New Hotel Breaks Ground in Seattle

1 Hotel & Residences begins work on 23-story facility in downtown Seattle

Avalon Holdings is a commercial and residential real estate developmentfirm based in Portland , OR. The firm was established in 2000, and was createdspecifically to focus on luxury, urban mixed-use and resort developments. President Paul Brenneke draws on his collective experiences in all real estatefaculties, which include hotel, condominium, spa and retail to envision acomplete lifestyle within a single mixed-use community and has been a pioneerin this arena with one of the first urban hotel/spa/condominiums on the WestCoast. As the vision behind such developments as the Avalon Hotel & Spa in Portland , OR, designated as the only Oregon member of Small Luxury Hotels ofthe World, the firm has earned national recognition for its upscale, urbanenvironments using the latest in luxury design for its condominium projectsand world's top management for its hotels and facilities.

Starwood Capital Group Global LLC

Starwood Capital Group has been a leader in real estate investments since1991. Its international investor base includes some of the United States 'largest state and corporate pension funds, endowments and foundations andhigh-net worth families from around the world. During the past fifteen years,Starwood Capital and its affiliates have invested approximately $6 billion ofequity capital in transactions representing over $30 billion of asset value.Starwood has closed and/or advised on more than 250 transactions and hasacquired equity interests in residential and multifamily, hotels, office,retail and industrial space, golf and leisure-related properties. Starwood'spast and current investments include the acquisition or formation and growthof several market leading companies including Groupe Taittinger and Societe duLouvre, Europe's second largest hotel network; iStar Financial, the leadingpublicly traded finance company specializing in commercial real estatemortgage, mezzanine and net lease financing; Starwood Hotels & ResortsWorldwide, a leading global owner/operator of hotels; Mammoth Mountain SkiArea, the leading four season resort in California; and National GolfProperties/American Golf Corporation, the largest owner/operator of golfcourses and related facilities in the U.S. Starwood Capital Group no longerowns an equity stake in either iStar Financial or Starwood Hotels.

1 Hotel & Residences is a 560,000 square foot, 23-story, full-block,mixed-use development bounded by Second and Third avenues and Pine and Stewartstreets. It will house 10 floors of unparalleled condominium residences, aneco-friendly luxury hotel, restaurant and urban grocer, athletic club and dayspa, and a parking garage for 800 -- in short, downtown Seattle's mostcomplete lifestyle. For more information, call AvStar Seattle LLC at (206)256-1600 or visit the web site at

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