ICG-Castleton Venture Teams with Point Ford Management Limited to Secure Funding for The

ICG-Castleton Venture teams with Point Ford Management Limited to secure funding for the Capella Georgetown

Castleton Hotel Partners (CHP), a newly formed joint venture between Point Ford Management Limited (PFML), Castleton Holdings and ICG Properties, has secured all funding, including construction financing from PNC Bank, required for the redevelopment of 1050 31st Street, NW into an ultra-luxury Capella managed hotel. Soon to begin construction, the property is slated to be opened in December property will cater to a sophisticated and 2012. This elegant and exclusive discerning clientele global industry leaders, heads of state and other including visitors.

The Capella Georgetown shall feature 49 magnificently appointed rooms and suites, in a highly private and secure environment, and will provide unmatched levels of customer service and room finishes.

The hotel interiors are being designed by renowned interiors architect Peter Silling & Associates and will include an intimate signature restaurant & bar with outdoor seating along the historic C&O Canal, a modern and elegant private rooftop lounge, a rooftop indoor-outdoor pool overlooking the Potomac River and several Washington landmarks, a guest only spa and fitness center, the pre-arrival services of personal assistants, luxury car service, 24 hr room service and unique wine cellar for private dining.

Ricky Budhrani, head of PFML, a Southeast Asian based investment firm, stated that, “We certainly are excited to participate in this development, a clear niche that demands to be fulfilled in Georgetown. Point Ford, shall continue with our objectives in developing and acquiring strategic assets in Asia and the United States.”

Castleton Holdings, led by Bruce Bradley, has been appointed to head the development of the project on behalf of the Joint Venture. “On behalf of the ICG-Castleton sponsorship group, we welcome Point Ford’s investment and active participation in our project. We are very delighted with the potential of this new strategic partnership. We are now fully financed and confident that this redevelopment will make a significant contribution to the Georgetown – and Washington, DC – luxury hotel landscape.”