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 email@example.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.