New York, August 13, 2014 -- Moody's Investors Service (Moody's) was informed that Gary Barnett, the sponsor of Extell Boston Atlantic LLC and Extell Boston Mez LLC, the Borrowers for the Boston InterContinental Hotel mortgage loan, has requested to transfer 66.67% indirect ownership interests in the Borrowers to Extell Limited. Gary Barnett is consolidating his ownership interests in 11 assets (including the InterContinental Hotel) into Extell Limited, a newly formed B.V.I. company that will be wholly owned by Extell Holdings, LLC. Gary Barnett will beneficially own 100% of Extell Limited and Extell Holdings, Inc. As part of this transaction, Extell Limited intends to issue up to $300 million in unsecured bonds. The proposed Transfer of Ownership Interests and Issuance of Unsecured Bonds will become effective upon satisfaction of the conditions precedent set forth in the governing documents.

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