich, First Vice President/Regional Manager of the firm’s Tampa office.

The asset commanded a sales price of $650,000. Francesco Carriera (top right photo) an investment specialist in Marcus & Millichap’s Tampa office represented the respective parties in this transaction.

Clinton Arms is a 10-unit multi-family property, built in 1972 and located at 3060 Clinton Street South in Gulfport, Florida.

“This transaction was a challenge to get to the closing table for a variety of reasons. The most significant of which was that the buying entity was a foreign national; in fact he was from Russia.

"The lender originally advised the buyer that they would offer him a 75 percent loan-to-value loan. However, after much turmoil in the capital markets the lender finally lowered the loan-to-value to 57 percent because of foreign borrower risk.

"The buyer agreed to provide the additional down payment because we were able to show him future fundamentals of real estate in Pinellas County and in fact, the United States was positive,” says Carriera.

Press Contact: Steven M. Ekovich, First Vice President/Regional Manager, Tampa
(813) 387-4700

Marcus and Millichap's Carrieros Team Brokers Sale of 24,490-SF Assisted Living Facility in Port Charlotte, FL

PORT CHARLOTTE, FL-– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of The Courtyards of Horizon, a 24,490 square foot assisted living facility located in Port Charlotte, Florida, according to Steven M. Ekovich, First Vice President/Regional Manager of the firm’s Tampa office.

The asset commanded a sales price of $2,900,000. Kenneth Carriero, Vice President Investments/Director National Seniors Housing Group and Damien Carriero, Investment Specialist (top right photo) had the exclusive listing to market the property on behalf of the seller, a Limited Liability Co. (LLC). The property was purchased by a local doctor.

The Courtyards of Horizon first opened in 1989 by its previous owner and was renovated in 2005 after Hurricane Charlie.

The property was then sold through Carriero in 2006 to the current seller.

The Courtyards of Horizon is licensed for 50 beds and consists of 42 units. The property is located at 26455 Rampart Boulevard.

Press Contact: Steven M. Ekovich, First Vice President/Regional Manager, Tampa,
(813) 387-4700

Goodman Adds New Tenants to Landstown Commons in Virginia Beach, VA

VIRGINIA BEACH, A. --- The Goodman Company’s upscale retail development Landstown Commons (top left photo) in Virginia Beach gets more tenants everyday.

Recently added to the final phase of the 509,192 square foot center at Princess Anne and Dam Neck Roads, according to Susan Ross, senior leasing manager, include: CitiFinancial with 1,600 square feet; Portrait Innovations, 2,827 square feet; Smoked from Above BBQ & Ribs, 2,000 square feet; Memory Lane Sports, 1,940 square feet and Carter’s, 4,000 square feet.

Ross said three additional retailers will open soon at Landstown Commons including Ulta, with 9,900 square feet; Walgreen’s, 14,500 square feet, and Zoots Dry Cleaner, 1,600 square feet.

Recently signed leases include The Sauce Shoppe, with 1,600 square feet, and Zen Hot Yoga with 2,400 square feet.

Retailers at Landstown Commons include Kohl's, Bed, Bath & Beyond, Best Buy, Office Max, Ross Dress for Less, PetSmart, A.C. Moore, Books A Million, Shoe Carnival, Lane Bryant, Justice, Deb Shops, Starbucks and many more.

For more information, contact:

Susan Ross, Senior Leasing Manager, The Goodman Company 561-833-3777;

Robert Saffran, Senior VP of Leasing, The Goodman Company, 561-833-3777;

John Dowd, Senior VP of Development, The Goodman Company, 561-833-3777

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

Goodman Plans Grand Opening Oct. 30 for Shops at Wiregrass in Pasco County, FL

WESLEY CHAPEL, FL -- The first phase of the 3.5-mile State Road 56 extension road which serves as an entrance to Wiregrass Ranch (bottom left photo) in Pasco County, will open in time for conjunction with the Oct. 30 gala grand opening planned at the Shops at Wiregrass, (top right photo) the 750,000-square foot retail center developed by the Goodman Company of West Palm Beach and Forest City Enterprises of Cleveland.

John W. Dowd III, senior vice president of development at The Goodman Company said his firm and Forest City Enterprises, along with Wesley Chapel Lakes and Wiregrass Ranch helped pay for the first phase.
Dowd praised the cooperation of The Florida Dept. of Transportation and Pasco County for making the planned development opening such a success. “Without their help, none of this would have been possible,” he said.

Anchor tenants in the Shops at Wiregrass include J.C. Penney, Dillards, and Macy's and approximately 90 percent of the space in the Shops at Wiregrass has been leased, Dowd added.

A formal VIP reception is scheduled for 8:30 a.m. on Oct. 30 and a formal ribbon-cutting ceremony with local elected officials and business leaders will be held at 10 a.m.

The 5,022 acre Wiregrass Ranch planned, mixed-use development is located at the northeast corner of S.R. 56 and Bruce B. Downs Blvd. (C.R. 581). S.R. 56, which links Wiregrass Ranch to I-75 two miles to the west, opened in December, 2001. Ultimately Wiregrass Ranch will accommodate 16,000 homes with more than two million square feet of commercial space.

For more information, contact:

John Dowd, Senior VP of Development, The Goodman Company, 561-833-3777
Larry Vershel or Beth Payan, Larry Vershel Communications, 407-644-4142

Colonial Grand at Hunter's Creek, Orlando, Sold for $57.7M

ORLANDO, FL--The Orlando office of CB Richard Ellis is pleased to announce the sale of Colonial Grand at Hunter's Creek, (top right photo) a 496-unit multi-family community in the desirable Hunter's Creek area of Orlando.

Completed in 1997, the property is across from the Hunter's Creek Golf Course, and has nearly 3,000 feet of frontage on John Young Parkway.

Shelton Granade (middle left photo) and Luke Wickham (bottom right photo) represented the seller in the transaction.

CBRE's Central Florida Multi-Housing Group has sold more than 1,600 units in greater Orlando for over $180 million in 2008 thus far.

The assets sold range from "value add" opportunities built in the 1970's and 1980's, to class "A" projects built within the last 10 years. CBRE has also sold several "fractured" deals – communities that converted and sold units as condominiums and reverted the remaining units back to rentals.


CBRE's Central Florida Multi-Housing Group has closed more multi-housing properties locally over the last twelve months than any other company, and continues to be the market leader in Orlando.

For more information on CB Richard Ellis Central Florida Multi-Housing Group visit Shelton Granade at www.cbre.com/shelton.grande or

Luke Wickham at www.cbre.com/luke.wickham

Stepan Babani Wins Leed Accreditation

ORANGE CIT, FL – Stepan Babanin, a sales associate for Coldwell Banker Commercial AI Group in Orange City, has been awarded LEED accreditation from the Green Building Certification Institute.

Babanin, who also serves as sustainability program coordinator for Coldwell Banker, is the first person in the Coldwell Banker Commercial network and one of few real estate professionals with the designation, according to John Wanamaker, co-owner of Coldwell Banker.

LEED (Leadership in Energy and Environmental Design) is a nationally accepted benchmark for the design and construction of green buildings.

As a LEED Accredited Professional (LEED AP), Babanin has a thorough understanding of building green and the LEED Green Building Rating System. He also has the knowledge and skills to lead the certification process for LEED buildings.

A native of Ekaterinburg, Russia, Babanin immigrated to the United States in 2005 and received his Florida real estate license in March.

For more information about this release, please contact:

Chuck Rudis, John Wanamaker or Stepan Babanin, Coldwell Banker Commercial AI Group, 386-775-8633,
chuck@cbcaigroup.com,
john@cbciagroup.com or stepan@cbciagroup.com
Charlene Hager-Van Dyke, Larry Vershel Communications, 386-837-8780, 407-644-4142 or chagervandyke@yahoo.com

CBRE Selected to Market Sale of 220,664-SF Distribution Portfolio 100% Leased to FedEx Ground

TAMPA, FL -– CB Richard Ellis, Inc. (CBRE) has been selected as exclusive marketing advisor for the sale of two Class "A" regional FedEx Ground distribution centers located in Bradenton (top right photo) and West Palm Beach, (bottom left photo) which were built to suit the specifications of FedEx Ground, an operating company and wholly owned subsidiary of FedEx Corporation (NYSE: FDX).

The CBRE Investment Properties Group team of Dale Peterson, Senior Vice President and Paul W. Carr, Associate, out of the Tampa office is collaborating with Senior Vice Presidents Jeff Kelly and Robert Smith in the West Palm Beach office to represent the owner in the disposition of the 220,664-square-foot portfolio. The properties are being marketed for purchase individually or as portfolio.

"With the challenges we face in today's capital markets environment, investors have the ability to be very selective in choosing where to place their equity, which is resulting in a flight to quality," says Paul Carr, "This is an excellent investment opportunity for investors seeking a long-term high quality, low risk net leased investment."

Both buildings have long-term net leases in place, guaranteed by FedEx Ground. Located in Bradenton (123,367 sq. ft.) and in West Palm Beach (97,297 sq. ft.), the facilities have expansion potential for over 48,500 and 21,000 square feet, respectively.

The Bradenton location is still under construction, to be delivered in January 2009, and the West Palm location was recently completed in 2007.

Contact:
Lauren Crawford, Communications Specialist, 813 273 8482

Blumberg Capital Partners Completes Two-Year Real Estate Disposition Strategy

Commercial Real Estate Sales Raise Cash for Future Investment

TAMPA, FL /PRNewswire/ -- Blumberg Capital Partners, a Coral Gables, Fla.-based investment fund has completed a two-year strategy to dispose of its major commercial real estate holdings nationally, raising cash to capitalize on strategic investment opportunities, amid a tightened credit environment and lower asset prices.

The most recent transaction was completed last month, with the $9.3 million sale of its smallest holding, a 76,397-square-foot office building in Tampa, Fla.

Chief investment strategist Philip Blumberg, (top right photo) Chairman and CEO of Blumberg Capital Partners, said the cash raised from the dispositions will allow his Funds to explore investment opportunities in office building investment, media and entertainment, distressed debt, and European REITs.

"The sale of our Tampa office building encapsulates a strategy we've undertaken since 2006, in anticipation of a weakening economy," said Blumberg.

"We originally bought the property for $3.3 million, and it provided great cash flow and growth. We more than achieved our expected return, even though we believe there is more upside."

The Tampa sale follows closely a transaction completed earlier this year when Blumberg Capital Partners sold its 400,000 square-foot Houston office tower (Three Riverway) in above photo.

Contact:

Sean Healy, 201-218-2039. sean.healy@fleishman.com

Ludovic Roche, 305-569-9500, lroche@blumbergcapitalpartners.com