<h1>Portman Holdings to Delay Timing of One Charlotte </h1> <h2>Uncertain Capital and Credit Market Drives Portman Decision</h2> Charlotte, N.C. – Jan. 18, 2008 – Atlanta-based Portman Holdings, owner and developer of the Westin Charlotte, today announced it will postpone until a future date the development of One Charlotte, the ultra-luxe residential tower to be built in Uptown Charlotte. <br /> First announced in May 2007, One Charlotte opened its sales gallery in September and planned to begin construction this summer. <br /> “The timing of our sales launch coincided with the subprime lending crisis and unstable credit markets,” said Roger Zampell, senior vice president of Portman Holdings. “Fortunately, Portman is a global firm with a track record exceeding 50 years, and the resources, strength and staying power to bring the project back when the capital markets stabilize.” <br /> One Charlotte was personally designed by internationally renowned architect and company founder John Portman, to set the standard as the most exclusive and elegant high-rise condominium in Charlotte, featuring 99 residences and offering unparalleled amenities and personalized services. With homes ranging from 2,000 to 8,000 square feet, the tower is to be located at the corner of College and Stonewall streets, adjacent to the Westin Hotel. <br /> “We have the utmost confidence in Charlotte, a vibrant city that enjoys tremendous growth and an energetic business and civic community,” said Zampell. “One Charlotte has enjoyed an exceptional welcome by the Charlotte community and forged alliances with multiple arts and social service non-profits, business and civic organizations. Portman Holdings plans to move forward when the credit and housing markets return to a more normal condition.” <br /> <h2>About One Charlotte</h2> Comprised of only 99 urban estate homes priced from $1.5-$10 million, the 40-story One Charlotte will offer unparalleled amenities with an array of personalized services to create a lifestyle and experience unprecedented in Uptown Charlotte. With exquisitely designed residences, including two gracious penthouse suites, homes are generously sized from 2,000 to 8,000 square feet. New York City interior designer Nancy Ruddy, of Cetra/Ruddy, Incorporated, designed the residences and many of the shared amenity environments. Residents will enjoy amenities including concierge service, valet, personal chef and two full floors of indoor and outdoor retreats featuring a 24,000-square-foot garden terrace with pool, cabanas and fire circle. A state-of-the-art spa, demonstration kitchen, library and game room are just a few of the indoor retreats that will pamper residents. Located adjacent to the Westin Hotel with an entrance off College Street, each home will showcase expansive views of Myers Park and the Uptown Charlotte skyline. <br /> <h2>About Portman Holdings</h2> Atlanta-based Portman Holdings, LLC, www.PortmanHoldings.com, is an international full-service real estate development company with a history spanning five decades and three continents. Founder John C. Portman Jr. pioneered the concept of architect as developer, successfully building both an architectural firm of worldwide repute and a host of affiliated real estate development, financing and management companies. <br /> With multi-faceted expertise that includes hotels, office buildings, retail spaces, residences and trade marts, Portman Holdings sets the standard for marquee real estate developments wherever they are located. <br /> John Portman is an architect, subject matter author, accomplished painter, sculptor and furniture designer. His talents are reflected in every aspect of his firm’s architectural design. <br /> <h2>About the Architect</h2> John Portman & Associates, Architects and Engineers, www.portmanusa.com, creates culturally sensitive places that are designed for life. Established in 1953, John Portman & Associates has more than 50 years of expertise in designing hotels, universities, offices, trade marts, and mixed-use urban complexes. The firm’s professionals are a diverse group of talented people from many countries and cultures, each chosen for his or her talent, expertise, and commitment to the highest standards of quality in design and service. <br /> John Portman & Associates strives for an architecture that is more than just the design of a building, but rather a creation of a place for people, that consciously uplifts a person through the enhancement of the human condition. From the benchmark Hyatt Regency Atlanta, San Francisco’s Embarcadero Center, and the New York Marriott Marquis Times Square, to The Oriental Hotel Singapore, and The Portman Ritz-Carlton Shanghai, understanding human values and the human response to space, nature, and light is integral to the firm’s work. John Portman, FAIA, is acknowledged as a visionary whose work has “changed the nature of hotels everywhere.”