Starwood Land Ventures Forms Joint Venture with Cold River Development Inc.

November 22, 2008

BRADENTON, FL – November 21, 2008 – Starwood Land Ventures announces the formation of CoStar Land LLC, a joint venture partnership established to channel $75 million toward development opportunities in the 23-county Atlanta metro service area. CoStar marries the strengths of Starwood Land Ventures and Cold River Development, a holding company whose subsidiaries specialize in land development in Georgia and the Carolinas.

This is an exciting joint venture arrangement because it opens the door for new opportunities in several attractive niche development markets, said Mike Moser, east region president of Starwood Land Ventures.

John Pearson, vice president and general manager of Cold River Development, said the joint venture is pursuing developed homesites, zoned land and other single-family residential properties all over the city.

Starwood Land Ventures has been actively pursuing joint venture relationships with firms across the country to seek out financing and development opportunities countrywide. To date, the firm has established partnerships with experienced, well-established firms in Houston, Raleigh, Northern and Southern California, and Northern Virginia and expects to make additional announcements in the coming months.

Cold River Development was founded on the experience of its principals and founders, including Vice President and General Manager John Pearson who has managed the construction of more than 50,000 homes in 400 Atlanta and Carolina-area communities. The firm is currently managing developments in Atlanta and North Carolina.

Starwood Land Ventures, LLC is a Bradenton, Florida-based residential real estate investment firm focused on land acquisition, development and financing nationwide. The firm is a controlled affiliate of Greenwich, CT based Starwood Capital Group Global, LLC. Starwood Land partners with builders, developers, lenders and land holders and will provide creative solutions to recapitalize assets with both debt and equity. The firm also purchases debt and specializes in the acquisition, entitlement and development of large, master-planned communities, which may include mixed-use components. Through its platform of partnerships with leading development firms, Starwood Land and its experienced team aim to be the capital partners of choice to land owners, developers and builders in select markets. Starwood Land currently has operations in Arizona, California, Georgia, Florida, Maryland, North Carolina, South Carolina, Texas and Virginia. For more information about Starwood Land, visit .