Sydney, January 4, 2001 —Jones Lang LaSalle Hotels has arranged the sale of the Wentworth Hotel, the first post-Olympics hotel transaction in Sydney. One of Sydney's most famous properties, the hotel was sold on behalf of NMFM Property Pty Ltd to City Freeholds Pty Ltd prior to the new year for A$108 million.

"The sale demonstrates the level of investor confidence in the market for 2001 and beyond. The hotel market has posted solid performance results since the sharp Olympics spike, contrary to the anticipated downturn," said Geordie Clark, Executive Vice President, Jones Lang LaSalle Hotels who negotiated the sale.

The 4.5 star, 431-room property is enveloped by arguably Sydney's premier office buildings and in close proximity to Circular Quay and the Opera House. Having recently undergone an extensive refurbishment program in excess of $15 million, The Wentworth Hotel was highly coveted by both local and international investors.

City Freeholds Pty Ltd, a company associated with prominent Australian property investor Mr David Burger, has been considering the purchase of a Sydney asset for some time. The company previously lodged a bid for the Ritz-Carlton Double Bay.

Formerly owned by Qantas, The Wentworth Hotel was Australia's largest international hotel upon its opening in 1966. An architectural icon, the hotel is famous for its unique semi-circular shape and is believed to be the tallest brick building in the southern hemisphere.

NMFM Property purchased the property as the Sheraton Wentworth but subsequently appointed Rydges Hotels & Resorts as operators in 1996.

Jones Lang LaSalle Hotels is the largest and most qualified specialist hotel investment banking services group in the world. Through its 17 dedicated offices and the global Jones Lang LaSalle network of 6,000 professionals across more than 100 key markets in 35 countries, Jones Lang LaSalle Hotels is able to provide clients with value added investment opportunities and advice.

Jones Lang LaSalle Hotels recent two year success story included the sale of 17,027 hotel rooms to the value of US$2.2 billion in 75 cities and advisory expertise for 200,036 rooms to the value of US$29.8 billion across 278 cities. Jones Lang LaSalle Hotels' services include transactions, mergers & acquisitions, financial advice & capital raising, valuation & appraisal, asset management, strategic planning, operator assessment & selection and industry research.

Fiona Cregan
+612 9220 8786
Jones Lang LaSalle Hotels (Australia)