Frankfurt, 12th December 2001 � CGI (Commerz Grundbesitz Investmentgesellschaft mbH), a German open-ended fund has acquired a hotel development at Charles de Gaulle airport in Paris.  This acquisition brings CGI�s hotel portfolio to four properties across Europe.

The hotel development will comprise 300-rooms, a conference facility, fitness center and restaurant on a 17,700m² site.  The project is due for completion in 2003 and will be operated under a lease contract by Marriott Hotels & Resorts as a Courtyard by Marriott.  Marriott has begun construction on the development and CGI will purchase the hotel on completion and lease it back to Marriott, with both parties having signed a long-term lease contract for 25 years.

Jones Lang LaSalle Hotels advised CGI throughout the acquisition process, following the preparation of a feasibility study in November 2000.  �This site is in a prime location adjacent to Charles de Gaulle airport, and stands to benefit from both increasing passenger numbers at France�s busiest airport as well as the industrial development in the surrounding area� stated Mr. Christoph Härle, Senior Vice President at Jones Lang LaSalle Hotels, who negotiated the lease.

This transaction is a groundbreaking deal for CGI, representing its first sale and leaseback with a hotel operating company.  �CGI was looking for a long term partner to sign an operating lease, and given the prime location of the site, there was a strong response from hotel operators.  Marriott Hotels & Resorts is an ideal partner due to their strong international brand and reservation system� stated Mr. Härle. 

European operators are warming to the lease contract as a means of securing long-term representation and access to institutional capital.  German open-ended funds are legally required to derive their real estate income from rental or lease agreements and are thus precluded from entering into management contracts and bearing the operational risk.  
 
Charles de Gaulle airport is Europe�s third busiest airport with 48.1 million passenger movements in 2000, behind London�s Heathrow and Frankfurt International airports.  This hotel will bring CGI�s hotel portfolio to four across Europe, adding to assets in Frankfurt, Wiesbaden and Lisbon.