Houlihan Lokey Real Estate Investment Banking Expands Asset Level Capabilities.

Firm Hires Team from Trammell Crow Company

NEW YORK -- Houlihan Lokey today announced that the Real Estate, Lodging and Leisure Group has expanded its existing real estate services beyond its traditional corporate finance and advisory services to include asset level real estate solutions.

To drive this effort, the firm has hired a team of bankers from Trammell Crow Company. Jonathan Geanakos, a managing director, joins veteran Houlihan Lokey banker John Schoenfeld as co-head of the Real Estate, Lodging and Leisure Group. Along with Mr. Geanakos, senior vice president Stephen Pearlman, vice president Frank Muhlon and associate Nicholas Harris will focus on asset level real estate transactions.

Commenting on the hires, Bob Hotz, senior managing director and co-chairman of Houlihan Lokey, said, "We are excited about the opportunity for the firm to take a more active role in the real estate markets. Where previously we were limited to traditional finance and advisory services, we have the expanded capability to deal directly with buying, selling and financing real estate assets. With Jonathan and his team on board, we see this as a great opportunity to further service our clients."

Mr. Schoenfeld commented, "Over the years we have worked with public and private real estate and real estate-related operating companies on both the company and asset levels. With the addition of Jonathan and his team, our clients in the real estate, lodging and leisure space will have access to a broader array of services and deal flow."

Mr. Geanakos added, "The growth in capital markets, both domestically and internationally, is pressing companies to utilize their real estate assets more strategically to maximize their corporate enterprise value. Houlihan Lokey's reputation as a leading middle market investment bank provides our team the perfect platform to develop real estate opportunities for the firm's current clients, as well as offer our existing contacts access to the firm's full range of capabilities and unique investment opportunities. We are pleased to be chosen to lead this expansion."

While at Trammell Crow Company, Mr. Geanakos and his team advised institutional, corporate, and other real estate owners and investors in structuring and executing asset sales, corporate financings, sale leasebacks, note sales, and other capital market transactions throughout the U.S. In addition, they assisted select clients in establishing portfolio or asset level investment objectives, including acquisition, recapitalization, and repositioning strategies.

Mr. Geanakos has over 22 years of real estate experience involving transactions exceeding $6 billion in value. He previously has held senior positions with Transwestern's Investment Services Group, Secured Capital Corp. and AEW Capital Management (formerly Copley Real Estate Advisors.) He earned a MBA from the F.W. Olin School of Business at Babson College and holds a BS in Management from the University of Massachusetts at Lowell.

Mr. Pearlman has over 25 years of real estate experience in the financing and sale of commercial real estate, Mr. Pearlman has been involved in over $7 billion of transactions. Mr. Pearlman has held positions with HIGroup, LLC, Jones Lang Wootton (subsequently Jones Lang LaSalle) and Manufacturers Hanover Trust Company in the Real Estate Finance Group. Mr. Pearlman holds an MBA in Finance from Bernard Baruch College and a BA in History and Political Science from Alfred University. He has been an Adjunct Professor for the New York University Master of Science in Real Estate Program since 1986.

Mr. Muhlon has over ten years of real estate experience involving transactions exceeding $2 billion in value. He has held positions with The Greenwich Group International, Silverstein Properties and Picus Associates. He earned a MS in Real Estate Finance from New York University, Real Estate Institute, NY and holds a BS in Finance from Rutgers University, School of Business, NJ.

Mr. Harris was previously a senior financial analyst for Trammell Crow's Philadelphia office where he focused on single asset and portfolio dispositions for office, industrial and retail assets in the Greater Philadelphia and Central New Jersey Markets. Mr. Harris earned a BA from Denison University, Granville, OH. He is a licensed real estate salesperson in the State of Pennsylvania and New Jersey.

About Houlihan Lokey

Houlihan Lokey, an international investment bank, provides a wide range of services, including mergers and acquisitions, financing, financial opinions and advisory services, and financial restructuring. Houlihan Lokey has ranked among the top 10 M&A advisors in the U.S. for the past seven years, has been the No. 1 M&A fairness opinion advisor for seven consecutive years, and has one of the largest worldwide financial restructuring practices of any investment bank. Established in 1970, the firm has over 700 employees in 12 offices in the United States, Europe and Asia. We annually serve more than 1,000 clients ranging from closely held companies to Global 500 corporations. For more information, visit Houlihan Lokey's Web site at www.hlhz.com.