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Contact: Nick Derasmo (212.841.7505)

Cushman & Wakefield Sonnenblick Goldman serves as advisor on the sale of Two Prime Manhattan Hotels to The Procaccianti Group

Thursday, September 20, 2007 - New York, NY - Cushman & Wakefield Sonnenblick Goldman announced the sale of two (2) New York City hotels; the 300-room Tudor Hotel at The United Nations and the 227-room Holiday Inn SoHo to Cranston, Rhode Island-based real estate developer/hotelier, The Procaccianti Group (TPG). Cushman & Wakefield Sonnenblick Goldman was hired by the seller of each property to serve as the exclusive advisor for each transaction. “New York City continues to be ‘the’ destination for global hotel investment as evidenced by the interest we received for both transactions,” said Mark J. Gordon, executive vice president, principal and head of Cushman & Wakefield’s U.S. Hotel Group. “Ultimately, we were able to execute both transactions with the Procaccianti Group, a national hospitality investment company who had not previously invested in New York.” “We have been interested in the NYC market for some time and despite the significant asset appreciation that has occurred over the last few years, we believe it to be one of the best long term investment markets in the country and the world” states Robert Leven, Chief Investment Officer for the Procaccianti Group. “The Tudor Hotel at the United Nations is a quality asset with an irreplaceable location, and the Holiday Inn SoHo is located in the heart of downtown Manhattan in a neighborhood that has experienced a tremendous resurgence in both residential and commercial office real estate.” Located in Midtown Manhattan, The Tudor Hotel at the United Nations is listed on the National Register of Historic Places as part of the Tudor City historic area and is in close proximity to several of Manhattan’s major demand generators including the United Nations, Grand Central Station, the Midtown business district, Midtown East and Upper East Side residential neighborhoods. The Tudor is located directly across the street from the Pfizer World Headquarters and is nearby the world headquarters of Metropolitan Life Insurance and Colgate Palmolive, as well as the expanding banking industry along 3rd Avenue. The Procaccianti Group plans to invest $8 – 10 million in the Tudor Hotel at the United Nations to upgrade the guest rooms and other public space. The Holiday Inn SoHo is located in the heart of Downtown Manhattan, in the dynamic SoHo neighborhood one of the most renowned shopping and entertainment districts in the City. The Cushman & Wakefield Sonnenblick Goldman Lodging & Leisure Group has arranged over $2 billion of hotel transactions in 2007, including the sale of four hotels since August 1. Recent deals include the sales of the Holiday Inn Soho, The Tudor Hotel, the LaGuardia Airport Marriott and the Montauk Yacht Club all in New York, the Sanibel Harbour Resort and Spa in Ft. Myers, Fla.; the Bethesda Marriot in Bethesda, Md. and the Marriott in Austin, Texas. The firm has also arranged acquisition financings for the Paramount Hotel in N.Y.; the Hotel Jerome in Aspen, Colo.; the Marriott Crabtree in Raleigh, N.C.; the Embassy Suites in Memphis, Tenn.; and the Hilton Embassy Row in Washington, D.C.; as well as the corporate recapitalization of the Denihan Hospitality Company. About The Procaccianti Group (TPG) The Procaccianti Group (TPG) is a second generation, privately held real estate investment company that specializes in acquisition, renovation and management of investment real estate. TPG has owned or developed more than 20 million square feet of real estate, valued at over $6 billion. The Procaccianti Group currently owns 60 hotels totaling 15,568 guest rooms in 20 states and employs 8,000 from coast to coast with 200 professionals based at the corporate headquarters in Rhode Island. TPG is comprised of various companies engaged in hospitality management, mixed-use development, design and construction, purchasing, property management, asset management and lending. The Procaccianti Group is one of the top 5 privately held owner operators of hospitality assets in the United States. For more information visit www.procgroup.com.

About Cushman & Wakefield Sonnenblick Goldman
Cushman & Wakefield Sonnenblick Goldman is the industry’s leading independent real estate investment banking firm. The firm was founded as Sonnenblick Goldman in 1893 and it merged with Cushman & Wakefield in 2007. Cushman & Wakefield Sonnenblick Goldman provides a full range of real estate financial services, including debt and equity placements, joint ventures, hospitality investment sales and workout advisory services, and it collaborates world-wide with other divisions of Cushman & Wakefield. Further information can be found at the firm’s website at www.cushwake.com/sonngold.