Avalon and Starwood Break Ground on 1 Hotel & Residences

Will Include 110 City Suites and 98 Condominiums

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. October 14, 2008

SEATTLE, WA, June 11, 2007. AvStar Seattle LLC, a joint-venture partnership between Portland-based Avalon Holdings and international real estate development firm Starwood Capital Group Global LLC, has broken ground on 1 Hotel & Residences, its 23-story, mixed-use development at Second Avenue and Pine Street in downtown Seattle. Upon its completion, expected by the second quarter of 2009, the building is expected to become the inaugural property under the 1 brand, which will set a new standard in environmentally conscious luxury living globally by combining extraordinary five-star service and features with the best of environmentally sustainable architecture and interior design.

The majority of the Seattle hotel's 110 City Suites and 98 condominiums are already under reservation for priority presales -- the public sales debut is scheduled for September 2007. Hotel guests and residents will be treated to an unmatched combination of green construction and operational components consistent with Seattle's environmentally sensitive lifestyle, all amid an extravagant hospitality experience.

"The opportunity to bring this project on line at a time when Seattle is transforming itself into a top-tier American city is extremely gratifying," says developer Paul Brenneke, president and CEO of Avalon Holdings. "And to offer thoughtful design while simultaneously supporting Seattle's leadership in global sustainability -- all in the context of community -- has been worth all the time and effort."

The $200 million project will redefine mixed use for Seattle. At 560,000 square feet and 23 stories, 1 Hotel & Residences will house 10 floors of spectacular condominium residences that range in size from 800 square feet to more than 6,800 square feet; an eco-friendly, luxury 1 Hotel; a 40,000 square foot full-service athletic club and an 8,000 square foot day spa; a restaurant and specialty grocer that promotes organic, local and sustainable ingredients in tune with the building's environmental conscience.

The project was designed by Sienna Architecture, with the public spaces, restaurant and hotel room interiors designed by Yabu Pushelberg. PCL Construction Services, Inc. is the contractor, with structural engineering services provided by KPFF Consulting Engineers and landscape design by Berger Partners. Design-build services are provided by PSF Mechanical, Auburn Mechanical and Nelson Electric. Avalon Holdings provides construction management.

The 1 Hotel brand is the latest innovation from Starwood Capital Chairman and CEO Barry Sternlicht. Mr. Sternlicht's previous trend-setting hospitality creations included the W Hotel chain, the first hotel brand to combine a unique, hip and useful urban style with superior service and facilities for business travelers, and the Westin Heavenly Bed, bath and suite of products, which he introduced during his nearly 10 years as founder, Chairman and CEO of Starwood Hotels.

Consistent with Mr. Sternlicht's desire to create the world's first five- star, eco-friendly global hotel brand, the National Resources and Defense Council (NRDC) will serve as an environmental advisor on each 1 Hotel project, including Seattle, with the goal of helping set a new standard for environmental excellence in the hospitality industry. Green Building Services of Portland and Sienna Architecture's in-house green design expert are also serving as consultants for the project.

As with all 1 Brand projects, the 1 Hotel & Residences Seattle will be a LEED-certified project. The LEED rating system was created by the U.S. Green Building Council and is the nationally accepted benchmark for the design, construction and operation of high performance green buildings. The property will also donate one percent of its revenue to local environmental organizations chosen by a steering committee with NRDC representation.