Hotel Online  Special Report


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ING CLARION Planning Luxury Hotel and Residences
at “Village Center” In Greenwood Village

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Greenwood Village, CO, July 24, 2006 - ING Clarion Partners has announced plans to develop a 220-room four-star hotel with a 10,000 square foot main ballroom and an additional 10,000 square feet of meeting room space.  The hotel development will also include a fine dining restaurant and at least 25 luxury residential units on top of the hotel.
 
ING Clarion will locate the hotel, residences, and restaurant immediately adjacent and to the north of its 470,000 sf Plaza Tower One office building, the premier office building in Southeast Suburban Denver.  Plaza Tower One and the new hotel development are located in Greenwood Village's 55-acre mixed use development known as the Village Center at Arapahoe Station.
 
“Our market research has confirmed that Southeast Suburban Denver needs a four-star hotel” said Jeff Peshut, a Senior Vice President with ING Clarion Partners.  “We believe our site’s location within the Village Center at Arapahoe Station development and adjacent to Plaza Tower One make it the best luxury hotel site along the I-25 corridor.”  
 
“We are very pleased that ING Clarion has made a decision to locate a premier hotel in our community,” said Mayor Nancy Sharpe.  “This four star hotel and associated development will play an important role in the success of our Village Center.”
 
“ING Clarion's announcement today is the first of several announcements that will occur in the coming months that will more completely describe the exceptional quality and character of our future Village Center”, Mayor Sharpe added.  “We believe that our Village Center will offer a unique mix of living, entertainment, and cultural opportunities that will set the Village Center at Arapahoe Station apart from other urban developments along the I-25 Corridor.” 
 
To assist in evaluating lodging industry and capital structuring issues, ING Clarion has retained Hospitality Real Estate Counselors (“HREC”) as its development and transaction advisor.
 
David Owen Tryba Architects (“DOTA”) has been working with ING Clarion to design the hotel.  DOTA previously completed the initial Village Center framework plan for Greenwood Village.  “The Arapahoe Station location -- half-way between Hampden Avenue and Lincoln Avenue -- positions this particular site as an ideal location for the Greenwood Village Center and for this new hotel,” said David Tryba.
 
About ING Clarion 

Founded in 1982, ING Clarion and its affiliates manage more than $34 billion in assets in the private equity, public equity and public debt sectors of the real estate markets.  Headquartered in New York City, the ING Clarion organization has more than 750 employees located in major markets throughout the United States.
 
The firm is the U.S. investment management arm of ING Real Estate, an international real estate company, active in real estate investment management, development and finance.  The company ranks among the world's strongest real estate players with offices in 16 countries in Europe, the United States, Asia and Australia.
 
ING Real Estate is part of ING Group, a global financial institution of Dutch origin offering banking, insurance and asset management to over 60 million private, corporate and institutional clients in more than 50 countries.  With a diverse work force of about 115,000 people, ING comprises a broad spectrum of prominent companies that increasingly serve their clients under the ING brand. 
 
More information about the firm is available at www.ingclarion.com.

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Contact:

Jeffrey J. Peshut
ING Clarion Partners
(303) 804-4701
jeffrey.peshut@ingclarion.com
http://www.ingclarion.com

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Also See: New Casino Development Survey, Published by HREC®, Identifies Trends for 2005 and Beyond / June 2005
HREC Investment Advisors Announces Listing For Sale of St. Mary Lodge and Resort, Including 86 Acres of Land Adjacent to Glacier National Park, St. Mary, Montana / June 2005
HREC's Newly Created New York City Office Closes More than $150 million in Less than Five Months, Appoints Vice President / June 2005
HREC Advises on Sale of The Gulph Creek Hotels Portfolio, Greater Philadelphia, in $92,000,000 Transaction / May 2005


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