BridgeStreet Worldwide to Manage Liberty Apartments in Jersey

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Awarded exclusive management of luxury serviced apartment development in St. Helier, Jersey

BridgeStreet: Serviced Apartments

We hope this will be the first of many projects whereby Harcourt and BridgeStreet Worldwide can continue to partner.

BridgeStreet Worldwide, a leading international provider of serviced apartments, has been awarded a 15-year management agreement by Harcourt Developments for Liberty Apartments - a 63-unit property located in St. Helier, Jersey. The management agreement for Liberty Apartments represents BridgeStreet Worldwide's continued commitment to expand its global portfolio of purpose-built and operated serviced apartment properties.

Situated in Liberty Wharf, at the heart of Jersey's waterfront revitalisation, the building project is scheduled for completion in April 2008. The area's flourishing business community and affluent leisure travelers have resulted in a growing demand for serviced apartments. Guests of Liberty Apartments by BridgeStreet Worldwide will enjoy stylish, fully furnished apartments in an ideal location with convenient access to shopping, dining and entertainment options.

"We are extremely excited to have been Harcourt Developments' first choice as serviced apartment operators for Liberty Apartments" said Max Thorne, BridgeStreet Worldwide's vice president of development EMEA. "We hope this will be the first of many projects whereby Harcourt and BridgeStreet Worldwide can continue to partner."

BridgeStreet Worldwide operates a number of different management models which are designed to be flexible and unique to each property and owner. "We assist in developing and initiating a business model to achieve the owner's objectives" said Thorne. "We continuously evaluate the performance of individual assets to maximize their profitability and yield."

"We are delighted to have entered into a management contract with BridgeStreet Worldwide" said Pat Power, director of Harcourt Developments. "As a leading serviced apartment operator throughout Europe and around the globe, BridgeStreet Worldwide has an established reputation for increasing revenues and improving asset value - this made them a convincing choice to manage Liberty Apartments"

Stephen Izatt, Managing Director, Waterfront Enterprise Board also highlighted the benefits the apartments will bring to the area. "Serviced apartments are an important part of the user mix in Liberty Wharf. They will add to the vibrancy of the waterfront area as well as providing a great service for visitors to the island. The provision of local jobs is also a welcomed benefit to the area."

BridgeStreet Worldwide is expertly skilled to provide consultation and services to property owners, serviced apartments operators, real estate developers and investors throughout Europe. Additional information about BridgeStreet Worldwide's operational and brand management programmes may be obtained by contacting Max Thorne at 44 (0) 20 7792 2222 or max.thorne@bridgestreet.com.

BridgeStreet Worldwide is a leading international provider of serviced apartments.

BridgeStreet and its Global Alliance Partners offer over 15,000 serviced apartments located throughout the United States and 50 cities internationally. An award winner both in the U.S. and Europe, BridgeStreet properties meet uncompromising standards of quality, comfort and service. For more information about the company or to learn more about how BridgeStreet is Making Serviced Apartments Easy, visit http://www.bridgestreet.co.uk or call 44 (0) 20 7792 2222.

Contacts:
Omar Hadjel
BridgeStreet Worldwide
44 (0) 20 7313 2824
omar.hadjel@bridgestreet.com

Jennifer Brand
Crosby Volmer
01 202 232 6579
jbrand@crosbyvolmer.com

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Omar Hadjel

Jennifer Brand
Crosby Volmer
01-202-232-6579
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