Miami Lodging Report from Jones Lang LaSalle Hotels

With more than 3000 new luxury hotel rooms planned for the Miami lodging
market by 2003, some hospitality and tourism executives have expressed fears
of oversupply in Miami's luxury lodging segment. Executives at Jones Lang
LaSalle Hotels believe that the concerns are unfounded, and that Miami will
mimic what occurred in the Las Vegas lodging market – they built it and
people came.

Jones Lang LaSalle Hotels predicts that this new supply forms a critical
mass of luxury hotel product and by 2004/2005 there will be demand/supply
equilibrium in the market. Here are the reasons why:

— Success of the boutique segment proves that further upscale hotel product
will be easily absorbed.

— New supply coupled with the expansions of the convention centers is also
expected to induce demand currently being served in other corporate and
convention markets.

— The increase in luxury product will elevate Miami and further its
reputation as a hot spot for the rich and famous.

In 2001, in the Florida market alone, Jones Lang LaSalle Hotels
— Recently arranged the sale of its 50% partnership interest in The Peabody
Orlando to the Belz Partners Limited Partnership. (Aug. 2001)
— Negotiated the contract to have Starwood as operator of The Diplomat
Resort and Spa in Hollywood, Fla. (June 2001)
— Is arranging the sale of the Sanibel Harbour Resort and Spa in Ft.
— Is marketing a four-property hotel portfolio, which includes the Embassy
Suites Lake Buena Vista, Orlando, and the Embassy Suites Orlando
International Airport, also in Orlando.

Jones Lang LaSalle Hotels, the world's leading hotel investment services
group, provides clients with value-added investment opportunities and
advice. Its recent two-year success story includes the sale of 13,994 hotel
rooms to the value of US$1.4 billion in 48 cities and advisory expertise for
173,021 rooms to the value of US$32.6 billion across 343 cities. Jones Lang
LaSalle Hotels' services include transactions, mergers and acquisitions,
financial advice and capital raising, valuation and appraisal, asset
management, strategic planning, operator assessment and selection and
industry research. Jones Lang LaSalle (NYSE: JLL) is the world's leading
real estate services and investment management firm, operating across more
than 100 key markets on five continents.