Big Deals, February 2007

Property Name	Est. Sales Price US$	# of Rooms	Month of Sale	Buyer	Seller	Comments
Four Seasons	3.8 billion	74 hotels	Feb-07	Cascade Investment L.L.C.	Four Seasons Hotels Inc
Deutsch-Japanische Center (incorporating the Nikko Hotel) Dusseldorf	149.7 million	301	Feb-07	Benson Elliot Real Estate Partners II	Blackstone
Makena Resort, Maui	575 million	310	Feb-07	Morgan Stanley Real Estate Fund V US, Trinity Investments, LLC and Dowling Company, Inc.	Lokelani Resort Corp., Maui Prince Hotel LLC, and Makena Wastewater Corp.	The sale included the 310-room Maui Prince Hotel, two 18-hole, Robert Trent Jones, Jr.-designed Makena Golf Courses, approximately 1,317 acres of vacant land, and the stock of Makena Wastewater Corp.
Four Seasons Aviara. Carlsbad	N/D	329	Feb-07	Broadreach Capital Partners	Aviara Resort Associates	Acquired a majority ownership. Completed in 1998, Aviara contains 329 rooms & suites, an 18-hole Arnold Palmer-designed golf course, a 15,000 square-foot spa and 20 acres of developable land.
Houston Sofitel Hotel (renamed Crowne Plaza Houston North Greenspoint)	N/D	334	Jan-07	The Carlyle Group/Davidson Hotel Company Joint Venture	Accor Worldwide