THC brought the deal to Stone-Levy, and supported Stone-Levy as it carried out all due diligence, market reviews, and underwriting responsibilities related to the transaction. THC President Bill McCreary said: �Tishman is proud to have been involved in this transaction and looks forward to managing this premier, full-service Marriott, especially a property located in the corporate and financial hub of Los Angeles� San Fernando Valley.  We are excited about our new relationship with Stone-Levy on behalf of the pension fund, and to working closely with Marriott, focusing on enhancing the property�s performance and operations, while maintaining the highest level of services to guests.�

Warner Center Marriott  21850 Oxnard Street Woodland Hills, California

Arnold Levy, President of Stone-Levy LLC, said:  �We�re pleased to have this exceptional property, which is a unique one within the San Fernando Valley marketplace, as an asset in the pension fund we advise.  I�m certain the transition to THC management, under the able leadership of Bill McCreary, one of the top executives in the hospitality world, will be a smooth one.�

Timothy Haskin, THC Executive Vice President and Managing Director, added:  �The Warner Center Marriott was a highly sought-after asset and has been a strong, consistent performer through difficult times in the hotel industry.  Located in a key, strategic market, it was purchased at a price below replacement cost and stands to benefit from the improving economy and the strong fundamentals within the greater L.A. market.� 

The selection of THC as property manager marks the addition of another Marriott brand under the firm�s management.  THC recently opened the Courtyard by Marriott Warsaw International Airport Hotel in Poland. 

Property Description
The 16-story Warner Center Marriott Woodland Hills is located in Warner Center --considered the commercial and retail heart of the San Fernando Valley.  The property features 22 meeting and banquet facilities totaling 16,000 square feet; a restaurant and cocktail lounge; an outdoor and indoor pool; and a health club.  Its 476 guest rooms are wired for high-speed Internet access and include cable/satellite TV and telephones equipped with data ports and voice mail. 
 
The acquisition and management change comes at an opportune time, since the hotel is nearing the completion of a major renovation that includes upgrading the entire lobby, restaurant and bar areas; adding 13 new guestrooms; and opening a new, on-property Starbucks.

Tishman Hotel Corporation Background
Tishman Hotel Corporation (THC) is a leading U.S.-based Hotel Management firm, which also provides Investment Banking, Development, and Hospitality Advisory
services.  THC manages approximately 9,500 hotel rooms nationwide, in the Caribbean and Europe, and in conjunction with its affiliates, has provided services to more than 160 hotels totaling over 80,000 hotel rooms.  Hotel Business magazine ranked THC as the #3 independent hotel management company in the nation in 2003.

Properties owned by Tishman affiliates include The Walt Disney World Swan and Dolphin Resort Hotels in Orlando; The Hilton in the Walt Disney World Resort in Florida; the Sheraton Chicago Hotel & Towers; The Westin Chicago River North; and The Westin New York at Times Square, opened in October, 2002. 

Properties managed by THC include The Westin Rio Mar Beach Resort & Golf Club in Puerto Rico; The Goodwin Hotel in Hartford, CT; Four Points by Sheraton @ Los Angeles International Airport; The Radisson Deauville Resort Miami Beach, Florida; The Shoreham, The Mansfield, and The Clarion Fifth Avenue Hotel in New York; The Crown Plaza Harrisburg in Harrisburg, PA; the Radisson O�Hare at Chicago�s International Airport; the Courtyard by Marriott Warsaw International Airport Hotel in Poland; and the Warner Center Marriott Woodland Hills. 

THC is an affiliate of Tishman Realty & Construction Co., Inc., one of the world�s premier real estate managers, developers, owners, builders, and advisors, founded in 1898 and headquartered in New York.