Starwood Capital Hires Barden Gale

Vice Chairman of Real Estate

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. October 14, 2008

GREENWICH, CT, January 10, 2008. Starwood Capital Group, a leading real estate private investment firm, announced today that it has hired Barden Gale to serve as Vice Chairman of Real Estate. In this newly created position, Mr. Gale will collaborate with the other senior executives at Starwood Capital on the firm's overall investment strategy and new business opportunities. He will be based out of the company's Greenwich, Connecticut headquarters.

Mr. Gale joins Starwood Capital from ABP Investment US, Inc., the investment arm of Stichting Pensioenfonds ABP, one of the world's largest pension funds. At ABP, as Chief Investment Officer for real estate, Mr. Gale built a world-class team and leading investment program while helping oversee a global portfolio valued in excess of EUR20 billion. Among his accomplishments at ABP included earning the 2007 Industry Achievement Award from the National Association of Real Estate Investment Trusts. Mr. Gale also currently serves on the Board of Directors for the Pension Real Estate Association and is a member of the Property Investment Committee of National Pension Reserve Fund of Ireland.

Barry Sternlicht, Chairman and CEO of Starwood Capital, said: "We are so pleased to add someone with Barden's track record and extensive international investing experience to our strong executive team. From his days helping lead Salomon Brothers' European real estate investment banking team to his time overseeing the global portfolio at ABP, Barden has built a tremendous track record identifying and capitalizing on attractive investment opportunities. His expertise, industry knowledge and global relationships will make a tremendous addition to our team and we hope only enhance returns for our investors. Together with the recent hiring of Bill Green, former head of real estate banking at Wachovia, we are working to build the industry's best team to take advantage of what we feel will be great opportunities."

"I'm thrilled to be partnering with Barry and Starwood Capital's management team, who have developed such a stellar reputation as a market leader through the years by relentlessly pursuing high-return investment prospects, often in areas where others have not even thought to look," Mr. Gale said. "I am particularly excited to join a company with such broad and deep knowledge of the real estate industry at a time when it has committed to build on its initial success in several regions around the globe, including Europe and Asia - two regions I know extremely well."

"Over the past nine years, Barden has served as a chief architect of our world-class real estate investment program while distinguishing himself by both his business and investment acumen, and his ability to always present an original point of view," said Paul Spijkers, President and CEO of ABP Investments US, Inc. "His contributions will certainly be missed, but we wish him all the best in his new endeavor."

Prior to joining ABP, Mr. Gale was an investment banker with Nesbitt Burns Securities, Inc. and Salomon Brothers, Inc. in London. He has also previously served as a principal in a development company with investments in New York City and New Jersey, and worked as a practicing attorney. Mr. Gale received his BA from Union College, his MA from the University of London, where he studied at the School of Oriental and African Studies, and his JD from Columbia University. He currently is a member of the Development Council, St. Hugh's College, Oxford University and the Board of Directors for the Shoshana Foundation, Inc., and is a former Board member of AFIRE.