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					press release
21 September 2005


DAVIES ARNOLD COOPER IN DEVELOPMENT OF NEW FOUR STAR
HOTEL IN JERSEY, CHANNEL ISLANDS

Davies Arnold Cooper (through their London office) acted for Jersey Waterfront Hotel Holding
Limited in connection with a new 195 bedroom international 4 star hotel and conference
centre, the first phase of their proposed development on the St Helier Waterfront in Jersey.
The hotel will be operated by Radisson SAS on a 20-year management contract. The
development has an estimated value of £45 million on completion.


Paul McCartney, Property Finance Partner at Davies Arnold Cooper's London office, acted for
Jersey Waterfront Hotel Holding Limited in the negotiation of the management contract with
Radisson. Elliot Lewis a Senior Associate in Davies Arnold Cooper's construction team
negotiated the building contract and the appointments and warranties from the building
contractor and professional team. Davies Arnold Cooper also worked closely with Jersey
lawyers, Ogier & Le Masurier, who acted for Jersey Waterfront Hotel Holding in relation to the
development agreement with the States of Jersey and on the finance aspects of the
transaction. HSBC Bank in Jersey provided a sterling denominated loan facility to finance the
hotel development.


Christopher Renouf and Robin Smith of Ogier & Le Masurier acted for Jersey Waterfront
Hotel Holding Limited in Jersey.


Carey Olsen acted for HSBC Bank in Jersey whilst Berwin Leighton Paisner advised the bank
on construction issues. Phillipe Dejonghe of Radisson's in house legal team acted for the
hotel operator. Bailhache Labesse acted for the States of Jersey and Morgan Cole acted for
the investor syndicate.


- Ends -


      For more information please contact Joanne Budden at Harrison Cowley on
               T.0870 606 0960 or email joanneb@harrisoncowley.com
Notes to Editors:


1. Davies Arnold Cooper (DAC) Davies Arnold Cooper (DAC) is a commercial law firm
   which specialises in dispute resolution and property. Established in 1927, the firm has
   offices in the UK, Spain and Mexico.

2. DAC’s property department comprises 16 partners and over twenty lawyers and legal
   staff, headed up by Robert Lee. Clients include several of the country's major
   housebuilders as well as commercial property funds and investors, and a range of
   clearing and other banks.

3. DAC Commercial Property Group – Major transactions and projects
   The major transactions and projects that the group has recently undertaken include the
   following:

        •   Acquisition and funding of major office investment worth £146 million
        •   Acquisition of hospital site for proposed residential development of 270 acres
        •   Acquisition and funding of development and its letting comprising a site in excess
            of 700,000 square feet with a gross development value of £140 million
        •   Acquisition of chain of hotels for £20 million
        •   Funding, letting and sale of £17 million office development
        •   Sale of £37 million mixed retail and office portfolio
        •   £98 million construction and sale of 310,000 square feet office buildings
        •   £90 million capital finance value hospital PFI
        •   Handling the property aspects of the disposal by Cendant of the NCP cark parks
            business for £820 million.