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FOR IMMEDIATE RELEASE
June 16, 2007
For More Information:
Chris Schroder, SchroderPR, 404.872.7289
chris@schroderpr.com
Kay Younglove, Colonial Properties, 770.395.5200
KYounglove@colonialprop.com
COLONIAL PROPERTIES RENEWS, EXPANDS INTERCONTINENTAL HOTELS GROUP AT THREE RAVINIA DRIVE
ATLANTA, June 16, 2007 - Colonial Properties Trust (NYSE: CLP), a real estate investment trust, has renewed InterContinental Hotels Group's American headquarters for a 10-year extension of its lease at Three Ravinia Drive.
InterContinental Hotels Group (IHG) currently leases the top 12 floors of the 31-story Three Ravinia Drive, located at I-285 and Ashford-Dunwoody Rd. Along with the renewal of its lease, the company exercised an option to expand to two more floors, which will bring its total square footage in the building to over 361,000 square feet.
"We are delighted to renew and expand IHG's lease and to have such a highly regarded company remain the anchor for Three Ravinia," said Kay Younglove, Vice President, Colonial Properties Trust. "We are also very excited about the leasing momentum we've experienced. The IHG renewal and expansion, along with other recent transactions, bring the total of leases signed to over 17 floors in the last month alone, and the building occupancy up from 77 percent to 94 percent."
InterContinental Hotels Group (IHG) is the world's largest hotel group by number of rooms. IHG owns manages, leases or franchises over 3,700 hotels and more than 558,000 guest rooms in nearly 100 countries around the world.
The group owns a portfolio of well recognized and respected hotel brands including InterContinental Hotels & Resorts, Crowne Plaza Hotels & Resorts, Holiday Inn Hotels & Resorts and Holiday Inn Express. The group also manages the world's largest hotel loyalty program, Priority Club Rewards with over 30 million members worldwide.
Brad Armstrong, Frank Lyles and Chris Wagner of The Staubach Company represented Intercontinental Hotels and Younglove represented the ownership of Three Ravinia Drive, a joint venture of Colonial Properties Trust and DRA Advisors, Inc.
"We've been very pleased with our headquarters at Three Ravinia and felt that renewing and expanding our lease well before it expired in 2009 was the best business decision for us," said Stevan Porter, president of IHG Americas Division. "Colonial Properties worked with us to create the flexibility we required and to provide additional growth opportunities to meet our on-going business needs."
About Colonial Properties
Colonial Properties Trust is a multifamily-focused real estate investment trust (REIT) that creates additional value for its shareholders by managing commercial assets through joint venture partnerships and aggressively pursuing development opportunities. As of March 31, 2007, the company owned or managed 40,162 apartment units, 16.8 million square feet of office space and 12.3 million square feet of retail shopping space located in key Sunbelt states from Virginia to California. Headquartered in Birmingham, Ala., Colonial Properties is listed on the New York Stock Exchange under the symbol CLP and is included in the S&P SmallCap 600 Index. For more information, please visit the company's website at www.colonialprop.com.
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