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Jones Lang LaSalle Hotels Arranges the Sale
of the Laguna Cliffs Marriott Resort & Spa

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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
Cornerstone Real Estate Advisers is a real estate investment advisor to major public and corporate pension funds, insurance companies and other institutional investors. Its investors include both domestic and off-shore institutions. It has approximately $10 billion under management. Its investment advisory services focus on apartments, office buildings, hotels, shopping centers and industrial real estate within the domestic, private market and domestic and global real estate securities in the public markets. Cornerstone is a member of the MassMutual Financial Group.

About Jones Lang LaSalle Hotels
Jones Lang LaSalle Hotels, the first and leading global hotel investment services firm, is uniquely positioned to provide both the depth and breadth of advice required by hotel investors and hotel companies, through a robust and integrated local network. In 2006, Jones Lang LaSalle Hotels provided sale and purchase advice on 186 hotel transactions globally; representing a combined value of US$9.3 billion, a total of 43,272 hotel rooms in 78 cities. In addition advisory and valuation services were provided on 589 assignments globally for 136,270 rooms across approximately 280 cities.  The global team comprises 210 hotel specialists, operating from 24 offices in 14 countries. The firm’s advice is supported by a dedicated global research team, which produced over 45 publications in 2006 in addition to bespoke client research. Jones Lang LaSalle Hotels’ services span the hospitality spectrum, from luxury single assets and large portfolios to select service and budget hotels, resorts and pubs. Their services include investment sales, mergers and acquisitions, capital raising, valuation and appraisal, asset management, strategic planning, operator selection, management contract negotiation, consulting, industry research and project development services. Jones Lang LaSalle Hotels’ clients have access to the resources of its parent company, Jones Lang LaSalle (NYSE: JLL). www.joneslanglasallehotels.com

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Contact:

Kristina Paider
  Jones Lang LaSalle Hotels
  Phone:  +1 312 228 2107
 www.joneslanglasallehotels.com

 

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Also See: Jones Lang LaSalle Hotels Select Service Division Closes Radisson Fort Worth North Hotel / January 2007
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