New Hotel Breaks Ground in Seattle

SEATTLE , June 11 /PRNewswire/ -- AvStar Seattle LLC, a joint-venturepartnership between Portland-based Avalon Holdings and international realestate development firm Starwood Capital Group Global LLC, has broken groundon 1 Hotel & Residences, its 23-story, mixed-use development at Second Avenueand Pine Street in downtown Seattle . Upon its completion, expected by thesecond quarter of 2009, the building is expected to become the inauguralproperty under the 1 brand, which will set a new standard in environmentallyconscious luxury living globally by combining extraordinary five-star serviceand features with the best of environmentally sustainable architecture andinterior design.

The majority of the Seattle hotel's 110 City Suites and 98 condominiumsare already under reservation for priority presales -- the public sales debutis scheduled for September 2007 . Hotel guests and residents will be treated toan unmatched combination of green construction and operational componentsconsistent with Seattle's environmentally sensitive lifestyle, all amid anextravagant hospitality experience.

"The opportunity to bring this project on line at a time when Seattle istransforming itself into a top-tier American city is extremely gratifying,"says developer Paul Brenneke, president and CEO of Avalon Holdings. "And tooffer thoughtful design while simultaneously supporting Seattle's leadershipin global sustainability -- all in the context of community -- has been worthall the time and effort."

The $200 million project will redefine mixed use for Seattle . At 560,000square feet and 23 stories, 1 Hotel & Residences will house 10 floors ofspectacular condominium residences that range in size from 800 square feet tomore than 6,800 square feet; an eco-friendly, luxury 1 Hotel; a 40,000 squarefoot full-service athletic club and an 8,000 square foot day spa; a restaurantand specialty grocer that promotes organic, local and sustainable ingredientsin tune with the building's environmental conscience.

The project was designed by Sienna Architecture, with the public spaces,restaurant and hotel room interiors designed by Yabu Pushelberg. PCLConstruction Services, Inc. is the contractor, with structural engineeringservices provided by KPFF Consulting Engineers and landscape design by BergerPartners. Design-build services are provided by PSF Mechanical, AuburnMechanical and Nelson Electric. Avalon Holdings provides constructionmanagement.

The 1 Hotel brand is the latest innovation from Starwood Capital Chairmanand CEO Barry Sternlicht. Mr. Sternlicht 's previous trend-setting hospitalitycreations included the W Hotel chain, the first hotel brand to combine aunique, hip and useful urban style with superior service and facilities forbusiness travelers, and the Westin Heavenly Bed, bath and suite of products,which he introduced during his nearly 10 years as founder, Chairman and CEO ofStarwood Hotels.

Consistent with Mr. Sternlicht 's desire to create the world's first five-star, eco-friendly global hotel brand, the National Resources and DefenseCouncil (NRDC) will serve as an environmental advisor on each 1 Hotel project,including Seattle , with the goal of helping set a new standard forenvironmental excellence in the hospitality industry. Green Building Servicesof Portland and Sienna Architecture's in-house green design expert are alsoserving as consultants for the project.

As with all 1 Brand projects, the 1 Hotel & Residences Seattle will be aLEED-certified project. The LEED rating system was created by the U.S. GreenBuilding Council and is the nationally accepted benchmark for the design,construction and operation of high performance green buildings. The propertywill also donate one percent of its revenue to local environmentalorganizations chosen by a steering committee with NRDC representation.

Avalon Holdings

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 http://www.1residences.com.


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