NEWS

Paul Hastings Advises Consortium On $1 Billion Hotel Portfolio Acquisition

March 11, 2005

London, U.K. (March 11, 2005) - - Paul, Hastings, Janofsky & Walker LLP (Paul Hastings), a leading international law firm, is pleased to announce today that the firm has advised LGR Acquisition Limited, a consortium comprised of Lehman Brothers Real Estate Partners, GIC Real Estate and Realstar Asset Management, on the acquisition from InterContinental Hotels Group PLC of its portfolio of 73 UK hotels for an announced purchase price of approximately £1 billion, including deferred consideration.

"Our work as lead advisor to this transaction underscores our ability to leverage a deep bench of corporate and real estate talent to provide best-in-class strategic counsel on international real estate transactions - and the myriad complex legal and financial issues that accompany them," said Mark Eagan, real estate partner and London Office Chair.

The transaction, to include senior and mezzanine financing also negotiated by Paul Hastings on behalf of the consortium, is expected to close in the second quarter of 2005.

Paul Hastings Real Estate Department: The Paul Hastings Real Estate practice has 175  lawyers and related practitioners focusing exclusively on the needs of clients in the real estate industry, both domestically and internationally.  The firm has real estate teams in all of its offices worldwide.  Paul Hastings distinguishes itself by the breadth of its representation of clients who are in the business of real estate - those who own, invest, finance, lease, develop, and trade real property and real estate assets.  The firm represents private, public, and municipal entities and individuals who make real estate their business.

Paul, Hastings, Janofsky & Walker LLP, founded in 1951, is an international law firm representing Fortune 500 companies, with nearly 1,000 attorneys located in 15 offices: Atlanta, Beijing, Brussels, Hong Kong, London, Los Angeles, New York, Orange County, Paris, San Diego, San Francisco, Shanghai, Stamford, Tokyo and Washington, DC.