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Actus Lend Lease-led Public-Private Venture to Implement $600 million Phase, Second Phase of Army Lodging Program

Second phase adds 5,000 rooms across 11 installations, including Fort Wainwright

Nashville, Tenn. - November 29, 2010 - Lend Lease Corporation Limited ("Lend Lease") announced recently that Actus Lend Lease ("Actus"), a leader in public-private community development that includes North Haven Communities, the military family community located on Fort Wainwright, has been asked to implement the second phase of a program to renovate, develop and sustain on-post lodging facilities at 11 more U.S. Army installations through the Privatization of Army Lodging (PAL) program.

Fort Wainwright is one of the 11 installations included in the PAL program's second phase, which will transfer approximately 5,000 rooms to the project, complementing the planned 4,000 rooms in the first phase and bringing the total room count to over 9,000 rooms. InterContinental Hotels Group (IHG), the world's largest hotel group, is the hotel operator for the project.

The PAL program, which is being executed in three phases, is part of an ongoing initiative of the U.S. Army to improve the quality of life for Soldiers, their families and government travelers. The second phase will invest approximately $350 million in development and construction services into the approximately 5,000- room portfolio. As part of the transaction, an additional $250 million will be spent at the existing hotels in the program's first phase. Actus Lend Lease will arrange up to $1 billion in financing to complete the transaction, which is expected to reach financial close in the second half of 2011.

Actus Lend Lease financially closed on the first phase of the PAL project in August 2009, which included the refurbishment and management of 62 lodging facilities across 10 U.S. Army installations. The program recently celebrated its one-year anniversary with the opening of the first Holiday Inn ExpressÒ hotel on a military installation at Fort Polk, La., and expects to brand four more Holiday Inn Express® hotels by spring 2011. Guests are now enjoying improvements such as new bedding and linen packages, flat screen TVs, new laundry equipment, new paint, flooring and carpeting, front desk and lobby upgrades, the addition of business centers, high-speed internet access, and new landscaping. All facilities awarded in the PAL program operate under the name IHG Army Hotels.

"The PAL program is an excellent example of the tremendous value public-private partnerships offer," said Marc Sierra, Actus Lend Lease Managing Director. "By leveraging the government's assets and raising private funds we can deliver exceptional facilities for the Department of the Defense that greatly improve the experience of on-post stays, and thereby enrich the lives of military personnel, their families and government travelers."

Benefits and services immediately available to all guests at IHG Army Hotels locations include complimentary breakfast, concierge services, weekly social activities, courtesy shuttles providing on-post transportation, and the opportunity for guests to earn Priority Club® Rewards points for their hotel stays. These loyalty reward points can be redeemed for prizes or stays at more than 4,500 IHG hotels around the world. Not as visible, but equally important are the enhanced safety measures such as new fire alarm systems, new guardrails and railing repairs, and ADA improvements that have been completed in all IHG Army Hotels.

"The Army is excited to continue our partnership with two industry leaders such as Actus and IHG," stated Rhonda Hayes, Chief, Capital Ventures Directorate of the Office of the Deputy Assistant Secretary of the Army, Installations & Housing. "They have clearly demonstrated the ability to incorporate best private sector business practices into the Army culture. The improvement to the quality of the Army traveler's lodging experience has already been remarkable and we look forward to expanding this successful model to the next group of installations." 

Actus Lend Lease will renovate several hotels in the U.S. Army lodging portfolio to bring the existing facilities up to the standards required for operating as a Holiday Inn Express®. In addition, Actus Lend Lease has programmed the construction of several new hotels, which IHG will operate under its Candlewood Suites® and Staybridge Suites® brands.

In addition to Fort Wainwright, the 10 additional installations awarded to Actus Lend Lease through the second phase of the PAL program include: Ft. Belvoir, Va.; Ft. Bliss, Texas; Ft. Buchanan, Puerto Rico; Ft. Campbell, Ky.; Ft. Gordon, Ga.; Ft. Hamilton, N.Y.; Ft. Huachuca, Ariz.; Ft. Knox, Ky.; Ft. Leonard Wood, Mo.; and White Sands Missile Range, N.M.

In addition to the PAL program, Actus Lend Lease has worked extensively with the Department of Defense on its Military Housing Privatization Initiative (MHPI), a program that provides for the transfer of military housing assets to private-sector companies. With more than 40,000 residential units, approximately 9,000 hotel rooms and nearly 200 unaccompanied officer accommodations in its portfolio, Actus Lend Lease has created fully master-planned, mixed-use and sustainable communities at military installations across the United States.


About Actus Lend Lease: "We See More Value in Property"

Actus Lend Lease is a subsidiary of the Lend Lease global family, which includes Bovis Lend Lease and Delfin Lend Lease. Actus Lend Lease is headquartered in Nashville, Tenn., and employs more than 500 people nationwide.


About IHG:

InterContinental Hotels Group (IHG) [LON:IHG, NYSE:IHG (ADRs)] is the world's largest hotel group by number of rooms.  IHG franchises, leases, manages or owns, through various subsidiaries, over 4,500 hotels and more than 650,000 guest rooms in 100 countries and territories around the world. The Group owns a portfolio of well recognized and respected hotel brands including InterContinental® Hotels & Resorts, Hotel Indigo®, Crowne Plaza® Hotels & Resorts, Holiday Inn® Hotels and Resorts, Holiday Inn Express®, Staybridge Suites® and Candlewood Suites® and also manages the world's largest hotel loyalty program, Priority Club® Rewards with 52 million members worldwide.

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