Starwood Capital Appoints Balaji Rao to Head India Ops

Longtime Real Estate Executive Aims to Capitalize on One of the World's Fastest Growing Property Mar

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. October 14, 2008

WHITE PLAINS, NY, July 12, 2006. Starwood Capital Group Global announced today that it has named Balaji Rao to head its India operations and bring the firm's disciplined investment approach into one of the world's fastest-growing commercial and residential property markets. Mr. Rao will report directly to Barry Sternlicht, Starwood's Chairman and Chief Executive Officer.

Mr. Rao most recently served as Managing Director of TCG Urban Infrastructure Holdings Ltd., the real estate division of The Chatterjee Group, where he successfully built a market-leading collection of assets in India's six top metropolitan regions while overseeing a team of more than 100 professionals. During his tenure running TCG, the enterprise value of the company's assets grew more than 1000%.

"For several years, we have been targeting India as an important investment market for our firm. It was important to us to find a veteran investor to oversee our efforts in this exciting but surely complex market," said Barry Sternlicht. "Recent regulatory changes combined with the soaring demand for both residential and commercial property space there present a great opportunity for Starwood and its investors. Balaji's diversified, 22- year career in India, along with his proven track record for building value for investors, makes him a rare and uniquely qualified executive to lead our efforts there."

"I am very much looking forward to working with Barry and his talented team of executives," Mr. Rao said. "With property demand climbing in just about every sector of the market right now, I am confident we can duplicate Starwood's opportunistic investment approach in India and mimic the company's successful track record around the globe. I have spent my career identifying and capitalizing on real estate opportunities, even in sometimes difficult markets. Now, with foreign investment opportunities and return rates both on the rise, the time is clearly right to help build Starwood into one of India's premier property investors."

During his tenure with TCG, which began in 2001, Mr. Rao was instrumental in helping develop eight commercial real estate projects of 10 million square feet or more in five Indian cities. He also helped forge the country's first public/private sector partnership in Maharashtra to develop a 103-acre international biotech office park.

Prior to joining TCG, Mr. Rao previously served as Head of Property, India for Anz Grindlays Bank where he oversaw the bank's property portfolio in addition to managing the bank's infrastructure and facility needs. Prior to that position, he was head of the Mortgages and Business Financial Services division of Standard Chartered Bank in India.