Jones Lang LaSalle Hotels Arranges Sale of Ch^ateau Royal

The All-Suite Property Will be Converted to Apartments

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. October 14, 2008

MONTREAL, August 25, 2005. Jones Lang LaSalle Hotels has arranged the sale of the Ch^ateau Royal on behalf of Philadelphia-based equity investor Lubert Adler Real Estate Funds. The property was purchased by Cromwell Management, a Montreal based private investor.

The 124-suite property is located in downtown Montr'eal, Qu'ebec on Crescent Street; a prime location for restaurants, bars and clubs, which is a popular destination for tourists and residents.

"The Ch^ateau Royal represented a unique opportunity for the investor to acquire a quality asset with tremendous upside potential in Montr'eal," said Alan Tantleff, executive vice president for Jones Lang LaSalle Hotels' New York office. "The hotel's large all-suite configuration made it ideal to convert to a residential property."

"We are very pleased with the outcome of the transaction - Ch^ateau Royal will be the first building in downtown Montreal to be converted to rental apartments in many years," said Alexandra Faciu from Jones Lang LaSalle's Montr'eal office, who was also instrumental in the transaction. "This should bring some relief to a very tight rental market and more alternatives to residential users."