Investment Continues in Serviced Apartment Sector

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BridgeStreet's Flagship London Properties Undergoing Refurbishment and Expansion

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We entered into a lease with BridgeStreet nearly 10 years ago for our new development at Wardrobe Place. We have found them to be exemplarily tenants, so when the opportunity came along for us to acquire additional property to extend the King's Wardrobe, we were more than delighted to put in the added investment for BridgeStreet and the high yielding model of serviced apartments.

BridgeStreet® Worldwide, a leading provider of serviced apartments, announces two new projects for properties in the City of London. The investments include the refurbishment of Tower View and the expansion of The King's Wardrobe with a further 23 apartments. Over the past several years, BridgeStreet has provided the owners of Tower View and The King's Wardrobe with a strong income return and confidence in the professional management of their assets.

"Despite the current economic conditions, property owners see further investment in serviced apartments as a way to increase asset value through optimum profits," commented Lee Curtis, president and CEO of BridgeStreet Worldwide. "BridgeStreet's brand strength coupled with its recognition as a superior operator allows the company to move forward with its expansion plans in this difficult environment."

Tower View's 32 studio- and one- bedroom apartments will feature totally revamped interiors and common areas. "BridgeStreet's bespoke design specifications ensure a stylish and economically feasible product that provides the owners with a maximum return on their investment," stated Stephen Hanton, BridgeStreet's chief operating officer and managing director of Europe, the Middle East and Africa (EMEA).

James Taylor, asset manager of the properties which are owned by an offshore Unit Trust commented "BridgeStreet's high quality service provision at this property has helped maintain occupancy rates above the norm. The Trust's investment in this refurbishment will further enhance the popularity of these well located apartments." The Trust has extended their agreement with BridgeStreet for a further six years.

The King's Wardrobe is situated in a tranquil and secluded courtyard off Carter Lane to the south of St Paul's Cathedral. The property, which offers both short and long term stays, is an extremely popular product in the BridgeStreet portfolio. Wardrobe Court has acquired the remaining three houses adjoining The King's Wardrobe and the abutting former office buildings fronting St Andrews Hill and thus will enable BridgeStreet to operate the entire courtyard as 92 serviced apartments. At a cost of £15 million, the new development will equate to a 33% increase in the number of apartments and will be built according to current high-end specifications yet maintain the Georgian style and historic ambiance of the courtyard.

The expansion, which is to be completed by spring 2010, will make The King's Wardrobe the largest purpose-built serviced apartment building in the City of London.

Richard Ashby, the managing director of Wardrobe Court, stated "We entered into a lease with BridgeStreet nearly 10 years ago for our new development at Wardrobe Place. We have found them to be exemplarily tenants, so when the opportunity came along for us to acquire additional property to extend the King's Wardrobe, we were more than delighted to put in the added investment for BridgeStreet and the high yielding model of serviced apartments."

"Our collaborative partnerships with property owners allow BridgeStreet to meet our inventory demand whilst creating a viable asset for years to come," added Hanton.

BridgeStreet Worldwide is a leading international provider of corporate housing. BridgeStreet and its Global Alliance members offer over 15,000 corporate 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.com or call 1-800-BSTREET.

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Kelly Murphy

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