Ramada Property to be Moldova’s First Internationally Branded Hotel

PARSIPPANY, N.J. (Sept. 2, 2009) – Ramada Worldwide, one of the world’s leading international hotel chain’s with nearly 900 locations around the globe, today announced that the 140-room Ramada Chisinau City Center (top left photo) property in the Republic of Moldova will be the country’s first internationally branded hotel.

Formerly the Hotel Codru, the seven-story, four-star hotel is owned by US-based Investment Development Group, a privately held investment firm specializing in commercial and residential real estate in Eastern Europe.

The property will undergo a multi-million dollar renovation before re-opening as a Ramada hotel in the third quarter of 2010.

“Eastern Europe represents a great opportunity for Wyndham Hotel Group as there is a growing need for quality, value-rich hotels that provide a consistent and familiar guest experience,” said Martin Armitstead, Wyndham Hotel Group senior vice president of development for the Europe, Middle East and Africa region.

“Branded properties like the Ramada Chisinau City Center hotel not only allow Wyndham Hotel Group to cater to those needs but further establish the company as the consumers’ global lodging provider of choice.”

CONTACT: Christine Da SilvaDirector. 973-753-6590, mailto:973-753-6590christine.dasilva@wyndhamworldwide.com

Plaza Advisors Announces Shopping Center Sale

TAMPA, FL--Plaza Advisors is pleased to announce the recent sale of the Plaza 66 shopping center (top left map) located in Kenneth City (Tampa Bay MSA), Florida.

This center totals 95,320 square feet (SF) of gross leasable area and features a 55,230 SF Sweetbay Supermarket, which completed a substantial store renovation in September 2006.

The property was 91% occupied at the time of sale and included several additional recognizable tenants such as Family Dollar, Cici’s Pizza, Rent a Center, Fantastic Sam’s, and Jackson Hewitt Tax Service.

Plaza Advisors represented the seller in the transaction and co-managing partners Jim Michalak and Anthony Blanco, together with Senior Financial Analyst, Lenard Williams were involved in the engagement.

The seller and buyer were Centro Properties Group and Plaza 66 LLC, respectively.

The sale of Plaza 66 is the sixth investment sale transaction for Plaza Advisors in 2009. Earlier this year, Plaza Advisors sold Plant City Crossing and Regency Village, Publix-anchored centers located in central Florida, The Village Shopping Center, a Publix and Bealls Outlet anchored center in Orange Park, Belleair Bazaar, a Bonefish Grill-anchored center in the Clearwater area, and Palafox Square, a WalMart Supercenter and Office Depot shadow anchored center located in Pensacola, FL

Contacts:

Jim Michalak, office 813-837-1300, fax 813-831-2627, Jim.michalak@plazadvisors.com

Anthony Blanco, office 305-629-3606, fax 305-647-6441,
Anthony.blanco@plazadvisors.com

Innkeepers USA Trust suspends Payment of Third Quarter 2009 Dividend

PALM BEACH, FL, Sept. 1, 2009 – Innkeepers USA Trust (OTC: INKPP) today announced that it has suspended payment of its 2009 third quarter dividend on its 8% Series C Cumulative Redeemable Preferred Shares.
Innkeepers’ board of trustees will continue to review future quarterly dividends on the 8% Series C Cumulative Redeemable Preferred Shares based on financial and economic conditions and other appropriate factors.

A description of the 8% Series C Cumulative Redeemable Preferred Shares, is available in the Amended and Restated Declaration of Trust of Innkeepers USA Trust and the Articles Supplementary to the Declaration of Trust. Certain information regarding the 8% Series C Cumulative Redeemable Preferred Shares may be found on the company’s website at http://www.innkeepersusa.com/.

Innkeepers USA Trust is a real estate investment trust (REIT) and a leading owner of upscale and extended-stay hotel properties throughout the United States. The company currently owns interests in 74 hotels with approximately 10,100 rooms in 20 states and the District of Columbia.

Contact: Dennis Craven, CFOInnkeepers USA Trust, (561) 227-1302

CB Richard Ellis Orlando Executes Lease With Woods Laser Tag and Cafe

ORLANDO, FL, Sept. 1, 2009 – The Orlando office of CB Richard Ellis (CBRE), the world's leading commercial real estate services provider, is pleased to announce Bobby Palta, Senior Associate in Retail Properties, has executed a lease representing the landlord, Village Marketplace Investors, at the Village Marketplace.

This center is anchored by Planet Fitness, Floors Direct, Pizza Hut and Twistee Treat; and is located at 10930 West Colonial Drive and Maguire Road in Ocoee, Florida.


The lease for the tenant, Woods Laser Tag, totaling 8,496 sq.-ft. on the eastern endcap is for a term of 10 years, and was completed with J.J. Jennings of Help-U-Sell Better Value Realty representing the tenant.

This is the tenant's second location – their first location is The Tree Laser Tag in Clermont, Florida. The facility is currently under construction with the opening scheduled for the end of September.



Contact: Angelique Greven, 407.839.3158, angelique.greven@cbre.com

Capital Crunch End Not in Sight for Possibly 2 Years, Says RECI Advisory Member

CHICAGO, IL, Sept. 1, 2009 -The Real Estate Capital Scoreboard (r) for September 2009 notes:

Declining property values prices reset investment yield boundaries for all types of income-producing properties. No asset classes are immune - ranging the entire spectrum from institutional-quality, credit net lease deals to distress hotel ventures.

With limited exceptions, new construction developments grind to a halt as investors rethink risk/reward because of ever-eroding market fundamentals.

The "Defi Refi," takes front stage among lenders with legacy loans, whereby debt terms are defensively renegotiated. All parties try to avoid foreclosures as long as the collateral is reasonably maintained at occupancy levels within the given submarket.

Defi Refi loan sizing is further outlined as follows:

* Other than senior housing in select markets, few properties see any rental growth; protecting existing cash flow remains a top priority in contrast to any increases.

* Pro forma projections are reviewed downward, as owners expect stable or declining rents/occupancies. For instance, multifamily properties with rental decreases of 3% or more are underwritten and trended downward vs. trailing operating history figures.

* Markets are strained with a special emphasis providing some form of debt relief in key markets (e.g., Florida, the Inland Empire, Phoenix, Austin, Las Vegas, Atlanta, the Upper Midwest).

* Voluntary conversion of debt to partial equity is offered as anadditional solution to eroding debt balances, increasing 2% or more on vacancy rates for apartments.

* Roll-in of the prepayment penalty deemed to be a cash-out - defined as an optional cost to "better" their financing - hard line by FNMA - small penalty (e.g., 2%) not a big issue if a couple of 2% on LTV but NOT 75% to 80% jump, for instance.

* Standard provisions include lengthening amortization schedules andloan term, offering interest-only payments, reducing (or removing) non-monetary default provisions such as debt service coverage and loan-to-value covenants and partial forgiveness of debt.

The Real Estate Capital Institute's Advisory Board Member, Harold "Skip"Perry, executive managing director, Real Globe Advisors LLC, Chicago (top right photo) laments, "The volume of foreclosures and restructuring leads me to believe the end is not in sight for at least one to perhaps two years."

Skip suggests, "Defensive investment tactics are the norm rather than the exception until more trades occur and properties are marked-to-market based on current conditions."

Contact:

Nat Zvislo, Research Director, The Real Estate Capital Institute, Chicago, IL. Toll Free 800-994-RECI (7324), director@reci.com

http://www.reci.com/

Le Meridien Brand Signs Le Meridien Saigon

SINGAPORE, Sept. 1, 2009– Le Méridien Hotels & Resorts continues its expansion momentum in Asia-Pacific, announcing the signing of its first hotel in Vietnam : Le Méridien Saigon. (top right photo).

Owned by Tien Phuoc & 990 Company Limited, Le Méridien Saigon will offer a European flair, and sophisticated, environment designed to appeal to the creative guest in Ho Chi Minh City’s bustling central business district.

"We are thrilled to announce the signing of Le Méridien Saigon as this marks the entry of Le Méridien brand into Vietnam and further strengthens the position of Starwood as one of the largest international upscale hotel chains in the Indochina and Thailand region,” said Miguel Ko, Chairman and President of Starwood Hotels & Resorts, Asia Pacific.

“Vietnam is amongst the fastest growing nations in Southeast Asia and in the world and has been experiencing strong leisure and business travel within and into the country. The growing demand presents us with tremendous opportunities to better serve the needs of travelers,” Ko added.


Contact: Hwee-Peng Yeo, Tel : +65 6335 4837; Cell : +65 9768 6087; +65 9248 0424
Fax : +65 6335 4820
http://www.starwoodhotels.com/;
http://www.starwoodpressclub.com/

Grubb & Ellis Company Adds Thomas Horvath to Investment Team in San Jose

SAN JOSE, CA – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, announced that Thomas Horvath (top right photo) has joined the company as vice president, Investment Group, specializing in property sales throughout the Silicon Valley.

“We are very glad that a professional of Tom’s caliber has joined our investment team,” said Dick Scott, managing director of Grubb & Ellis’ San Jose office. “His experience and knowledge will provide our clients with the insight necessary to meets their investment needs.”

With 30 years of commercial real estate experience, Horvath began his commercial real estate career in Cushman & Wakefield’s San Francisco office in 1980, where he worked for one year. He spent the next five years as a broker for Fuller Commercial Brokerage Company, which was later acquired by Colliers International, where he was a top producer in 1983 and 1984.

He served as vice president and resident manager of Charter Commercial Brokerage in San Francisco in 1985 and 1986, managing the company’s flagship leasing office.

Contact: Julia McCartney, 714.975.2230, julia.mccartney@grubb-ellis.com

Wood Hollow Apartments in Marietta, GA Offered at $21M

ATLANTA, GA, Aug. 31, 2009--Engler Financial Group, LLC is proud to present Wood Hollow (top right photo) , a 312 unit garden-style apartment community located off the west side of Powers Ferry Road, approximately one-quarter mile north of Windy Hill Road and one-quarter mile south of Terrell Mill Road, in Marietta, Cobb County, Georgia.

Wood Hollow is offered for sale for $21,000,000 and represents an excellent opportunity to purchase a well located class “B+" apartment community with significant “value-add renovation” potential.

Wood Hollow has undergone over $2.3 million in capital upgrades over the last five years.

In addition, further upside rent potential exists through continued renovation of the property's unit interiors.Wood Hollow is being offered debt free and represents an excellent investment opportunity with a projected cash-on-cash yield in the mid teens based on year 1 proforma.

Contacts:

Greg Engler, CEO/President, 678/992-2000, ext. 1, gengler@efgus.com
Pat Jones, Senior Vice President, 678/992-2000, ext. 2, pjones@efgus.com
Kris Mikkelsen, Senior Associate, 678/992-2000, ext. 4, kmikkelsen@efgus.com

Forest City Announces Loan Extension and Tenants for Ridge Hill

CLEVELAND, OH, Aug. 31 /PRNewswire-FirstCall/ -- Forest City Enterprises, Inc. (NYSE:FCEA)(NYSE:and)(NYSE:FCEB) today announced that Forest City Ratner Companies, its New York-based subsidiary, has reach an agreement with a 13-member bank group on a two-year extension and modification of the $557 million construction financing for the retail/mixed-use Ridge Hill project, (bottom left photo) currently under construction in Westchester County, New York

The financing, which originally matured in August 2010, will now have an initial maturity of August 2012, with two 12-month extensions available.

"We're extremely pleased to announce this important step for our great Ridge Hill project, which is gaining momentum and attracting strong interest from top-tier retailers," said Charles A. Ratner, (top right photo) Forest City Enterprises president and chief executive officer.

"I want to congratulate our New York team on this achievement.

"We deeply appreciate the commitment demonstrated by all of our lenders, and in particular, the Agent banks, Bank of America, N.A., KeyBank Real Estate Capital, and ING Real Estate Finance.

"Their support reflects the great location and extraordinary quality of this project, as well as the deep relationships we have built over the years.

"It also highlights our continuing ability as a company to proactively manage our debt maturities in the current economic and financial-market conditions," Ratner added.

Ridge Hill will be a distinctive, upscale destination for Westchester County, offering elegant shopping, entertainment and gracious dining.

Signed tenants include Whole Foods, L.L.Bean, Cinema De Lux, a multiplex cinema by National Amusements, The Cheesecake Factory and Sephora, along with other local and national retailers and restaurants. In May, Forest City announced that it had received a non-binding letter of intent from Saks Fifth Avenue to become a major tenant.

Phase I of the project has been increased to more than 1.3 million square feet of retail, entertainment and office space, from the original 1.2 million square feet, primarily to accommodate street-level retail that was originally associated with a residential tower planned for a later phase of development.

Phase II of the project is expected to include future residential and hotel development. Grand opening of the center is expected in 2011.

CONTACTS:

Robert O'Brien, Executive Vice President - Chief Financial Officer, +1-216-621-6060;

Jeff Linton, Vice President - Corporate Communication, +1-216-621-6060, both of Forest City

Web Site: http://www.forestcity.net/

Arbor Closes 2 Fannie Mae DUS® Loans in California and Texas

Vintage Wood Apartments in Fresno, CA Receives $2.5M Loan

UNIONDALE, NY (Aug. 31, 2009) - Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC, announced the recent funding of a $2,500,000 loan under the Fannie Mae DUS® Loan product line to refinance the 65-unit complex known as Vintage Wood Apartments (top right map) in Fresno, CA.

The 10-year loan amortizes on a 30-year schedule and carries a note rate of 5.94 percent.

The loan was originated by Jay Porterfield, Vice President, in Arbor’s full-service Plano, TX lending office. “Arbor was please to refinance Vintage Wood Apartments - a solid, well-managed property in Fresno, CA, said Porterfield. “We look forward to working again with this experienced borrower.”

Bridgestone Apartments in Friendswood, TX Gets $1.95M Loan

In Friendswood, TX, Arbor brokered a $1,950,000 loan under the Fannie Mae DUS® Small Loan product line for the 76-unit complex known as Bridgestone Apartments.

The 10-year loan amortizes on a 30-year schedule and carries a note rate of 6.42 percent.

The loan was originated by Matt Norman, Vice President, in Arbor’s full-service Dallas, TX lending office.

“Arbor utilized the Small Loan program to provide aid to this new client’s acquisition in the challenging Houston market,” said Norman. “Though there were obstacles, ultimately, the acquisition was completed within acceptable timeframes for both the buyer and seller.”

Contact: Ingrid Principe, P: 516.506.4298, F: 516.542.2555, http://www.arbor.com/
Follow us on Twitter @ arbor1

Supertel Hospitality Announces Management Changes

Company Names New CFO, New COO

NORFOLK, NE, Aug. 31, 2009 – Supertel Hospitality, Inc. (NASDAQ: SPPR), a real estate investment trust (REIT) which owns 117 hotels in 23 states, today announced the reorganization of its senior management team with the promotion of four executives to senior executive posts.

Among the promotions announced were two key appointments: Connie Scarpello was named chief financial officer and Steve Gilbert was appointed chief operating officer.

In addition, Paul Heybrock was promoted to vice-president, controller, and Pat Morland was promoted to assistant vice-president of human resources.

Concurrently, the company announced that Don Heimes will step down as chief financial officer, effective August 31. Heimes, 65, has served in that capacity since 2004.

“Don played a key leadership role during his five years at Supertel, which included what was arguably the most challenging operating environment in the history of our industry,” said Kelly A. Walters, Supertel’s president and chief executive officer.

Contacts:

Kelly Walters, 402.371.2520, kwalters@supertelinc.com

Jerry Daly, 703.435.6293, jerry@dalygray.com

Carol McCune, (703) 435-6293 ofc, (703) 435-6297 fax. carol@dalygray.com

Morris, Manning & Martin, LLP Announces New Managing Partner: Louise M. Wells

ATLANTA, GA, Aug. 31, 2009-- Morris, Manning & Martin, LLP, one of Atlanta’s leading law firms and an AmLaw 200 firm, is pleased to announce the election of its new Managing Partner, Louise M. Wells. Wells,(top right photo) who has been with the firm for over 30 years, will be the first female to hold the position since the firm was founded in 1976.

The firm’s succession plan is being implemented to ensure that the firm is positioned to capitalize on ever-evolving market conditions for the continued success of its clients and the firm.

As a critical component of the plan, the firm created an Executive Committee that will work closely with Wells.


The Executive Committee members include litigation partner John P. MacNaughton, (bottom left photo) corporate partner David M. Calhoun (bottom right photo) and real estate partner Thomas S. Gryboski (middle left photo).


“I am honored to accept this responsibility,” Wells offered. “As a result of the firm’s unique culture and entrepreneurial spirit, we have been responsive to the challenging market conditions.

"We have made smart strategic decisions that build upon the firm’s solid platform, better positioning us to succeed and drive forward in the coming months and years,” she added.


Robert E. Saudek, (top left photo) the firm’s current Managing Partner, is one of the firm’s original founding partners and has been Managing Partner for 16 years.

He has been instrumental in helping the firm achieve eight-fold revenue growth in the past two decades, enabling it to become one of Atlanta’s and the nation’s leading law firms.

He will remain in the managing partner position with the executive committee in place until the transition is completed Dec. 31. After that time, he will remain active with the firm.

“I have been honored to serve as Managing Partner for such a long time period and to help the firm grow from its original eight lawyers into a national AmLaw 200 law firm,” Saudek stated. “We are very excited about turning over the reins of the firm to the next generation. I believe that Louise will be an exceptionally capable and energetic leader. “


“Bob [Saudek] has been an excellent leader for this firm for nearly 20 years,” said founding partner John “Sonny” Morris.(middle right photo) “He led us during a period of unprecedented growth and success.

"Now, the next generation can successfully guide us through the next 20 years. With the combined leadership of Louise and our Executive Committee, and the commitment of every member of the firm, from top to bottom, we are positioned to truly excel.”


Media contact: Terri Thornton, Thornton Communications (404) 932-4347, terri@territhornton.com,

CB Richard Ellis Arranges $10.5M Sale of Tyrone Corners Shopping Center in St. Petersburg, FL

ST. PETERSBURG, FL– CB Richard Ellis, the world's leading commercial real estate services provider, is pleased to have arranged the sale of the Tyrone Corners Shopping Center (top left photo) located at 2500 66th Street North in St. Petersburg, Fla.

The property was acquired by a California-based private investment group, Makabe & Makabe, LLC, for $10,500,000, or $130 per sq. ft.

Richard Tarquinio, (bottom left photo) senior vice president, with the Investment Properties Group located in Boca Raton, Fla., Christina Monacelli, associate, with the Investment Properties Group located in Boca Raton, Fla. and Mark Shellabarger,(bottom right photo) senior vice president, with the Private Client Group in Tampa, Fla., exclusively represented the seller in the transaction.

Anchored by JoAnn Fabrics, HomeGoods, Panera Bread, AT&T Wireless, Keva Juice, and Chick-Fil-A, the 80,703-sq.-ft. shopping center is located directly across the street from Tyrone Square Mall in St. Petersburg, Fla.

"Tyrone Corners is a Class A retail center in the epicenter of the Tyrone shopping area. The buyer was attracted to Tyrone Corner's premier location and excellent mix of national tenants," said Tarquinio.

Contact: Rachel Andreozzi, 954.745.7464, rachel.andreozzi@cbre.com

CB Richard Ellis Group, Inc. Revises Amount of Loan Maturity and Amortization Extensions to $985M

LOS ANGELES, CA--(BUSINESS WIRE)--CB Richard Ellis Group Inc (NYSE:CBG) today announced that it has revised the amount of its credit agreement debt that has been modified to $985 million.

In a press release issued by the Company on August 25, 2009, the amount of its credit agreement debt subject to modification had been reported incorrectly as $994 million.
The incorrect total impacted certain other amounts cited in the August 25, 2009 press release.

The following are the correct figures:

the required debt amortization payments due in 2010 will be $182 million (rather than $180 million as reported);

the required debt amortization payments due in 2011 will be $238 million (rather than $234 million);

the outstanding term debt extended by 18 months to June 2013 is approximately $248 million (rather than $257 million).

CB Richard Ellis Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services firm (in terms of 2008 revenue).

The Company has approximately 30,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 300 offices (excluding affiliates) worldwide.

CB Richard Ellis offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting.

CB Richard Ellis has been named a BusinessWeek 50 “best in class” company and Fortune 100 fastest growing company two years in a row. Please visit our Web site at http://www.cbre.com/.

Contacts:

Robert Sulentic, Group President & Chief Financial Officer, 310-405-8905 or

Nick Kormeluk, Investor Relations, 949-809-4308 or

Steve Iaco, Corporate Communications, 212-984-6535

Grubb & Ellis Participates in 3 Leasing Deals in Virginia, Illinois and Michigan

Federal Agency Expands Lease to Occupy 258,248 SF in Falls Church, VA Building

WASHINGTON, D.C. (Aug. 27, 2009) – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, announced today that it represented Carr Properties in a lease expansion with the U.S. Government (General Services Administration) totaling more than 113,000 square feet of office space at the Suffolk Building in Falls Church, Va.

The U.S. Government now occupies the entire building, which totals 258,248 square feet.

Kurt Stout, senior vice president, Charles Dilks, vice president, and Keith Lavey, vice president, all of Grubb & Ellis’ Government Services Group, facilitated the transaction.

The seven-story office building, located at 5611 Columbia Pike in Falls Church, Va., was fully renovated in 2001-2002, with additional security upgrades made in 2005 and 2008.

Financial Management Systems Signs 2 Leases Totaling 51,800 SF in Metro Chicago

Grubb & Ellis represented Financial Management Systems in two leases totaling 51,800 square feet of office space, expanding the company’s presence in the Chicago-area market.

The first lease, which totals approximately 24,000 square feet at 1000 E. Woodfield Road in Schaumburg, Ill., is a renewal and expansion of the company’s headquarters location.

The second lease, comprising 27,000 square feet at 4021 Morsay Drive in Rockford, Ill., represents a new location for FMS and was secured to support the company’s escalating role as a federal contractor. FMS seeks to fill approximately 50 positions at the location immediately and will create as many as 300 additional employment opportunities by 2011.

Grubb & Ellis’ Craig Cassell, vice president, Office Group, facilitated the transactions on behalf of FMS.

General Motors Leases 166,144 SF in Southfield, MI

Grubb & Ellis represented Ashley Capital in the lease of 166,144 square feet at Brownstown Business Center to General Motors Corp.

Dan Labes, senior vice president, Global Logistics, and Jim McClowry, senior vice president, Industrial Group, facilitated the transaction.

According to General Motors, the company plans to open a $43 million lithium-ion battery assembly plant for the Chevy Volt extended-range electric vehicle in the industrial park, creating more than 600 employment opportunities.

Contact: Erin Mays, Phone: 312.698.6735. Email: erin.mays@grubb-ellis.com