City of West Hollywood Thrilled at Plans for Two Internationally-Branded Hotels on Historic Sunset Strip.

Business Editors

WEST HOLLYWOOD, Calif.--(BUSINESS WIRE)--June 30, 2003

The City of West Hollywood applauded the announcement today of an agreement between Sunset Millennium Associates, LLC, a unit of Apollo Real Estate Advisors L.P. and Wolff Urban Management, Inc. to develop two internationally-branded hotels on the world-famous Sunset Strip.

According to the contract, Wolff Urban Management will own, operate and asset manage two internationally-branded hotels on the south side of Sunset Boulevard, adjoining La Cienega Boulevard to the east and west. The development will be part of Sunset Millennium's mixed-use project in West Hollywood, California.

"We are pleased that Mr. Wolff shares our vision for enhancing the prestige of the renowned Sunset Strip," said West Hollywood Mayor Jeffrey Prang.

"Major hotels on the Sunset Strip would be the jewels in the crown," said Mayor Pro Tempore John Duran. "We will carefully review the proposals to balance economic development of the Sunset Strip with the needs of our residents," he continued.

Councilmember John Heilman said, "Mr. Wolff has experience with high-end development and I feel he will add to this exciting project."

"We are extremely pleased to have a hotel developer of Mr. Wolff's stature partnering with Apollo Investments to advance the Sunset Millennium project," said City Manager Paul Arevalo. "We believe that his hotels will add to the vibrancy of the historic Sunset Strip," he continued.

The proposed project's estimated value is approximately $300 million, including the cost of the hotels, estimated at more than $60 million. Groundbreaking is scheduled for early 2004, subject to city approvals, with completion anticipated in 2005.

For more information, contact Ray Reynolds, the City's Director of Economic Development, at 323/848-6354.