New Hotel to Be Built in Kirkland, Wash.

KIRKLAND, Wash.--(BUSINESS WIRE)--Jan. 12, 2006--Corbett Holt Properties, Inc. announces the formation of a joint partnership with investment group Taylor Clark, Inc. which will bring downtown Kirkland a new luxury hotel slated to open in March 2007. The independent, full-service hotel to be named The Heathman Hotel, Restaurant and Spa Kirkland (The Heathman Kirkland), will be located at 220 Kirkland Ave. in downtown Kirkland on the eastern shore of Lake Washington at Moss Bay. Exterior design renderings are available at www.kirklandhotelgroup.com.

Like its award-winning sister location, the historic Heathman Hotel in Portland, Ore., the Heathman Kirkland will provide guests with a unique Northwest luxury experience. Plans call for 91 deluxe guest rooms, a 3,000-square-foot spa, 3,000 square-feet of meeting space, and a 98-seat restaurant and bar which will showcase the freshest regional cuisine. A sub-level garage will provide 121 parking spaces for hotel and restaurant guests.

Careful consideration was given to architectural design and building materials to ensure that the Heathman Kirkland remains consistent with the city's elegant and historic buildings. Redmond-based Jensen/Fey Architecture and Planning, whose expertise includes hospitality projects, hand-selected details including arches and balconies, as well as brick and stucco finishes that enhance Kirkland's turn-of-the-century look. The spacious interior of the hotel and spa will be enhanced by Zena Design Group in Seattle to reflect a luxury standard that is uniquely Kirkland.

"Don Holt and Bill Corbett have been conducting business in Downtown Kirkland for more than 25 years, so we felt a deep obligation to design a building of which the community will be proud," said Jeff Jobe, GM of the Heathman Hotel who will also serve as the Regional General Manager. "As one of very few hotels ever to open in the downtown area, we've a remarkable opportunity to play a role in retaining the aesthetic integrity and contribute to the economic development of Kirkland."

"We are also very excited to add the Heathman Kirkland to our family. The Heathman Hotel in Portland is a landmark and an institution," continued Jobe. "It really speaks highly of the architects, designers and development team that we are so excited to share our history and our name with this project."

About Corbett Holt

Founded in 1982, Corbett Holt Properties, Inc. was founded by Hugh Corbett, Bill Corbett and Don Holt. Corbett Holt has managed, owned, renovated or constructed buildings ranging from office and retail to multi-unit and single residential. For the last 25 years, Corbett Holt has focused exclusively on commercial real estate.

About Taylor Clark Inc.

Founded in 1938, Taylor Clark Plc. is a London-based, family-owned property investment group. The group's investments include commercial, residential, and agricultural developments in the U.K. and North America. Taylor Clark Inc., the company's U.S. subsidiary, has invested in hotels and restaurants on the West Coast from British Columbia to Central California.

The Heathman Hotel

Built in 1927 and located in the heart of Portland's cultural district, this 150-room luxury hotel maintains strong partnerships with local arts and culture organizations. An independently owned property, the Heathman Hotel is a member of the Carino Collection and Historic Hotels of America. The Heathman was recently recognized for overall excellence in Conde Nast Traveler's 2005 Gold List and on the 2005 edition of Travel+Leisure's World's Best Hotels list. Please visit the hotel's Web site at www.heathmanhotel.com or call 503-241-4100 or 800-551-0011 for reservations.

CONTACT: Lane Marketing Kristen Siefkin, 206-441-7034 (Media contact) kristen@lanemarketing.com KEYWORD: WASHINGTONINDUSTRY KEYWORD: REAL ESTATE BUILDING/CONSTRUCTION TRAVEL PRODUCTSOURCE: The Heathman Hotel Kirkland

<<Business Wire -- 01/16/06>>

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