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Cornerstone Real Estate Advisers Closes Cornerstone Hotel Income & Equity Fund

Cornerstone Real Estate Advisers LLC is pleased to announce the closing of the Cornerstone Hotel Income & Equity Fund (CHIEF) on January 11, 2006. Seven institutional investors including three corporate funds, three public funds and one union fund combined to commit more than $300 million in equity to the fund. Combined with the use of 60% debt financing, CHIEF is projected to have a total capitalization of more than $750 million.

CHIEF's objective is to focus, primarily, on the investing in operating, business-class hotels with established, brand-name flags. Approximately 45% of the capital has been invested in six hotels, with the balance to be placed over the coming months. CHIEF is structured as a Massachusetts Mutual Life Insurance Company Separate Account. MassMutual is the indirect parent of Cornerstone.

Cornerstone Real Estate Advisers LLC ("Cornerstone") is registered with the Securities and Exchange Commission ("SEC") as an investment adviser under the Investment Advisers Act of 1940, as amended. All information contained herein is for informational purposes and should not be construed as investment advice. It does not constitute an offer, solicitation or recommendation to purchase any security or investment advisory services nor shall any such security or investment advisory service be offered or sold to any person in any jurisdiction in which such offer, solicitation, recommendation, purchase or sale would be unlawful under the securities laws of such jurisdiction. This Web site is intended for citizens and residents of the United States only.
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