Grubb & Ellis Company : HREC Investment Advisors and Grubb & Ellis Arrange Sale of Holiday Inn Express in Montrose, Colo.

Contacts: Julia McCartney, Grubb & Ellis
714.975.2230 [e-mail]

news release

for immediate release

Ashely Hunt, HREC
303.267.0057 [e-mail]

HREC Investment Advisors and Grubb & Ellis Arrange Sale of Holiday Inn Express in Montrose, Colo.

DENVER (Jan. 4, 2012) - HREC Investment Advisors, the nation's leading lodging and gaming real estate advisory firm, and Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, today announced the sale of the Holiday Inn Express in Montrose, Colo. The
122-guestroom property was purchased by an affiliate of Blue Cougar Investments, LLC, a private investment group based in New York City, from a Denver-based lender for an undisclosed price. Waramaug Investors, LLC, led by Paul Nussbaum, is an investor in the Blue Cougar affiliate.
Sam Winterbottom, senior vice president and director of Grubb & Ellis' Hotel, Golf & Leisure practice group represented the seller and Mike Cahill, chief executive officer and founder of HREC represented the buyer in the transaction.
Nussbaum stated, "We are delighted to have been able to acquire the Holiday Inn Express as we know the property and market very well. Being a part-time resident of nearby Telluride, I am very familiar with the great reputation the hotel has for excellent customer service and hospitality for its guests."
The Holiday Inn Express is conveniently located in the Western Slope of Colorado off U.S. Route
550 via U.S. Route 50, one the major thoroughfare in Montrose, and within five miles of the Montrose Regional Airport. The town of Montrose is home to a variety of leisure attractions including the San Juan Mountains, Black Canyon National Park, and a number of museums and retail outlets that display the history and natural wonder of the region.
Interstate Hotels & Resorts will be the new management company for the property. The hotel will remain branded as a Holiday Inn Express.
-more-

Grubb & Ellis Company

1551 N. Tustin Ave., Suite 300 Santa Ana, CA 92705 714.667.8252

Page 2 1/4/12 HREC Investment Advisors and Grubb & Ellis Arrange Sale of Holiday Inn Express in Montrose, Colo. About Grubb & Ellis Company

Grubb & Ellis Company (NYSE: GBE) is one of the largest and most respected commercial real estate services and investment companies in the world. Our 5,200 professionals in more than 100 company-owned and affiliate offices draw

from a unique platform of real estate services, practice groups and investment products to deliver comprehensive, integrated solutions to real estate owners, tenants and investors. The firm's transaction, management, consulting and

investment services are supported by highly regarded proprietary market research and extensive local expertise. Through

its investment management business, the company is a leading sponsor of real estate investment programs. For more information, visit www.grubb-ellis.com.

About HREC

HREC is the nation's leading lodging and gaming real estate advisory firm specializing in property sales, mortgage brokerage, equity/JV structuring, consulting (market studies and appraisals), and litigation support. With twelve offices

throughout North America, HREC is distinguished by unwavering commitment to client service through its team approach, intellectual capital and hotel/casino specialization. For more information, visit www.hrec.com.

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Grubb & Ellis Company

1551 N. Tustin Ave., Suite 300 Santa Ana, CA 92705 714.667.8252