The Ritz-Carlton Hotel Company, L.L.C. to Manage Tokyo Luxury Apartment Complex

Agreement is "First of Its Kind" for Award-Winning Hotel Group

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. October 14, 2008

TOKYO, December 1, 2005 - Parkside Tower at The Ritz-Carlton, Tokyo, a complex of 244 unfurnished luxury residential apartments, will be managed by The Ritz-Carlton Hotel Company when it opens in 2007. Jones Lang LaSalle Hotels, acting as an advisor to Mitsui Fudosan, negotiated the management agreement which was entered into between the five-star hospitality group and Mitsui Fudosan.

This agreement marks the first venture by the award-winning hotel company to operate a luxury rental property. Parkside Tower will be adjacent to The Ritz-Carlton, Tokyo, a 250-room hotel, also opening in 2007. The Tokyo Midtown Project is located in Roppongi on the former Defence Agency site.

"Tenants living in the 29-floor Parkside Tower will enjoy not only a strategic downtown location, but all the benefits and services which are traditionally provided by Ritz-Carlton to its hotel guests," said Mr. Tomohiko Sawayanagi, Executive Vice President, Jones Lang LaSalle Hotels. Among these special tenant amenities will be concierge, doormen, housekeeping, and catering services.

In addition, Oakwood Asia Pacific, a regional arm of Los Angeles-based Oakwood Worldwide is to manage Tokyo Midtown's serviced residence to be known as Oakwood Premier Tokyo Midtown. "The 107-unit designer residences will be the first Oakwood Premier branded property in Japan; the highest luxury brand amongst the Oakwood products," said Mr Sawayanagi. Oakwood is the leading global serviced apartment operator, and already is present in Japan with its other brands.

"Oakwood Premier Tokyo Midtown will provide international executive travellers with a "home-away-home" incorporating great hospitality consisting of maid service and concierge," added Mr Sawayanagi.

Jones Lang LaSalle Hotels also acted on behalf of Mitsui Fudosan in appointing Oakwood; advising on the negotiation of a management contract.

Consisting of three product types, the Tokyo Midtown project will include a total of 517 residences. "With its fantastic location and exceptionally high standard of residential products, the Tokyo Midtown project's future success has been dramatically enhanced through the appointment of prestigious global operators such as Ritz-Carlton and Oakwood," said Mr Scott Hetherington, Managing Director Asia, Jones Lang LaSalle Hotels.

Having negotiated the lease agreement over the hotel portion of the property in 2003, this deal forms part of an ongoing successful relationship between Mitsui Fudosan and Jones Lang LaSalle Hotels. "Ritz-Carlton has a lease agreement in place to manage the 250-room luxury hotel to be located in the adjacent tower," said Mr Hetherington.

Jones Lang LaSalle Hotels has served as an advisor to Mitsui Fudosan who led the investment consortium of this 569,000m2 project. "Other components within the integrated Tokyo Midtown complex include some 330,000m2 of office space, 57,000m2 of retail accommodation and a total of 517 residential units", said Mr Sawayanagi. The adjacent Hinokicho Park will also be redeveloped as open space, providing around four hectares of picturesque parkland.

The Ritz-Carlton hotels and resorts are renowned for their luxury with 59 hotels worldwide and plans to expand further in the residential business. "We view Ritz-Carlton as the perfect fit for Mitsui Fudosan and their partners in this apartment project," said Mr Sawayanagi. He added, "In addition, Oakwood is the largest serviced apartment operator in the world and is well known for its high-quality extended stay furnished accommodations. With its top Premier brand, we trust Oakwood will further enhance the Tokyo Midtown's apartment project."

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