In the past year, the Group of Companies managed sales of approximately EUR135 million. The Group concluded deals in 2008 with the Lindner Hotel in Hamburg, the Park Inn in Nuremberg and Motel One also in Nuremberg representing a total volume of EUR63 million; the three properties were handed over to the operators. In Berlin, construction was taken up of the Motel One properties An der Urania and at Bellevue Castle. Immediately after works commenced on site, the two projects were sold to Lloyd Fonds and AXA, respectively. Still under construction are the Citadines Aparthotel am Arnulfpark in Munich and the Silken Hotel in Berlin. Both properties have already been bought by the respective real estate parent companies.

The four-star Superior Iberotel located directy on Lake Fleesensee in the Mecklenburg Lake District was put into an individual fund of Lloyd Fonds AG.

At this, all hotels under construction have already been sold and placed accordingly. The investment and placement volume is deemed to be around EUR122 million.

For two further hotel project developments located in Dresden and Berlin with construction scheduled to begin this year, Letters of Intent (LOI) have been signed with the end investors. The additional volume is approximately EUR35 million.

With this sound record GBI AG is proving its advanced role as hotel project developer in Germany. It shows that the company also under the current difficult economic conditions is well able to undertake the development of hotels successfully.

Recently placed projects auf GBI AG include:

• Iberotel Fleesensee (TUI) : Sold to Lloyd Fonds AG, Hamburg
• Motel One in Nuremberg: Sold to Lloyd Fonds
• Motel One at Bellevue Castle in Berlin: Sold to AXA
• Motel One An der Urania in Berlin: Sold to Lloyd Fonds

Since 2001 GBI has built and sold on a total of 9 hotels, which represents a turnover of more than EUR400 million.