Placing it among exclusive company on an international scale, Portland's Avalon Hotel & Spa has achieved the Northwest's first LEED certification of an existing hotel building. The Avalon, a luxury boutique hotel and spa, joins the ranks of only nine other hotels in the world to have achieved LEED certification and is the second existing hotel building in the world to receive the U.S. Green Building Council's (USGBC) coveted Silver rating.

The Avalon is located in Portland, Ore., a location that is consistently ranked as the greenest city in America, with 43 buildings certified to the USGBC's LEED standards. It was the first city in the nation to adopt a Global Warming Action Plan to reduce emissions and nearly half of its power comes from renewable sources, making Portland the perfect location for the Northwest's only LEED certified existing hotel building.

The Avalon is majority owned by RREEF Alternative Investments through its Real Estate Opportunity Funds group. The Avalon's LEED Silver designation, ranking it higher than any other hotel among the most eco-conscious in the U.S., builds on RREEF's effort to reduce the environmental impact of its real estate portfolio. "We are very excited to be a part of this groundbreaking event and to be leaders in sustainable practices in the hospitality sector," said Peggy DaSilva, a Director and Head of Opportunity Fund Asset Management in the Americas.

"Achieving the LEED Silver certification raises the profile of The Avalon and the Grand Heritage Hotel Group to an international level," said John Cullen, CEO of Grand Heritage Hotel Group which manages the hotel. "Diversifying our family of hotels with one of the world's greenest buildings is serving to drive the future of our company. We're already planning several new green building projects."

LEED, formally known as Leadership in Energy and Environmental Design, recognizes NC (new construction) and EB (existing building) projects with exceptional performance in terms of reduced energy and water use, sustainable site development, sustainable products selection and indoor air quality.

As a Silver LEED-EB certified hotel, The Avalon was held to a high standard of approvals by the USGBC, the recognized LEED certification authority. In addition to updating the facility itself, the hotel had to change the way it operates internally and demonstrate its commitment to providing guests with a healthy stay through true green practices.

"The Avalon Hotel & Spa is to be commended for achieving LEED for existing buildings certification. This facility is one that both the community and its guests can be proud of," said Rick Fedrizzi, President, CEO, Founding Chair, USGBC. "The certification of The Avalon sends a message that Grand Heritage Hotel Group cares about the health of the building's users and employees. The Avalon will be a showcase for high-performance, energy-efficient hotels, and an inspiration for others."

To fulfill the USGBC's rigorous requirements for Silver certification of existing buildings, the Avalon met LEED standards and green operation mandates by implementing the following practices:

-- Natural Habitat Preservation: The Avalon borders Cotton Wood Bay, a protected green space, which includes over 8000 sq. ft. of protected natural habitat that is conducive to butterfly populations.

-- Water Irrigation: The Avalon eliminated 95 percent of its irrigation needs by limiting landscaping to native, drought tolerant plants. The remaining irrigation uses a drip method and is only used twice a week for 3 months out of the year.

-- Water Reduction Campaign: The Avalon reduced its overall water consumption by 22 percent by installing water saving aerators, showerheads and toilet flow diverters. The hotel also implemented a Reduce by Reuse program for all guest room towels and linens.

-- Sustainable materials usage: The hotel purchased materials identified with Green Seal certification, Low VOC, CRI, FSC or other green certifications.

-- Clean Air Standards: The entire property is smoke-free and includes a living plant in each guest room.

-- Recycling Program: Over 60 percent of the hotel's waste stream is recycled and composted and each guest room includes recycling bins to encourage guests to recycle as much as possible.

-- Alternative Fuels: Hotel vehicles are fueled using biodiesel and guests arriving in an alternative fuel vehicle are invited to park for free. Public transportation is available within walking distance from the hotel.

"The Avalon's pursuit of LEED certification sets a positive example for Portland's businesses," said Christine Llobregat from the City of Portland's Office of Sustainable Development. "Choosing sustainable materials and equipment and reducing the carbon footprint through waste reduction and energy conservation are important parts of doing business in Portland. We commend them for these improvements and for their sensitivity to the natural environment that is adjacent to their property."

Achieving the LEED certification is the result of a year-long process initiated by The Avalon in 2007.

RREEF's Real Estate Opportunity Fund group has been one of the leaders in pursuing opportunistic investment strategies in the global real estate markets since 1991. The group is responsible for acquiring and managing high-yield, opportunistic real estate investments on behalf of its clients, which include a broad mix of public pension and ERISA plans, endowments, family offices and high net worth individuals. The group utilizes opportunistic investment strategies seeking relative value across multiple markets around the world. The team has invested approximately $5.2 billion of equity in 252 investments in 31 countries and has assets under management of $9.4 billion as of June 30th, 2008.

About The Avalon Hotel & Spa

Perfectly placed at the edge of the new South Waterfront District on Portland's serene Willamette River, this luxury boutique hotel and spa basks in the glow of the city's lights just minutes from downtown Portland. With an unparalleled view location, The Avalon features luxurious guest rooms, complimentary wireless Internet access, complimentary continental breakfast served on each hotel floor, exclusive Spa Chakra spa and a full-service Fitness Center. Winner of the Mobil Travel Guide 2005 "America's Best Hotel & Resort Spas" Award, The Avalon is a perfect choice for romantic weekend escapes, group retreats and picture-perfect riverside weddings and special occasions. The Avalon is located at 0455 SW Hamilton Court in Portland, Ore. For more information or reservations, visit http://www.avalonhotelandspa.com or call 503-802-5800.

About RREEF Alternative Investments

RREEF Alternative Investments is the global alternative investment management business of Deutsche Bank's Asset Management division. RREEF Alternative Investments consists of three businesses: Real Estate, Infrastructure and Private Equity. Headquartered in New York, RREEF Alternative Investments employs more than 1,400 investment professionals in 17 cities around the world to help investors meet a wide range of objectives -- from diversification, to preservation of capital, to long-term performance. Named one of the world's largest alternative investments managers in Global Investor/Watson Wyatt's Alternative Survey, June 2008, RREEF has euro 55.2/$87.0 billion in assets under management worldwide as of June 30th, 2008. For more information, visit http://www.rreef.com.

About LEED Certification

LEED (Leadership in Energy and Environmental Design) is a voluntary, consensus-based national rating system for developing high-performance, sustainable buildings. Developed by USGBC (U.S. Green Building Council), LEED addresses all building types and emphasizes state-of-the-art strategies for sustainable site development, water savings, energy efficiency, materials and resources selection, and indoor environmental quality. LEED is a practical rating tool for green building design and construction that provides immediate and measurable results for building owners and occupants.

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