Portman Holdings Expands Internationally

Major Deals and New Executives

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. October 14, 2008

ATLANTA, GA, Ocotber 3, 2006. Officials of Portman Holdings today announced that it is well along on developments in China, India and Korea in tandem with its U.S. activities, and is in discussions about future projects in the Middle East. Separately, the company said that, in support of its stepped up global development efforts, it has added three senior officers to its management team and opened a new office in India, to join the existing offices in Atlanta and Shanghai.

Development Update

China-Portman Holdings announced the formation of a joint-venture to develop Jian Ye Li, a 458,000 square-foot mixed-use, luxury project comprised of high-end residential, serviced apartments, retail and parking in a historically protected neighborhood in the Xuhui District of Shanghai at a cost of $105 million, with an opening expected in the first quarter of 2009. In addition, the company is in the early phases of a number of other projects in China.

India-The company has finalized a $150 million venture called Sansara to develop a portfolio of luxury serviced-apartments in major cities throughout India. Site acquisition, design of a prototype, selection of an operator and assembly of a dedicated team based in Mumbai are proceeding on schedule.

Korea-Portman Holdings has executed a project development agreement as a first step in the potential development of approximately 1,500 acres of reclaimed land from the Yellow Sea in Incheon, Korea. The company is lead developer of a consortium of Korean partners that is master-planning as much as 60 million to 70 million square feet of space with the first phase to include a 151-story mixed-used Incheon Tower, comprised of hotel, office, retail, and housing components. When completed, it will be the tallest building in Northeast Asia.

Key Executive Additions

The three new senior officers recently added to the company's management team are Alex Chui, W. Dean Wilkerson and Martin Taxson:

Alex Chui, Managing Director - China-Based in Shanghai, he will be responsible for Portman's real estate activities in China. This includes overall responsibility for the implementation of Jian Ye Li, as well as identifying and executing other transactions in major markets throughout China. "Alex has a broad development background that includes mixed-use, retail, hospitality, industrial and high-end residential," said Thomas Arasi, president of Portman Holdings. "We have a long track record in China, having developed the renowned Shanghai Centre mixed-use property, which consists of luxury apartments, office, retail, and the Portman Ritz-Carlton hotel. Furthermore, John Portman and Associates has designed some of the country's most exceptional luxury hotels, including the Portman Ritz-Carlton, The Westin Shanghai at Bund Centre and J.W. Marriott at Tomorrow Square in Shanghai, as well as the Park Hyatt at Beijing Yintai Centre and other projects in Jinan and Hangzhou."

Prior to joining Portman, Chui had a long and successful career as director and general manager at Sun Hung Kai Properties (SHKP) in China, where he reported directly to Walter Kwok, chairman of SHKP. Chui's primary responsibilities included actively sourcing and developing new investments for SHKP, ranging from residential to multi-use complexes, as well as acquiring and redeveloping distressed assets.

W. Dean Wilkerson, Senior Vice President of Construction-Based in Atlanta, he will have project management responsibility for many of the company's international projects. "Dean has more than 30 years of experience and adds great depth to our team in project-oversight," said Warren Snipes, executive vice president of Portman Holdings. "Functionally, he will provide centralized oversight and accountability for Portman's overseas project management activities and regional and on-site project directors. Previously, he was project director for HDC International, where he provided total program management for the design and construction of a $227 million hotel and convention center in Schaumburg, Ill., outside Chicago."

Martin Taxson, Senior Project Director-Headquartered in the company's Shanghai office, Taxson will be the Asia regional project director with overall responsibility for various projects in Asia, including Jian Ye Li. In this role, he will act as a liaison with on-site project managers and provide business development support. "Marty has tremendous international experience, including the Middle East, Russia and the Caribbean," Snipes said. "He knows all aspects of construction and has hands-on experience with hundreds of projects in the hospitality, office and government segments."

With a career spanning nearly four decades, Taxson most recently served as project director of the newest and most prestigious timeshare complex on Aruba, with overall development responsibility for the 450-unit villa development owned by Marriott Vacation Club International. "There are tremendous opportunities in development in the Far East due to the phenomenal economic growth taking place in countries such as China and India, and there is also growing interest in the Middle East," Arasi said. "With these additional 'boots on the ground,' Portman is well positioned to source a pipeline of attractive, large-scale deals and deploy the expertise to capitalize on opportunities."