Wilson K. Magee, Jr. and Jeffrey Lee Moore Join Colony Capital

LOS ANGELES, CA, February 3, 2005

Colony Capital, LLC ( Colony ) announced today that Wilson Magee and Jeff Moore have joined the firm's New York office as Principals to help the firm explore new real estate investment opportunities. Both executives will report to Richard Saltzman, Colony's President.

"Wilson and Jeff, under Richard's leadership, are creating a new platform focused on investments in global real estate related securities," said Tom Barrack, Chairman and CEO of Colony. "This represents a logical evolutionary step in Colony's growth as we search for fertile investment areas that offer extraordinary risk adjusted rates of return differing from, but complementary to, our historical opportunity fund orientation."

"We are thrilled to add to our team Wilson and Jeff, two seasoned real estate professionals with a wealth of experience and expertise," said Saltzman. "Significant structural changes occurred in the real estate industry in the 1990s and are continuing today. We now have the opportunity to create significant value in the global publicly traded securities arena that is analogous to our accomplishments in private equity investments throughout Colony's 14 year history."

Magee, 49, brings to Colony 23 years of real estate investment experience, over ten of which involve public securities. Most recently Mr. Magee was Co-Portfolio Manager for the Real Estate Securities Investment Strategies Group of Goldman Sachs & Co.'s Asset Management Division ( NYSE: GS ), where he was responsible for over $2.0 billion in investment assets. Prior to Goldman Sachs, Magee was at Grantham, Mayo Van Otterloo & Co. ( GMO ), a Boston-based investment management company, for six years, and was Portfolio Manager for a $240 million real estate securities portfolio. At GMO he was also responsible for the firm's Global Property Group and managed the GMO Global Properties Fund.

Previously, Magee was a Principal of The Penobscot Group, a real estate securities research firm in Boston, and managed his own real estate firm specializing in consulting, development, construction management, and transaction services. His experience includes senior positions in real estate development, finance, consulting, and construction. Magee holds his BA from Tulane University, where he serves on the Advisory Committee to the Dean of Tulane College, and is a member of the National Association of Real Estate Investment Trusts ( NAREIT ), the Pension Real Estate Association ( PREA ), and the International Council of Shopping Centers.

Moore, 40, joins Colony Capital with over 16 years of real estate investment and capital markets experience. He worked for ten years in real estate at UBS and its predecessors, PaineWebber and Kidder Peabody, where he helped launch and served on the investment committee of a real estate opportunity fund, and served on investment banking teams which executed over $5 billion in capital markets transactions for real estate and hospitality clients. He most recently served as a Managing Director at Citigroup Alternative Investments, and previously worked at Merrill Lynch and Trammell Crow Residential. An active long and short investor in REITs and lodging securities, Mr. Moore has an MBA from Harvard Business School and a BA in Economics from the University of Virginia, and has been a member of PREA, NAREIT, and the Urban Land Institute.

"Colony's extraordinary reputation and investment acumen have made it a leader in private equity investing and I am pleased to join such an excellent team," said Magee. "The development of a global property securities business represents an outstanding opportunity to participate in the growing worldwide trend of property securitization."

"With a history of innovation and an impressive team of over 100 real estate professionals in 13 offices around the world, Colony's platform will facilitate our efforts to generate excellent returns in public securities. I am particularly excited to work with Richard Saltzman, one of the leaders in the transformation and growth of the REIT market," said Moore.