| DANA POINT, October 24, 2007 � Jones
Lang LaSalle Hotels is pleased to announce the sale of the Laguna Cliffs
Marriott Resort & Spa to an institutional client of Cornerstone Real
Estate Advisers. The Laguna Cliffs Marriott Resort & Spa is located
in the prestigious California coastal city of Dana Point. Perched on a
coastal bluff overlooking the Pacific Ocean, the resort features panoramic
ocean views, 376-guestrooms, 50,000 square feet of flexible indoor and
outdoor function space, a 14,000-square-foot spa with ten treatment rooms,
a 2,500-square foot fitness center with new equipment, two heated outdoor
pools and a lighted tennis court.
�Truly a �one-in-a-decade� type offering, the marketing campaign of this world-class resort attracted unprecedented interest with over 20 qualified offers submitted from both domestic and international investors,� said John Strauss, executive vice president for Jones Lang LaSalle Hotels. �Cornerstone prevailed in one of the most competitively bid hotel acquisition opportunities Southern California has seen in recent years. The fee simple offering, ocean front location, late 1980s quality construction as well as the fact that the property was offered unencumbered by a brand and management contract, drew the deep pool of investors.� �With targeted capital investments in the property, Cornerstone, through its continued affiliation with Marriott International and property management by Interstate Hotels & Resorts, will reposition the resort to more effectively compete with the collection of luxury resorts such as the Ritz-Carlton, St. Regis and Montage resorts all within ten miles north of this location on a stretch of coastline that has become known as California�s Riviera,� said Alan Tantleff, executive vice president for Jones Lang LaSalle Hotels. �With an irreplaceable location and extensive planned renovation, the resort has the potential to assume an enhanced luxury niche in the market.� Orange County remains one of the most dynamic tourism markets in the United States with year-round temperatures in the 70s and with numerous entertainment and cultural venues. The Laguna Cliffs Marriott Resort & Spa is ideally situated halfway between Los Angeles and San Diego and benefits from a host of popular regional attractions such as Catalina Island, Disneyland, San Diego Zoo and Sea World. Locally, the resort is a short drive from world-renowned Laguna Beach and within walking distance of Dana Point Harbor�s quaint restaurants and unique shops. It also enjoys convenient access to Doheny State Beach, theOcean Institute, world-class championship golf, historic Mission San Juan Capistrano and a myriad of dining establishments. About Cornerstone Real Estate Advisers, LLC
About Jones Lang LaSalle Hotels
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