SAN JUAN, PUERTO RICO, February 4, 2004 � Old San Juan Associates LP, SE today closed on the purchase of the 240-room Wyndham Old San Juan Hotel & Casino situated on the waterfront in the historic section of Puerto Rico�s capital.   Old San Juan Associates is a limited partnership that includes affiliates of Tishman Realty Corporation and Puerto Rico�s Hotel Development Corporation (HDC), a subsidiary of the Puerto Rico Tourism Company.  Affiliates of Tishman Realty, in joint venture with other investors, also own the Westin Rio Mar Beach Resort & Golf Club in Rio Grande on the Island. 
 

The new owners plan a $7-million upgrade of the hotel that will include complete guestroom and corridor renovation; upgrading the casino, including new slot machines; creating additional, prime, bay-front meeting space; and re-designing and relocating the indoor/outdoor restaurant.  Upon completion of the renovation, the brand will be converted to Starwood Hotels & Resorts� upscale Sheraton brand, marking the entry of Sheraton Hotels & Resorts into Puerto Rico.  FirstBank Puerto Rico is providing debt financing for the purchase and renovation of the property.  Simultaneously with the sale, Tishman

Wyndham Old San Juan Hotel & Casino 100 Brumbaugh Street San Juan, Puerto Rico

Of the sale, Jose M. Suarez, Executive Director of the Puerto Rico Tourism Company, said:   �This investment in Puerto Rico by a world-class owner/developer like Tishman Realty and an institutional investor indicates the continued strength and attraction of Puerto Rico as an international destination.  We are delighted to be in partnership with them, and I�m certain the transition to THC management will be a smooth one.� 

Other properties owned by Tishman affiliates include: The Walt Disney World Swan and Dolphin Resort Hotels in Orlando; The Hilton in the Walt Disney World Resort in Florida; the Sheraton Chicago Hotel & Towers; The Westin Chicago River North; The Westin New York at Times Square; the Four Points by Sheraton at Los Angeles International Airport; and the Westin Rio Mar Beach Resort & Golf Club.