DiNapoli Capital Partners

PCCP, LLC FORMS JOINT VENTURE WITH DINAPOLI CAPITAL PARTNERS FOR THE ACQUISITION OF HYATT REGENCY PHOENIX; A 696-ROOM FULL-SERVICE HOTEL IN DOWNTOWN PHOENIX

PHOENIX, July 18, 2008 - PCCP, LLC, an integrated real estate finance and investment management firm, in joint venture with Los Angeles-based DiNapoli Capital Partners has purchased the Hyatt Regency Phoenix in downtown Phoenix, AZ for approximately $96.0 million from Strategic Hotels and Resorts, Inc. The property is a 696-room, full-service hotel built in 1976 and extensively renovated in 1999. The 26-story hotel features an eight-story atrium in the lobby and has more than 48,000 square feet of function space in 30 meeting rooms. The property also includes four restaurants, an outdoor pool, health club and gift shop.

Jones Lang LaSalle represented the seller, Strategic Hotels and Resorts, Inc. Financing for the acquisition was provided by ING Real Estate, LLC.

"The joint venture plans to commence a major renovation of the rooms and common areas in order to make the property more competitive in the downtown market," said Rob Cohen, vice president with PCCP. "This investment was compelling because it presented an opportunity to purchase an asset with strong in-place cash flow at a discount to replacement cost."

The renovation is anticipated to be complete in 2009.

"The Hyatt Regency is well established in the marketplace and the hotel's location directly across the street from the recently expanded convention center is irreplaceable. This is an excellent opportunity to make a long-term investment in a city that is committed to expanding its role as a dominant business center in the Southwestern U.S.," stated Matthew DiNapoli, President and CEO of DiNapoli Capital Partners.

The convention center, directly adjacent to the Hyatt Regency, has undergone a $600 million renovation, significantly increasing its size from 550,000 square feet to 2.5 million square feet with construction completion expected in late 2008. This expansion will increase the number of city-wide conventions to over 50 events per year.

"Consummating this transaction is a testament to the strength and capabilities of our valued financial partners, PCCP, LLC and ING Real Estate, LLC," said Matthew Campbell, Vice President with DiNapoli Capital Partners.

About PCCP, LLC

PCCP, LLC is an integrated real estate finance and investment management firm with more than $4 billion in assets under management. PCCP's unique strategy is to provide both balance-sheet debt and equity to value-added and opportunistic middle-market real estate projects throughout the United States, with a focus on the western U.S. PCCP has invested more than $5.3 billion in properties and continues to seek value-added investment opportunities with proven operators seeking fast and reliable capital. Visit PCCP online at www.pccpllc.com

About DiNapoli Capital Partners

DiNapoli Capital Partners is a privately held real estate investment firm engaged in the acquisition, development and management of luxury hotels and commercial real estate assets. The firm was established by F. Matthew DiNapoli, a founding principal of the successful Marritz-Wolff Hotel Equity Funds. The firm employs a disciplined investment approach focused on value creation and capital preservation. Among the assets in DCP's portfolio are the Hyatt Regency San Francisco, the Hyatt Regency Phoenix, the Dallas Fairmont and the Hilton San Jose.

About ING Real Estate

ING Real Estate is an integrated real estate group focused on the development, financing and investment management of quality real estate in all major global markets with a total portfolio of over EUR 100 billion. ING Real Estate ranks among the world's leading real estate companies and serves a broad client base from offices in 21 countries in Europe, North America, Asia and Australia.

ING Real Estate is part of ING Group, a global financial institution of Dutch origin offering banking, investments, life insurance and retirement services to over 75 million private, corporate and institutional clients in more than 50 countries.

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