Jones Lang LaSalle Hotels Appointed to Arrange Sale of 184-Room Mexican Resort

Puerto Vallarta, Mexico, July 23, 2003 – Jones Lang LaSalle Hotels will market the sale of the Solare Vallarta Sunset Bay Resort, a four-star, all-inclusive resort in Mexico's popular tourist region of Puerto Vallarta. This waterfront property sits on 12-miles of secluded beach and houses 184 guestrooms, including 24 suites. The Solare Vallarta Sunset Bay Resort is owner-operated and non-branded.

"The Solare is a well established resort in Puerto Vallarta," explained Gregory Rumpel, Senior Vice President of Jones Lang LaSalle Hotels. "Puerto Vallarta has become a prime destination for U.S. and Canadian tourists due to its beauty, extraordinary beaches and desirable, year-round weather. The resort is free and clear of brand management, highly accessible and would make an excellent entrée into the Mexican market for any hotel investor."

Solare Vallarta Sunset Bay Resort features three restaurants, three large connecting pools with ocean views, three restaurants, three bars, an open-air theatre, and special children's amenities such as a separate kiddie pool, open-air theater and a Kid's Club. As a destination, Puerto Vallarta offers a wide array of activities such as golf, whale watching and ecotourism while still considered a very "Mexican experience" and has been ranked the 8th most popular foreign city in the world by Condé Nast Traveler in 2001.

According to Christian Charre, Vice President of Jones Lang LaSalle Hotels, expansion opportunities exist for a new owner. "The resort is sited on 8.5 acres and has excess land where the room capacity could be doubled. The cost of new construction and construction finance in Mexico makes development challenging. Therefore, this resort is offered at a fraction to replacement cost."