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.