Anglo Irish Bank Finances Acquisition and Conversion of the Sheraton Colony Square to the W Hotel Atlanta - Midtown.

BOSTON -- Anglo Irish Bank recently finalized $71.4 million in financing for the acquisition and renovation of the Sheraton Colony Square in Atlanta. Noble Investment Group and its joint venture partner AEW Capital Management, L.P. acquired the hotel on behalf of AEW Partners V, L.P., the fifth in AEW's series of real estate opportunity funds. The hotel will be completely renovated over the next 12 months and will reopen as a W Hotel in late 2007. The 28-story, 462-room hotel is located at the center of Midtown Atlanta at the corner of Peachtree and 14th Streets.

"The team at Anglo Irish Bank has been great to work with," said Marc Davidson, portfolio manager for the AEW Partners Funds and Mit Shah, CEO of Noble Investment Group. "They have been very flexible in meeting our needs on this complex redevelopment, and their responsiveness has made the process streamlined and painless."

Tony Campbell, president and chief executive officer of Anglo Irish Bank's North America operations, stated, "We look forward to working closely with these two high caliber sponsors in the financing and renovation of the future W Atlanta - Midtown. The sponsorship combined with the excellent location and asset quality were key factors in our decision to support this deal."

Noble Investment Group is a leading national hospitality organization that invests in luxury and upscale hotels, resorts and convention/conference centers, is a pre-eminent developer of first class hospitality and mixed use developments as well as an award-winning operator of independent destination resorts and upscale hotels affiliated with Marriott, Starwood, Hilton, Hyatt and InterContinental Hotels Group. Currently, Noble operates more than 7,000 hotel and resort guest rooms including over 800,000 sq. ft. of meeting space, convention and conference centers, championship golf courses, spas, and fine dining operations. Since 1979, Noble and its predecessors have developed and acquired over $1.4bn in hospitality assets. In the past year, the company began development on and acquired an aggregate of $500 million in hospitality investments.

Founded in 1981, AEW Capital Management, L.P. provides real estate investment management services to investors worldwide. AEW actively manages portfolios in both the public and private property markets and across the risk/return spectrum. Currently, AEW and its affiliates manage over $24 billion of capital, which is invested in approximately $33.5 billion of real estate and securities in North America and Europe, on behalf of many of the world's leading institutional and private investors. Headquartered in Boston, AEW also has an office in Los Angeles and affiliate offices in 10 major European cities.

Anglo Irish Bank is Ireland's third largest bank and the fourth largest company listed on the Irish Stock Exchange. The bank operates in three core areas - business lending, treasury and wealth management. The Bank's long established reputation is built on successful long-term relationships, service quality and certainty of deal execution, a business model which has been the foundation for their sustained market leading performance.

The group operates in North America through representative offices in Boston and New York offering a variety of financing options in the acquisition, construction or refinancing of all types of commercial real estate. The group's North American business, approaching its 10th year in operation, has originated loans in excess of $12 billion and at their last reporting date of March 31st 2006 had current outstanding commitments of $4.5 billion. For more information about Anglo Irish Bank, visit the company's Web site at www.angloirishbank.com.

Property photo available upon request.