June 4, 1998 -- Millennium Partners today announced plans to build The Ritz-Carlton Hotel Residences in Washington, D.C., a mixed-use development that will bring together luxury condominiums, a five-star hotel, prime retail space and a world-class fitness and spa facility in one development.

Millennium Partners, which pioneered the urban entertainment and living center concept, is developing nearly $2 billion of mixed-use real estate in San Francisco, Boston, Miami, Washington, D.C., New York and Toronto. Millennium Partners is also the developer of Lincoln Square, which has fueled the emergence of the Lincoln Center area into one of New York City's premier shopping and residential locations.

The centerpiece of the $225 million Washington, D.C. development will be the 300-room Ritz-Carlton, Washington, D.C. Other highlights of the complex will be approximately 200 luxury condominiums with hotel services; a world-class 100,000 square foot fitness and spa facility operated by The Sports Club Company; and 40,000 square feet of flagship retail and restaurants. The development encompasses a majority of the block bounded by 22nd, 23rd, M and L Streets in the West End neighborhood of the nation's capitol.

"The Washington, D.C. downtown area presents an exciting opportunity for Millennium's 24-hour mixed-use development," said Christopher M. Jeffries, founding partner, Millennium Partners. "Our formula for success is a combination of selecting sites with prime potential, and partnering with world-class tenants and operators to make each component of our development, whether it's a hotel, fitness facility or condominium, the best available in the city."

"We are very pleased to return to Washington, D.C. and look forward to bringing the renowned Ritz-Carlton services to our guests in this most important city," said Horst Schulze, president and chief operating officer of The Ritz-Carlton Hotel Company, L.L.C. "It is also a unique opportunity for us to be the cornerstone of Millennium's luxury mixed-use complex that will provide city residents and guests the highest level of luxury and convenience," he added.

Millennium Partners' local development partner is Eastbanc, Inc. of Washington, D.C. Architects are Shalom Baranes and Associates of Washington, D.C., in partnership with Gary Edward Handel + Associates Architects of New York.

"The Ritz-Carlton Hotel Residences will help the West End neighborhood realize its potential as an active, 24-hour neighborhood," said Anthony Lanier, president of Eastbanc, Inc. "The site is perfectly located for our unique combination of uses, just blocks from the Golden Triangle office district and the vibrant Georgetown residential and entertainment corridor.

Ground has already been broken on a portion of the site for the construction of an underground parking garage. The development has an expected completion date of the fall of 2000.

The Ritz-Carlton Hotel Company, L.L.C. is the luxury market leader in service, accommodations and dining for the business and leisure traveler. The 34 hotels and resorts in the United States, Canada, Asia, Australia, Europe and the Caribbean have received every accolade the hospitality industry, media and consumers can bestow. Reflecting a continuing commitment to provide the guest with the finest quality accommodations available worldwide, Ritz-Carlton expansion plans include future hotels in many of the world's capital cities and resort destinations by the millennium.

Millennium Partners, headquartered in New York City, is the most active developer of luxury, mixed-use developments in the country and is the pioneer of the urban entertainment and living center concept. The company brings together some of the world's strongest retailers, sports and entertainment companies and major financial institutions in partnerships to transform underserved urban centers. Millennium Partners has nearly 6 million square feet of mixed-use real estate currently under development in San Francisco, Boston, Miami, Washington, D.C., New York City and Toronto, in addition to the 1.8 million square foot Lincoln Square Complex, which has become the cornerstone of the growth of the Lincoln Center area into one of Manhattan's most successful and dynamic shopping, entertainment and residential locations.