BridgeStreet Expands into Dubai with Five New Buildings

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. October 14, 2008

AUGUST 4, 2008. BridgeStreet Worldwide a leading global provider of serviced apartments, today announced it has signed a 10-year agreement with The First Group to manage five new properties in Dubai, United Arab Emirates (UAE). This arrangement marks BridgeStreet's entrance into the UAE and is part of the company's broad expansion plans for the Europe, Middle East and Africa (EMEA) region.

Lee Curtis, president and CEO of BridgeStreet Worldwide comments, "Dubai is a perfectly situated world-hub between east and west for emerging global business exchange. Demand for accommodations is insatiable as the region diversifies into additional sectors including shipping, information technology, communications and finance."

Increasingly, businesses require a serviced apartment provider that can fulfil accommodation needs on a global scale. BridgeStreet is meeting this need through its diversified business models that include complete property management in major cities throughout EMEA. "We are delighted to partner with The First Group to bring BridgeStreet's unique service offering to Dubai," continued Curtis.

The First Group, a British owned international development company, specialises in delivering property solutions to investors with a focus on emerging markets. Gary Shepherd and Danny Lubert, founders and joint chairmen of The First Group, selected BridgeStreet Worldwide as operators based on the company's reputation for unrivalled property management. "We set high standards in selecting an operator for our properties and feel confident that BridgeStreet will increase asset value whilst delivering exceptional quality and service," said Shepherd.

The agreement comprises over 1,250 apartments across Dubai with the first building - The Diamond in Sports City set to open in spring 2009, shortly followed by Metro Central in the Dubai technology, e-commerce and media free zone. Three additional buildings - The Bridge, The Matrix and The Spirit, will be ready for occupancy by the end of 2009. Each location will feature luxuriously appointed apartments, state-of-the-art amenities and onsite BridgeStreet management and staff.

"We have found the perfect partner for our Dubai operation with The First Group," added Max Thorne, BridgeStreet Worldwide's vice president of development EMEA. "Our management models are customised in terms of length and fee structure to meet the specific requirements of each owner and investor. The model we created in Dubai is one we hope to expand to other emerging markets."

BridgeStreet Worldwide is a leading international provider of serviced apartments. BridgeStreet and its Global Alliance Partners offer over 15,000 serviced apartments located throughout the United States and 50 cities internationally. An award winner both in the U.S. and Europe, BridgeStreet properties meet uncompromising standards of quality, comfort and service. For more information about the company or to learn more about how BridgeStreet is Making Serviced Apartments Easy, visit www.bridgestreet.co.uk or call +44 (0) 20 7792 2222.