BridgeStreet Continues Expansion in India with 10-Year Silverglades Agreement

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. September 20, 2013

HERNDON, VA - September 20, 2013 - Global hospitality leader BridgeStreet Residences, Serviced Apartments and Suites announces the recent signing of a 10-year International Franchise Agreement with Everlike Buildcon Pvt. Ltd., a group company of Silverglades, for Merchant Plaza in Sector 88 of Gurgaon, India, in its efforts to grow in the emerging market. Continuing to heighten BridgeStreet's presence on a global scale by expanding in broader markets, the agreement is a product of the company's master collaboration contract with JNB Group.

“It is important for BridgeStreet to acknowledge this burgeoning market and place emphasis on our continued expansion in India as shown through our contract and close working relationship with JNB Group, our prior franchise entry into the market and now this strategic extended relationship with such a renowned company as Silverglades,” said Sean Worker, chief executive officer of BridgeStreet. “Our development team is thrilled with the growth in Gurgaon and we look forward to the success of this deal and those to come throughout the region.”

The 2.75-acre Merchant Plaza development is a mixed-use 192-unit property including 2.5 million square feet of serviced apartments, hi-street retail and commercial spaces, offering amenities like a pool and gym. Located on the Dwarka Expressway, the project offers connectivity to the IGI airport and the national capital. Merchant Plaza is the latest offering from the Group Silverglades. The company has been a pioneer in the Indian reality and has developed a number of landmark projects in and across Delhi NCR. “This strategic tie up with BridgeStreet will not only ensure smooth management and seamless operations but it would also provide impeccable services to the occupants and the guests. The Project is expected to be operational by 2018," Said Mr. Anubhav Jain, Director Group Silverglades.

JNB Group will be managing the property comprised of 168 studios, 16 one-bedroom and eight two-bedroom units slated to open in 2017. The deal also includes the potential for two additional 10-year renewal terms.

BridgeStreet is a leading global hospitality company, providing an alternative to standard hotel accommodations with more than 50,000 fully appointed apartments in more than 60 countries. BridgeStreet's furnished residences, serviced apartments and suites are strategically-situated in key metropolitan locales ideal for business and pleasure, combining the luxuries of spacious apartment living with the benefits of hotel amenities. With nightly and extended stay options, BridgeStreet offers accommodations solutions for temporary assignments, relocation, training and medical services, as well as leisure travel. Widely recognized for uncompromising standards of quality, comfort and service, BridgeStreet is a renowned award winner in both the Americas and EMEA.

For more information on BridgeStreet, visit www.bridgestreet.com or call 1(800) 278-7338 / +65 9018 6111. Also visit www.silverglades.com or call +91 124 4550300 for more information on Silverglades Group.