BentleyForbes Announces Plans to Pursue Joint Venture Partners for Expanded Luxury Hotel and Resort Investment Program

Business Wire, Sept 17, 2007

Privately Held Firm Selects Jones Lang LaSalle Hotels to Identify Equity Partners for Investment in Company's Four Seasons Resort and Future Luxury Hotel and Resort Acquisitions

LOS ANGELES -- BentleyForbes, a national real estate investment company, today announced plans to pursue joint venture equity partners for current and future investments in luxury hospitality and resort properties.

"BentleyForbes is in a period of significant growth, and sees an opportunity in the current market cycle to take advantage of some real opportunities in the luxury resort and hotel markets," said C. Frederick Wehba, founder and chairman of BentleyForbes. "We can accelerate our focus on acquiring new properties and expand our investment reach with the right joint venture partner or partners. This effort is geared toward assembling a portfolio of world class hospitality properties that will include signature resorts and hotels in top destination markets throughout the U.S."

To initiate this joint venture program, BentleyForbes has retained the investment professionals of Jones Lang LaSalle Hotels to pair the Company with an equity partner at its Four Season Resort and Club Dallas at Las Colinas, a landmark 400-acre, AAA Five Diamond rated property acquired by BentleyForbes in 2006.

"The Four Seasons Resort and Club Dallas at Las Colinas is an iconic resort that has a special place among the hearts of residents in North Texas," said Arthur Buser, president - lodging capital markets - Americas for Jones Lang LaSalle Hotels. "BentleyForbes has brought a unique vision with their ownership and commitment to the hotel and the community."

"BentleyForbes has proven itself as an astute investment organization with a track record of significant and successful real estate investments across multiple property categories," said David W. Cobb, president and CEO of BentleyForbes. "As we have grown our portfolio of Class A office and commercial properties to more than $2.5 billion in value, we have significantly grown the company's asset management infrastructure. With the acquisition of the Four Seasons Resort in Dallas, we have successfully taken the firm's real estate management expertise and applied it to the hospitality sector. With the right partner or partners, we envision dramatically expanding our portfolio in this asset class to reflect these operational strengths."

The Four Seasons Resort and Club Dallas at Las Colinas is located in the high-end, mixed-use development of Las Colinas, one of the most desirable areas in the entire Metroplex and only ten miles from Downtown Dallas and 10 minutes drive from the Dallas-Fort Worth International Airport. It is a unique 400-acre destination resort offering 397 luxurious guestrooms and suites, including 90 villa rooms, a 176,000 square-foot sports club, a full-service 15,000 square-foot destination spa, and approximately 40,000 square feet of highly flexible indoor and outdoor meeting space. The resort also boasts two championship golf courses offering 36 holes, including the recently renovated Cottonwood Valley Course and prestigious Tournament Players Course, home to the renowned annual EDS Byron Nelson Championship, a PGA TOUR event.

Further, BentleyForbes and Four Seasons have moved forward on significant improvement plans to the overall Resort, including: the addition of 34 Resort Villas; complete refurbishment of all guestrooms, hallways and common areas of the existing hotel tower; comprehensive lobby renovations and expansion; major enhancements to the Sports Club facilities; installation of CAT6 Ethernet cable throughout the Resort for optimal technological connectivity; the expansion and renovation of existing restaurant facilities in tandem with the addition of a new restaurant servicing a new, landscaped designer pool that will be added to the Resort grounds adjacent to the expansion Villas.

"The Resort has received nearly $40 million in capital improvements from 2001-2006 and BentleyForbes has recently commenced a $48 million capital program to further enhance the Resort's positioning among comparable luxury golf resorts worldwide," said Romy Bhojwani, senior vice president for Jones Lang LaSalle Hotels. "This offering represents a unique opportunity to acquire a joint venture interest in a trophy asset with a strong luxury brand affiliation and extensive redevelopment potential."

About BentleyForbes:

Founded in 1993, privately-held BentleyForbes is a national real estate investment firm focused on the acquisition, ownership and management of trophy class A office buildings, luxury resort and hotel properties and select high-quality industrial and retail facilities. Currently, the Company owns and operates a portfolio of assets valued in excess of $2.5 billion that comprises approximately 7.9 million square feet in total consideration, located in diverse markets across the United States. Typical investments for the Company range from $30 million to $500 million and beyond, emphasizing multi-tenanted and single-tenanted class A office properties in top CBD or regional submarket locations and best-of-class luxury resort and hotel properties in major MSA or resort destination markets. Furthermore, the Company is recognized for its expertise in the acquisition and management of single tenant and/or sale-leaseback property investments, and continues to invest in assets of this type on a select basis. From its Los Angeles headquarters, BentleyForbes employs a roster of real estate experts well versed in commercial real estate investment, finance, law, accounting and asset management. The Company also has regional offices in Atlanta, Chicago, Dallas, Ft. Lauderdale and Washington D.C. For more information, please logon to www.bentleyforbes.com.