Engler Financial Presents Prime Properties in Florida and South Carolina

ATLANTA, GA--Engler Financial Group, LLC is proud to present Alexan Back Beach, (top left photo)  an upscale 360-unit apartment community located in Panama City Beach, Bay County, Florida.

Built in 2007, Alexan Back Beach offers market-leading community amenities and an outstanding location near Simon's new Pier Park regional mall, major employers, and pristine Gulf of Mexico beaches.


Alexan Back Beach is being offered for sale on an unpriced basis and represents an excellent opportunity to purchase a Class “A+” apartment community in one of the Florida Panhandle's fastest growing markets.

The operations at the property continue to excel. Alexan Back Beach is currently 99.4% leased and 93.3% occupied. Concessions continue to decline since stabilizing.


Financial Update on Alta Brookwood in Greenville, SC


Alta Brookwood’s March financials and an analysis of the ten (10) most recent leases are now available online for review. March collections grew 2.8% over the previous month and 6.6% over the trailing six month average.

Concession reduction continues as a result of the property’s improving occupancy.


The property is currently 97% occupied and effective rents on the last ten leases are up more than 9% over current in place figures.

If you would like to schedule a tour of the property, please contact Kris Mikkelsen at your earliest convenience at (678) 992-2000, extension 4 or kmikkelsen@efgus.com.

Contact:
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

NAI Realvest negotiates renewal lease agreement for 144,000 SF of Industrial space in Sanford, FL

ORLANDO – NAI Realvest recently negotiated a renewal agreement on the lease of 144,000 square feet at 2000 E. Lake Mary Blvd. in Sanford.

Michael Heidrich, (top right photo)  a principal at NAI Realvest, brokered the transaction representing the landlord, Columbus, Ohio-based Lake Mary Industrial Partners LLC.

The tenant, Florida Extruders International Inc., a building products distributor and manufacturer of aluminum products such as screen doors and windows, renewed the lease for its Florida headquarters.

NAI Realvest is the exclusive leasing and management representative of the 242,000 square foot industrial center.

For more information, contact:
Michael Heidrich, Principal, NAI Realvest, 407-875-9989 mheidrich@realvest.com;
 Patrick Mahoney, President, NAI Realvest 407-875-9989 pmahoney@realvest.com;
Beth Payan or Larry Vershel Communications, 407-644-4142 Lvershelco@aol.com;

Crossman & Co. Welcomes Seven New Tenants at Orlando Fashion Square

ORLANDO, Fla. – Crossman & Company, one of the largest third-party retail leasing and management firms in the Southeast, which represents Orlando Fashion Square,(top left photo)  announced seven new tenants at the mall totaling more than 10,000 square feet of retail space.

The new tenants are American Wedding Star, Altar Photography and Video, Samy’s Kidswear, Ink Spot, Pete’s Karate and in Fashion Square’s Food Court, new tenants are Tropical Rotisserie Grill, featuring Latin inspired food, and Big Idea which will offer generous portions of food items.

Orlando Fashion Square is centrally located in the heart of Orlando on Colonial Drive (SR 50) and Maguire Rd.

Contacts:
John Crossman, CCIM, President, Crossman & Company, 407-581-6218, jcrossman@crossmanco.com;
Molly Delahunty, Crossman & Company, 407-581-6220 mdelahunty@crossmanco.com;
Larry Vershel or Beth Payan, Larry Vershel Communications, 407-644-4142, lvershelco@aol.com

Melrose-Sovereign Co. Awarded Contract to Manage Abbey Glenn Community in Dade City, FL

ORLANDO, FL - Melrose Sovereign Companies, LLC was recently awarded a contract to manage the home owners association at Abbey Glenn, a community of 113 single-family homes located in Dade City.

Jack Hanson,  co-founder and principal at Melrose-Sovereign Companies, said Maronda Homes is currently building in Abbey Glenn.

Maronda Homes is a leading Central Florida homebuilder and has built over 20,000 homes throughout Florida, Pennsylvania, Ohio, Kentucky and Georgia.

Melrose-Sovereign Companies is one of Florida’s largest and most active community association management companies, specializing in single-family and multi-family communities. Based in Orlando, Melrose-Sovereign Companies now has eight offices throughout the state.

For more information,  contact:
Jack B. Hanson, LCAM, Partner/Co-founder, Melrose-Sovereign Companies, 407-228-4181, jhanson@melrose-sovereign.com;
Ellen G. Lumpkin, LCAM, Partner/Co-founder, Melrose-Sovereign Companies, 407-228-4181, elumpkin@melrose-sovereign.com;
Larry Vershel or Beth Payan, Larry Vershel Communications, 407-644-4142, Lvershelco@aol.com

Grubb & Ellis Represents Saddle Creek Corp. in 432,308-SF Warehouse/Distribution Lease in Ontario, CA

ONTARIO, CA – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, announced that members of its Global Logistics practice group represented Saddle Creek Corporation in a 432,308-square-foot warehouse/distribution lease at 5431 E. Philadelphia St.

The Lakeland, Fla., third party logistics company signed a five-year lease, and immediately took occupancy.

Ron Washle, SIOR, senior vice president, and Mark Kegans, SIOR, senior vice president, in conjunction with Ladson Montgomery, senior vice president of G&E Phoenix Realty Group, the company’s Jacksonville, Fla., affiliate, represented Saddle Creek in the transaction. The property’s landlord, ProLogis, represented itself.

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

Leading wireless technology developer moves headquarters from Rolling Meadows to Elgin, IL

ROSEMONT, IL – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, represented Memorylink in the lease of 9,314 square feet of office space located at 590 Tollgate Road in Elgin.

Craig Cassell, senior vice president, and Max Chopovsky, senior associate, both of the company’s Tenant Advisory Group, facilitated the six-year lease for the location, which serves as the company’s headquarters and lab/office space.

“Memorylink wanted to move out of its existing space immediately, upgrade its image and consolidate separate operations under one roof,” said Chopovsky. “This new location fit the client’s timing, space and economic needs.”

Tom Freeburg, COO of Memorylink, added, “Max and Craig were able to find a space that is nearly ideal for our needs, while at the same time negotiating a generous tenant improvement allowance from the landlord, all for an amount that made it profitable to walk away from our previous facility well before the end of our lease there. We’re grateful for their tremendous efforts.”

Memorylink is a leading developer of wireless broadband products such as wireless voice, video, and data technologies. The company took occupancy of the space on December 1, 2009.

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

700 New Condos Sell In Downtown Miami in 1st Quarter

Miami Developer Loses New 324-Unit Condo Complex To Lender

MIAMI, FL--A Miami developer who was unable to sell a single unit in the new 324-unit Terrazas Riverpark Village condominium (top right photo)  complex west of Greater Downtown Miami has lost the two-tower project to the lender, iStar Financial, according to a new report from CondoVultures.com.

The Terrazas Riverpark's original developer, Windmoor Project LLC with Miguel Angel Barbagallo  (middle left photo) as principal, signed a "special warranty deed in lieu of foreclosure" that was recorded on April 13 in Miami-Dade County. The eight-page deed-in-lieu document was originally signed on Sept. 18, 2009 by Barbagallo, but not recorded until this week, according to government records.

Before recording the deed-in-lieu document, the lender established an entity - 1861 NW South River Drive - Miami LLC - to take title to the Terrazas Riverpark project that stands on nearly 2.2 acres north of the site of the new Florida Marlins ballpark.

The value of the deed-in-lieu transaction was recorded at $45 million, or nearly $139,000 per residential unit. The original construction loan for $84.5 million, or nearly $261,000 per unit, was made in March 2006, according to the report based on government records.

"Chances are the write down that the lender has taken on the Terrazas Riverpark will not be deep enough to lure a bulk buyer and/or individual buyers for this product at this time," said Peter Zalewski, a principal with the Bal Harbour, Fla.-based real estate consultancy Condo Vultures® LLC.

 "After all, a local developer of the new San Lorenzo condo tower nearby just held an auction on April 10 where the average bid on 65 units worked out to $121 per square foot for a property that the lender is owed $216 per square foot.

"We do not envision a much different scenario for the Terrazas Riverpark at this time given the financing difficulties of today's market."

Condo Vultures® is scheduled to release its first quarter of 2010 new condo closing report for Miami on Monday, April 19, in its free weekly Market Intelligence Report™.

The report's latest findings will be discussed in detail at the upcoming Condo Vultures® panel discussion entitled the "Future of Condo Development in South Florida" scheduled for Tuesday, April 20, at the Miami Marriott Biscayne Bay Hotel on North Bayshore Drive.

A couple of weeks before the recording of the deed-in-lieu, the Terrazas Riverpark's developer filed on March 29 the necessary paperwork - a 295-page declaration of condominium - to formally establish the project as a Florida condominium.

The Terrazas Riverpark is comprised of a 20-story and 27-story tower with more than 200,000 square feet of saleable residential space plus four commercial condominiums. The project consists of 157 one-bedroom units, 145 two-bedroom units, and 22 three bedrooms located on Northwest South River Drive, just north of Florida State Road 836, or the Dolphin Expressway, according to a CondoVultures.com analysis of the condominium documents.

Construction on the project began in April 2006, stalling several times during the last four years. A fourth notice of commencement to finally finish up the project was filed on Jan. 28, 2010, according to government records.

The Terrazas Riverpark site was originally purchased in November 2002 for $4 million. At the time of the purchase, a four-story health care facility with 67,229 square feet of space stood on the site before being demolished in July 2005.

Windmoor Project's original construction loan for $84.5 million was provided on March 10, 2006 by Fremont Investment & Loan, which was one of the top four condo construction lenders in South Florida during the boom years. In summer 2007, Fremont sold its commercial real estate loan portfolio - which included the Terrazas Riverpark - to iStar Financial.

More than 40 bulk deals for more than 3,600 new condo units with more than four million square feet of saleable space have closed at an average price of $241 per square foot in the tricounty South Florida area since July 2008, according to the Condo Vultures® Bulk Deals Database™.

About one-third of the bulk deals have transacted in Greater Downtown Miami where developer constructed nearly 23,000 new units between 2003 and 2010, according to the Condo Vultures® Official Condo Buyers Guide To Miami™.

First-Quarter Condo Sales Pace  in Downtown Miami Tops 2009 Activity

MIAMI, FL--Buyers purchased more than 700 new condo units in Greater Downtown Miami in the first quarter of this year, pushing the overall closed sales ratio for the epicenter of Florida's condo crash to more than 70 percent, according to a new Condo Vultures® White Paper™.

A year ago, buyers purchased units at half that pace, acquiring only 370 new condos between January and March of 2009.

At that time, only 59 percent of the more than 22,200 new condo units constructed in Greater Downtown Miami since 2003 had been sold, according to the report based on the Condo Vultures® Official Condo Buyers Guide To Miami™.

The strong buying activity in a market with virtually no financing means that 35 projects out of a total of 82 are now completely sold out. An additional 24 projects have successfully sold at least half of their respective units for sale. Only six projects have not sold a single unit, according to CondoVultures.com.

"The condo sales in Greater Downtown Miami are a function of price," said Peter Zalewski (b ottom right photo) , a principal with the Bal Harbour, Fla.-based real estate consultancy Condo Vultures® LLC.

"A year ago, developers and lenders were still asking $300 per square foot for a new condo. The asking prices dipped shortly after that to the $200 per square foot range, triggering a buying frenzy that reduced the overall inventory by 11 percent.

"As the inventory of new condo product dips below 6,600 units, some developers are attempting to boost prices back up to the $300 per square foot range. Time will tell if the new pricing sticks."

Contact: Peter Zalewski of Condo Vultures®  at 800-750-0517 or by email at peter@condovultures.com.

Franklin Street Real Estate Services Closes Cinnamon Cove Apartments Sale

TAMPA, FL-- Franklin Street Real Estate Services is pleased to announce the sale of another multifamily property. Cinnamon Cove apartments, 314 units, built in 1967 located at 12401 N. 15th Street, Tampa, FL 33612, in Northeast Tampa.

Robert Goldfinger  (top left photo) , Darron Kattan (top right photo) and  Kevin Kelleher (bottom left  photo)  of Franklin Street Real Estate Services represented both parties in the transaction.

The Seller was Grace Properties No. 26, LTD, owned by Central Florida Investments based in Orlando.

The buyer was St. Thomas Properties, LLC., a private entity based in Tampa.

The seller had owned the property for over 20ears and it has income and rental restrictions in place as the property was operated under IRS Section 42 tax credit guidelines and an accompanying Land Use Restriction Agreement. The property closed for $3,400,000, which translates to $10,828/unit and $19.86/foot.

The property was operating with minimal cash flows due to significant capital needs, 8 down units that will likely not be recovered, inefficient operations and the general negative pressures on rents & collections in the economy, particularly in the lower income neighborhoods.

“This was a grueling sale,” said Goldfinger. “The seller was, in the end, a distressed seller that needed to dispose of this property to solve other problems.

"They struggled with the falling prices of the market over the last 18 months and were not able to catch up till today. The Buyer is a local, “hands on” operator.

"We were able to introduce the buyer to a local bank where they established an overall banking relationship and got a conventional first mortgage. The deal was never contingent on financing and the buyer did expedited inspections and put money at risk early in the process to give the seller comfort to choose them as a buyer.

"While the pricing may look depressed, it is a challenging property in a variety of ways and needed to offer the buyer quality upside for the risk factors involved.

Franklin Street Real Estate Services is a Franklin Street Financial Partners company providing a complete scope of commercial real estate services to an extensive array of clientele.

For more information, please visit our website at http://www.franklinstreetfinancial.com/  or contact our office at (813) 839-7300. Franklin Street Financial Partners – Financial Strength from Partners you can trust.

Contact: Tania Monte, New Direct Line 813-658-3366, Transaction Coordinator, Franklin Street Real Estate Services, 5420 Bay Center Drive, Suite 100 ▪ Tampa, FL 33609, Office: 813.839.7300 ext. 326 ▪ Fax: 813.839.7330, Email: TMonte@franklinstreetfinancial.com

Easton & Associates Brokers Commercial Leases Totaling More Than 200,000 SF in First Quarter

DORAL, FL--Easton & Associates, the commercial real estate brokerage division of The Easton Group, leased 202, 447 square feet of commercial space during the first quarter of 2010. A majority of transactions involved industrial space in Miami-Dade County. Below are some of the larger individual transactions from the quarter.

· Advo, Inc. leased 100,000 square feet of industrial space from Cap East Associates located at 5900 N.W. 163 Street (Bldg. H) in Miami Lakes. Easton & Associates Vice President Michael C. Rice (top right photo)  represented the landlord.

· Withers Transport & Storage of Coral Gables, Inc. leased 24, 225 square feet at 3900 NW 112th Avenue in Miami. Easton & Associates Vice President James Armstrong represented the tenant. The landlord is American Crane & Tractor Parts Inc.

· Airframe International leased 23, 000 square feet from Easton-Levi at 7820 NW 74th Street in Miami. Thomas Kimen (middle left photo) of Easton & Associates represented both parties in the transaction.

· Noven Pharmeceuticals, Inc. leased 17, 575 square feet of office space at Deerwood Business Park in Miami. James Armstrong represented the landlord Deerwood Business Park.

· Paxiom USA, Inc. leased 14, 475 square feet at 4760 28th Street in Miami, from 4760 Realty, LLC. James Armstrong and Michael Waite from Easton & Associates represented Paxiom.

Contact: Todd Templin, Executive Vice President, Boardroom Communications, (954) 370-8999, (954) 370-8892 Fax, ttemplin@boardroompr.com

Cousins Properties Declares Second Quarter Common and Preferred Stock Dividends

ATLANTA, GA-- Cousins Properties Incorporated (NYSE: CUZ) announced that its Board of Directors has declared a quarterly dividend of $0.09 per share, payable June 18, 2010, to common stockholders of record as of May 3, 2010.

 The dividend will be payable in a combination of cash and shares of the Company’s common stock with the cash component of the dividend not to exceed 33.34% of the aggregate dividend amount.

Pursuant to IRS Revenue Procedure 2010-12, shareholders may elect to receive payment of the dividend all in cash or all in common shares. Shareholders who do not make an election will be deemed to have elected to receive their dividend in cash.

To the extent that cash elections are received with respect to more than 33.34% of the aggregate dividend amount, the cash portion will be prorated among shareholders electing to receive cash. Common shares included in the dividend will be valued at the average of the closing prices of Cousins common stock on the New York Stock Exchange on June 7, 8 and 9, 2010.

The Company expects the dividend to be fully taxable to its shareholders and reserves the right to pay the dividend entirely in cash.

An information letter will be mailed to shareholders of record promptly after May 11, 2010. The properly completed election form to receive cash or common shares must be received by the Company’s transfer agent prior to 5:00 p.m. (EST) on June 4, 2010. If your shares are held through a bank, broker or nominee, and you have questions regarding the dividend, please contact such bank, broker or nominee. Registered stockholders with questions regarding the dividend may call the Company’s transfer agent, American Stock Transfer & Trust Company, at (800) 937-5449.

The Board of Directors declared a regular quarterly cash dividend on its Series A Cumulative Redeemable Preferred Stock. The dividend of $0.484375 per share, or $1.9375 on an annualized basis, is payable May 17, 2010, to Series A preferred stockholders of record on May 3, 2010.

The Board of Directors has also declared a regular quarterly cash dividend on its Series B Cumulative Redeemable Preferred Stock. The dividend of $0.46875 per share, or $1.875 on an annualized basis, is payable May 17, 2010, to Series B preferred stockholders of record on May 3, 2010.

Contacts

Cousins Properties Incorporated, Cameron Golden, 404-407-1984, Director of Investor Relations/Corporate Communications
CameronGolden@cousinsproperties.com, http://www.cousinsproperties.com/

National Retail Properties Inc. Declares Common Dividend

ORLANDO, FL- ‐ The Board of Directors of National Retail Properties,Inc. (NYSE: NNN), a real estate investment trust, declared a quarterly dividend of 37.5 cents per share payable May 14, 2010 to common shareholders of record on April 30,
2010. The dividend represents an annualized rate of $1.50 per share.

National Retail Properties has paid increased annual dividends per share for 20 consecutive years. It is one of only 156 publicly traded companies in America that have increased annual dividends paid to shareholders for 20 or more consecutive years.

For information contact: Kevin B. Habicht, Chief Financial Officer, (407) 265‐7348

Palmer Electric wins contract for office building in DeLand, FL

WINTER PARK, FL— The commercial and low voltage divisions of Palmer Electric Company secured a contract with Freese Construction Company Inc. for the electrical work on a new medical office building located on Victoria Commons Boulevard in Victoria Medical Park (top left photo) , Deland, Fla.

 Under the terms of its $175,000 contract, Palmer Electric is providing site and building wiring along with fire alarm systems for the one-story, 24,000-square-foot health center. Completion is scheduled for August 2010.

Owned by Adventist Health Systems, the building will be physician occupied. Lillibridge Healthcare’s development office in Plano, Texas, is providing architectural design and development services for the medical office building. Electrical engineering is provided by the Fort Lauderdale, Fla., office of Meinhardt Consulting Engineering. The Orlando office of Freese Construction Company Inc. is the general contractor.

Contact: Elaine Ingra, 407 384-1344, elainei@pr-works.com

Foster Conant selected for project in China

ORLANDO, FL— Orlando, Fla.-based Foster Conant & Associates was selected by a California entertainment group to provide site planning and landscape architectural design services for a city master planning effort in Fushun, China.

 Known as Shenfu New Town, the live work and play community in its entirety includes high-rise office and residential buildings, a cultural center, government facilities, an entertainment district, hotel and a 20,000-seat arena. Foster Conant is engaged to design a section of the city named Discovery Lake District, a 10-block-by-10-block site with a central lake as its focal point.

The Orlando, Fla., office of AECOM (NYSE:ACM), a global leader in technical and management support, has been engaged by Foster Conant to assist with some of the planning tasks associated with the project.

According to Foster Conant Principal Richard R. Conant, (top right photo) FASLA, construction on Discovery Lake District will begin sometime later this year.

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

Arbor Closes $12 M in Fannie Mae Loans in Texas, California, Minnesota and Montana

Regency Apartments  in  Paris, TX Receives $2.3M

UNIONDALE, NY-- Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC, announced the recent funding of a $2,300,000 loan under the Fannie Mae DUS® Small Loan product line for the 100-unit complex known as Regency Apartments in Paris, TX.

The 10-year loan amortizes on a 30-year schedule and carries a note rate of 6.12 percent.

The loan was originated by Jay Porterfield, (top right photo)  Vice President, in Arbor’s full-service Plano, TX lending office. “Arbor provided acquisition financing for the purchase of this property in Paris, TX,” Porterfield said. “While the property is in a smaller market, it has a solid history of stabilized operations.”

Villa Sienna Apartments in Fresno, CA Gets $4.95M

UNIONDALE, NY - Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC, announced the recent funding of a $4,953,700 loan under the Fannie Mae DUS® Loan product line for the complex known as Villa Siena Apartments (lower left photo) in Fresno, CA.

The 10-year loan amortizes on a 30-year schedule and carries a note rate of 6.00 percent.

The loan was originated by Jay Porterfield, Vice President, in Arbor’s full-service Plano, TX lending office. “Arbor refinanced this recently stabilized property in Fresno, CA with a very experienced, local borrower,” Porterfield said. “The collateral is Class A, front-of-the-brochure quality property.”

Bench Apartments in Billings, MT Receives $2.6 M

Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC, announced the recent funding of a $2,608,465 loan under the Fannie Mae DUS® Small Loan product line for the property known as Bench Apartments in Billings, MT.

The 10-year loan amortizes on a 30-year schedule and carries a note rate of 5.93 percent.

The loan was originated by Jay Porterfield, Vice President, in Arbor’s full-service Plano, TX lending office. “Arbor refinanced this new, recently stabilized property in Billings, MT with a repeat borrower,” Porterfield said. “We look forward to continuing to grow our financial partnership with this client.”


Centennial Plaza in  Blaine, MN Gets $2.1M

UNIONDALE, NY) - Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC, announced the recent funding of a $2,100,000 loan under the Fannie Mae DUS® Small Loan product line for the 48-unit complex known as Centennial Plaza in Blaine, MN.

The 10-year loan amortizes on a 30-year schedule and carries a note rate of 5.85 percent.

The loan was originated by Michael Jehle, (bottom right photo)  Midwest Regional Director, in Arbor’s full-service Bloomfield Hills, MI lending office. “The borrowers of the subject property wanted to pay off their short-term bank line with a long-term fixed rate mortgage less than six percent,” said Jehle. “We accomplished both objectives for them.”

Contact:  Kelly Maxey, Arbor Commercial Mortgage, 333 Earle Ovington Blvd, Ste. 900, Uniondale, NY 11553.  516.506.4602, kmaxey@arbor.com

HEI Hotels & Resorts Named 2010 Energy Star® Partner of the Year

 NORWALK, CT—HEI Hotels & Resorts (HEI), the nation’s fastest growing private owner/operator of hotel real estate,  has been named a 2010 ENERGY STAR® Partner of the Year for outstanding energy management and reductions in greenhouse gas emissions by the U.S. Environmental Protection Agency (EPA).

This marks the second major energy conservation related award the company has received over the past 5 months, along with the prestigious 2009 Corporate Energy Management award from the Association of Energy Engineers (AEE) presented November 2, 2009 at the 32nd World Energy Engineering Congress held in Washington D.C.

“HEI has been committed to sustainability since our inception and to receive this recognition is validation of our investment of time and money to this tremendously important mission,” said Gary Mendell, (top right photo)  HEI’s chairman and chief executive officer. “We will continue to be a leader in hotel energy management, and plan to continuously push the envelope ever forward, as the spirit of the Partner of the Year dictates.”

HEI was the only hospitality-focused company and lone Connecticut-based business to win the ENERGY STAR® Partner of the Year award in 2010. The 2010 Partner of the Year Awards recognize efforts to use energy efficiently in facility operations and to integrate superior energy management into overall organizational strategy.

Award winners are selected from more than 17,000 organizations that participate in the ENERGY STAR program. With the help of ENERGY STAR, Americans saved $17 billion on their energy bills and reduced greenhouse gas emissions equivalent to those of 30 million vehicles last year alone.

“HEI is leading the fight against climate change through greater energy efficiency,” said Gina McCarthy (middle left photo) , EPA assistant administrator for air and radiation. “HEI’s robust energy management program is a model for others and affirms that energy efficiency is our most cost-effective climate strategy.”

“HEI’s long-term commitment to energy conservation and the related positive environmental impact has become an integrated facet of our culture.

"It is wonderful to see industry giants like the EPA/ENERGY STAR and the AEE recognizing our efforts,” said Bob Holesko, (lower left photo) HEI’s vice president, facilities.

 “Since we began our energy management programs in 2005, we are measuring an annual energy cost avoidance of more than $3 million.

(HEI's Marriott property in Boca Raton, FL, middle right photo)

The company has a number of sustainability programs in place. In 2009, HEI launched its ‘Energy Looking Glass®’, a proprietary energy monitoring dashboard that optimizes energy use across its portfolio.

 Furthermore, the company has set additional benchmarks for further energy and waste reduction for 2010. HEI plans to reduce energy consumption company-wide by 5 percent in the coming year by continuing its 2009 programs targeting operational awareness and conservation.

 While 2009 focused largely on the efforts of its general managers and chief engineers, a new program in place in 2010 includes the executive chefs, executive housekeepers and banquet managers. In an effort to further empower associates to get involved, HEI launched a social responsibility program in September 2009

. Entitled “We CARE,” the program focuses on four areas: communities, associates, relationships and environment. The company will continue its environmental efforts in 2010, focusing on trash and recycling programs to determine what can be done to reduce waste and improve recycling.

Media Contact:

Jess Petitt, HEI Hotels & Resorts, 203-849-2228, jpetitt@heihotels.com

Interstate Hotels & Resorts Signs Joint Venture Agreement with Jin Jiang Hotels to Manage Hotels in China

 ARLINGTON, VA—Interstate Hotels & Resorts, the nation’s largest independent hotel management company, has signed a joint venture agreement with Shanghai Jin Jiang International Hotels Company Limited (“Jin Jiang Hotels”), China’s leading hotel operator and developer, to create a platform to pioneer third-party hotel management in China.

The joint venture, called Interstate China Hotels & Resorts, has already entered into discussions with prospective clients.

Interstate China Hotels & Resorts will open an office in Shanghai and has begun a search for a chief executive officer to lead the joint venture.

“We will build a similar platform to ones we have successfully established in Moscow, Mexico and, most recently, India,” said Thomas F. Hewitt, (top right photo)  Interstate’s chairman and chief executive officer.

“We have already begun putting the infrastructure in place to support our planned growth in China, one of the most dynamic hotel markets in the world, and we continue to expand our existing third-party business in the Americas and Europe.”

Mr. Yu Minliang, chairman of Jin Jiang Hotels, noted, “We believe this will be a milestone in the development of the services sector in Shanghai and China. Interstate will be the first independent hotel management company in China, which will give it a competitive advantage over companies that follow in its footsteps. We expect the Sino/U.S. collaboration will be mutually beneficial to both parties.”

Shanghai Jin Jiang International Hotels (Group) Company Limited is one of the leading hotel operators and managers in China. The Group is licensed to use the well-regarded “Jin Jiang” and “Jin Jiang Inn” brands.

As of 31 December 2009, the Group operated and was developing 546 hotels, including star-rated hotels and Jin Jiang Inn budget hotels, providing close to 90,000 rooms in aggregate.

 With a solid home base in Shanghai and Beijing, the Group has also successfully spanned its hotel network across 137 cities and towns in 31 provinces, autonomous regions and municipalities throughout the PRC.

 In June 2009, the Group was ranked the 13th in the world in terms of number of rooms according to HOTELS Magazine, the official publication of the International Hotel & Restaurant Association. For information about Jin Jiang Hotels, visit the company’s website: http://www.jinjianghotels.com.cn/.

Contact:

Jerry Daly jerry@dalygray.com  or Carol McCune, (703) 435-6293,
Carrie McIntyre,  (703) 387-3320, carrie.mcintyre@ihrco.com