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News release

ST. LOUIS, MO

Jones Lang LaSalle Secures $59 Million Financing for Market-Leading Luxury Hotel and Residential Complex

Behringer Harvard refinances iconic Chase Park Plaza in St. Louis, Missouri


ST. LOUIS, Dec. 12, 2011 — Jones Lang LaSalle and Jones Lang LaSalle Hotels today announced the firm has facilitated the $59 million financing of the Chase Park Plaza, on behalf of Behringer Harvard and Kingsdell, LP.  The floating rate financing was secured through Prime Finance and will replace the existing debt that has come to maturity.

Leading the firm’s efforts on this transaction was Executive Vice President Mathew Comfort and Senior Vice President Keith Largay, along with Managing Director David Hendrickson and Vice President John Nugent. 

“The Chase Park Plaza is an irreplaceable luxury hotel that is on the cusp of capitalizing on the resurgence in demand and upturn of the St. Louis lodging market,” said Comfort. “Anticipated gains in the coming years represent a substantial opportunity for Behringer Harvard to capitalize on both increased RevPAR and NOI growth.” 

Based in the Dallas-Fort Worth Metroplex, Behringer Harvard creates and manages global institutional-quality alternative investment programs that have attracted equity of more than $5 billion and made investments into more than $11 billion in assets.

 “This is an exceptional financing opportunity for Behringer Harvard. It’s not everyday that a mixed-use property like Chase Park Plaza comes to market,” said Largay. “This is a complex asset with multiple sources of incomes and we were able to secure excellent loan terms through a very creative competitive process."

Chase Park Plaza, dubbed a “city within a city,” features 338 hotel rooms, 82 condo units and 51 corporate apartments. Located in the vibrant Central West End of St. Louis, the property has five prime food and beverage outlets, 35,000 square feet of retail space that includes the Salon and Spa at Chase and a full-fledged athletic facility. The property was fully renovated through a $200 million capital infusion into the guestrooms, common areas, residential tower and condominium units.

About Jones Lang LaSalle Hotels
Jones Lang LaSalle Hotels, the first and leading global hotel investment services firm, is uniquely positioned to provide the depth and breadth of advice required by hotel investor and operator clients, through a robust and integrated local network. In 2010, Jones Lang LaSalle Hotels provided sale, purchase and financing advice on $4.1 billion worth of transactions globally. In addition, advisory and valuation services were provided on over 1,000 assignments. The global team comprises over 225 hotel specialists, operating from 39 offices in 20 countries. The firm's advice is supported by a dedicated global research team, which produced 70 publications in 2010 in addition to client research. Jones Lang LaSalle Hotels' services span the hospitality spectrum; from luxury single assets and large portfolios to select service and budget hotels, resorts and pubs. Services include investment sales, mergers and acquisitions, capital raising, valuation and appraisal, asset management, strategic planning, operator selection, management contract negotiation, consulting, industry research and project development services. Jones Lang LaSalle Hotels' clients have access to the resources of its parent company, Jones Lang LaSalle (NYSE: JLL). www.joneslanglasallehotels.com

About Jones Lang LaSalle
Jones Lang LaSalle (NYSE:JLL) is a financial and professional services firm specializing in real estate. The firm offers integrated services delivered by expert teams worldwide to clients seeking increased value by owning, occupying or investing in real estate. With 2010 global revenue of more than $2.9 billion, Jones Lang LaSalle serves clients in 70 countries from more than 1,000 locations worldwide, including 200 corporate offices.  The firm is an industry leader in property and corporate facility management services, with a portfolio of approximately 1.8 billion square feet worldwide. LaSalle Investment Management, the company’s investment management business, is one of the world’s largest and most diverse in real estate with $47.9 billion of assets under management. For further information, please visit our website, www.joneslanglasalle.com.