Coldwell Banker Commercial Orange Coast Completes the Sale for Radisson Valley Center Hotel.

Business Editors

NEWPORT BEACH, Calif.--(BUSINESS WIRE)--May 12, 2003

The Coldwell Banker Commercial(R) Orange Coast, a subsidiary of Real Estate Partners Inc., today announced that it closed an $18 million sale of Radisson Valley Center Hotels in Sherman Oaks, Calif.

Steve Patel, Managing Director -- Western Region, of the Coldwell Banker Commercial Hospitality Group represented both sides of the transaction located at 15433 Ventura Blvd., near the intersection of 101 and 405 freeway.

The buyer, BURBANK PARTNERS, LLC, purchased the 12 story, 180 Room facility for $18 million. The property consists of 123,000 square feet of improvement, including a 340+ parking space garage on 1.1 acres land.

"The marketing strategy from Coldwell Banker Commercial Orange Coast's Hospitality Group enabled us to reach key brokers and investors across the country, resulting in several competitive offers," said Mr. Sidney Caplan, President of Ventura Orion Motor Lodge Company.

"Located in an extremely high barrier to entry market, this hospitality property provides an excellent investment opportunity in today's challenging economy." Caplan also purchased the land through Coldwell Banker Commercial back in early 1960 to build the hotel.

The Coldwell Banker Commercial(R) Hospitality Group is comprised of the leading hospitality brokers and associates. Each member is a seasoned veteran in the hospitality industry with a deep commitment to providing their client exceptional real estate service. The Hospitality Group will assist clients in the following services: acquisitions, advisory services, Third-Party Property Management, appraisal and other Valuation Services, client representation, dispositions, market surveys and analysis, site searches and strategic real estate planning.

Coldwell Banker Commercial(R) is a registered trademark licensed to Coldwell Banker Real Estate Corp. The Coldwell Banker Commercial system has more than 500 commercial real estate offices with more than 3,000 sales associates throughout North America, South America, Europe, Africa, Asia and Australia. The Coldwell Banker Commercial system is an industry leader in providing commercial real estate solutions, serving the needs of tenants, landlords, sellers and buyers in the leasing, acquisition, disposition and management of all property types. Coldwell Banker Real Estate Corp. is a subsidiary of Cendant Corp. (NYSE:CD).

For additional information, contact Steve Patel directly at [e-mail] or call him at 818/700-1111 or visit the company's Web site at www.cbcrepca.com or contact the company at 877/915-3297.

Each office is independently owned and operated except offices owned and operated by NRT Inc.