Hines Sells Commercial Portion of Aspen Highlands Village

(ASPEN, CO) – Hines, the international real estate firm, announced today that along with its partner in Hines Highlands Limited Partnership, Bell Mountain Partners - which also owns Aspen Skiing Company, they have sold their commercial component of Aspen Highlands Village in Aspen, CO, to Eastwood Properties, which is controlled by Jordan Sarick.

The sale includes 23,507 square feet of commercial space at the base of Aspen Highlands Ski Resort, which is located three miles west of Aspen. Terms of the sale were not disclosed.

Completed in 2001, the Aspen Highlands Village mixed-use development includes retail, restaurants, townhomes, community housing, single-family homes and skier facilities in a village setting at one of North America’s premier ski mountains.

Aspen Highlands Village was master planned by the architectural firm of Robert A.M Stern Architects LLP.

Jordan Sarick is the President of Eastwood, a family-owned real state development and investment company with active projects and assets in the United States and Canada. Eastwood has been involved in a number of Aspen-area projects, including most recently, construction of the Thunderbowl Townhomes at Aspen Highlands and the development of Cerise Ranch. For further information about Jordan Sarick, please visit http://www.sarick.com, or call 970/925-1931. For further information about the Thunderbowl Townhomes, please contact Ed Foran, Mason Morse Real Estate, at 970/948-5704.

Aspen Skiing Company operates the four mountains in the Aspen/Snowmass area –Snowmass, Aspen Mountain, Aspen Highlands and Buttermilk – as well as the award-winning Ski & Snowboard Schools of Aspen/Snowmass. The area offers unparalleled nightlife and off-slope activities as well. Aspen/Snowmass is accessible by two of the most convenient airports in the mountains – Aspen/Pitkin County Airport (ASE) (three miles from Aspen) and Eagle County Airport (EGE) (70 miles from Aspen). For more information on Aspen Skiing Company, please call 800-525-6200 or 970-925-1220, or visit the company’s Web site at www.aspensnowmass.com.

In addition to Aspen Highlands, Hines is known for other resort properties it developed in Colorado such as Five Trees in Aspen, River Valley Ranch in Carbondale and Zephyr Mountain Lodge in Winter Park.

Hines entered the Denver market in 1983 with the development of the 52-story Wells Fargo Center (aka the Cash Register building), and in 1999, the firm developed the 13-story 4600 South Syracuse building in the Denver Tech Center.

In Denver, Hines is currently developing 1515 Wynkoop, an eight-story office building in LoDo.

Hines is a privately owned real estate firm involved in real estate investment, development and property management worldwide. The Hines portfolio of projects underway, completed, acquired and managed for third parties includes more than 1,000 properties representing approximately 416 million square feet of office, residential, mixed-use, industrial, hotel, medical, retail and sports facilities, as well as large, master-planned communities and land developments.

With offices in 68 U.S. cities and 15 foreign countries, and controlled assets valued at approximately $19.9 billion, Hines is one of the largest real estate organizations in the world. Visit www.hines.com for more information.

Contact Hines

Headquarters

Global Headquarters

2800 Post Oak Blvd.
Houston, TX 77056-6188
United States
713 621 8000
Contact Hines

European Headquarters

5 Welbeck St.
London W1G 9YQ
United Kingdom
44 20 7292 1900
44 20 7292 1901 fax

Regional Offices

U.S. East Region

345 Hudson Street
12th Floor
New York, NY 10014
United States
212 230 2300

U.S. Midwest Region

444 West Lake Street
Suite 2400
Chicago, IL 60606
United States
312 419 4900

U.S. Southeast Region

5 Ravinia Dr NE
Atlanta, GA 30346
United States
770 206 5300
770 206 5325 fax

U.S. Southwest Region

609 Main St.
Suite 4400
Houston, TX 77002
United States
713 237 5600

U.S. West Region

101 California Street
Suite 1000
San Francisco, CA 94111-5894
United States
415 982 6200
415 398 1442 fax

Asia Pacific Region

101 California Street
Suite 1000
San Francisco, CA 94111-5894
United States
415 982 6200
415 398 1442 fax

Eurasia Region

Gasheka Street 6
Ste. 820
Moscow 125047
Russia
7 495 785 05 00

European Region

5 Welbeck St.
London W1G 9YQ
United Kingdom
44 20 7292 1900
44 20 7292 1901 fax

International Offices

Australia

20 Hunter St
Level 11
Sydney, NSW 2000
Australia
61 2 9231 2167

Brazil

Av. das Nações Unidas, 12901
Torre Norte - 6 ° andar
São Paulo 04578-910
Brazil
55 11 5504 7600

Canada

200 King Street West
Suite 1805
Toronto, ON M5H 3T4
Canada
416 595 1949

China

Hyundai Motor Tower Suite 333
38 Xiaoyun Road, Chaoyang District
Beijing, PRC 100027
China
8610 8453 8855
8610 8453 9866 fax

France

66 Avenue Charles de Gaulle
Neuilly-sur-Seine, IDF 92522
France
33 1 41 45 80 80
33 1 41 45 80 81 fax

Germany

Hardenbergstraße 28a
D-10623 Berlin
Germany
49 30 726241 100
49 30 726241 109 fax

Greece

Voukourestiou 19
Athens 106 71
Greece
30 210 364 7895

India

One Horizon Center
12th Floor
Gurgaon, Haryana 122002
India
91 124 480 2222

Ireland

Block 2, First Floor
Clanwilliam House, Clanwilliam Place
Dublin 2
Ireland
353 1 7999900
353 1 7 999931 fax

Italy

Via Manzoni 5
Milan 20121
Italy
0039 02 8962921

Luxembourg

35 F, John F. Kennedy
Luxembourg L-1855

352 264 337 1
352 264 337 37 fax

Mexico

Torre del Angel
Reforma 350
Mexico D.F. 06600
Mexico
52 55 52428809

Panama

Torre B Piso 15
Torre de las Americas
Punta Pacifica, Panama City
Panama
507 028 20 7375
507 300 99 75 fax

Poland

Prosta Street 68
Warsaw 00-838
Poland
48 22 351 2400
48 22 351 2401 fax

Russia

Gasheka Street 6
Ste. 820
Moscow 125047
Russia
7 495 785 05 00
7 495 785 05 10 fax

Spain

Sor Ángela de la Cruz, 2° - 2° C
Edificio Cuzco III
Madrid 28020
Spain
34 91 703 00 23
34 91 359 89 71 fax

South Korea

Glass Tower, Level 20
534 Teheran-ro, Gangnam-gu
Seoul 06181
Republic of Korea
82 2 6138 3840

United Kingdom

5 Welbeck St.
London W1G 9YQ
United Kingdom
44 20 7292 1900
44 20 7292 1901 fax