Jones Lang LaSalle Hotels Arranges Sale of Luxury Hotel in French Alps

Paris, August 23, 2001 - On behalf of Colony Capital, Jones Lang LaSalle
Hotels arranged the sale of the four-star luxury Mt. Vallon hotel in
Méribel, in the heart of the French Alps. The hotel was sold to French
owner-operator Alp A'zur Hôtels for EUR13.7 million (US$12.5 million).
Renowned in the four-star winter resort market, Mt. Vallon is ideally
located in one of the largest ski resorts in the world, Les Trois Vallés.

The sale generated strong interest from both French and international
investors, owner-operators as well as private investors, notably British and
American, stated Yves Marchal, Director of Jones Lang LaSalle Hotels in
Paris. Hotel operating chains that were not initially interested in
seasonal leisure hotels are now looking to complement their city center
product with leisure-orientated properties.

The product represented a rare find. Available land for well-located
luxury accommodations in Europe's ski resorts is limited. In addition, Mt.
Vallon boasts 92-rooms, which few competitor hotels can match, said
Marchal. The hotel attracts guests in both the summer and winter months,
which heightened investor interest in the property.

The new owner, Alp A'zur, is a hotel owner operator specializing in the
French leisure market. Its 11 high-standard hotels are mostly based in two
locations: St Tropez and Courcheval. This hotel acquisition fits perfectly
with the strategy of the group, which, according to Renè Guth (the founder
and head of the Alp A'zur), is focused on the upscale market.

The hotel's location at the foot of the ski slopes is excellent. Built as a
large, traditional Savoy chalet, the hotel combines a warm authentic
atmosphere with all modern conveniences expected by affluent international
guests. The hotel includes 92 rooms and suites, two restaurants with a
large outdoor south-facing terrace, a bar, fitness club with pool, Turkish
baths, sauna, massage rooms, a squash court, night-club, meeting rooms and
two shops.

The recently renovated hotel has been repositioned to target individual
leisure customers and still has upside potential for increasing investor
value.

Jones Lang LaSalle Hotels, the world's leading hotel investment services
group, provides clients with value-added investment opportunities and
advice. Its recent two-year success story includes the sale of 13,994 hotel
rooms to the value of US$1.4 billion in 48 cities and advisory expertise for
173,021 rooms to the value of US$32.6 billion across 343 cities. Jones Lang
LaSalle Hotels' services include transactions, mergers and acquisitions,
financial advice and capital raising, valuation and appraisal, asset
management, strategic planning, operator assessment and selection and
industry research. Jones Lang LaSalle (NYSE: JLL) is the world's leading
real estate services and investment management firm, operating across more
than 100 key markets on five continents.

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