NY-KING-STREET

A joint venture between King Street Real Estate GP, L.L.C (“King Street Real Estate”), Westdale Properties (“Westdale”) and Cedar Capital Partners (“Cedar Capital”) today announced the acquisition of the Shelborne South Beach Hotel in Miami Beach, Florida for $120 million.

The landmark 275-room hotel is located in the heart of Miami Beach’s famous art deco district. Opened in 1941, the Shelborne was originally designed by Igor Polevitzky and later updated and expanded by Morris Lapidus, the architect responsible for some of Miami’s most glamorous hotels.

David Walch, Partner of King Street Capital Management (“King Street”), commented, “Shelborne South Beach is a unique landmark located in a prime and distinguished Miami Beach district. We are excited to have completed this purchase and look forward to working alongside longtime partner Cedar Capital and our new partner, Westdale, to ensure the continued success of this iconic hotel.”

“We are very proud of this acquisition, along with our partners King Street Real Estate and Cedar Capital, and remain committed to working together to redefine this property while continuing to respect its heritage,” said Mitchell Cohen, COO of Westdale Properties. “It’s not often that you get the opportunity to purchase a hotel with such great potential, along with an incredible location right on the beach.”

“The Shelborne South Beach is a historic Miami Beach icon,” said Ben Leahy, Partner at Cedar Capital Partners. “As new owners, we look forward to maintaining the hotel’s grand reputation as one of the best places to stay in Miami Beach.”

About King Street

King Street Real Estate, the real estate investment arm of King Street Capital Management, manages several opportunistic real estate funds, which invest in equity and debt in dislocated markets and complex situations. Over the past 10 years, King Street has invested approximately $2.5 billion in nearly 50 direct real estate transactions across a wide range of sub-sectors primarily in the United States and Europe.

King Street is a global investment management firm founded in 1995, with over $18 billion of assets under management across closed-end real estate, global and European hedge fund strategies, and CLOs. With offices in New York, London, Singapore, Tokyo and Charlottesville, VA, King Street focuses on complex, stressed/distressed, out-of-favor and special situations and employs a fundamental, research-intensive approach with an emphasis on absolute return and downside protection.

About Westdale Properties

Toronto-based Westdale has owned, managed and developed real estate across Canada and the United States for over 65 years. Westdale is committed to creating positive experiences for the tens of thousands in North American’s who call our buildings home. The same commitment is generated for those who work and shop at our properties or spend quality time at our hotels or dine at our expanding platform of restaurants.

With a core business consisting of over 50,000 residential units in 3 Canadian provinces and 11 US states, Westdale continues to expand its portfolio to include over 4 million square feet of retail, office, and industrial properties in North America. Westdale is also actively involved in several significant mixed-use urban developments across North America, including projects in Toronto, Dallas, Atlanta, Halifax and Calgary. For more information visit www.westdaleproperties.com and www.westdale.com .

About Cedar Capital Partners

Cedar Capital focuses exclusively on investment in the hotel industry. The firm, which was founded in 2004, invests in lifestyle, full service and luxury hotels. Since inception, the firm’s principals have acquired hotels with a value of nearly $4 billion and have maintained a consistent track record of strong performance and value creation. The firm has offices in New York, Los Angeles and London. For more information visit www.cedarcp.com .

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