HINES BECOMES FIRST COMMERCIAL REAL ESTATE FIRM TO PARTNER GLOBALLY WITH FORBES TRAVEL GUIDE

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Sep 22, 2022, 09:00 ET

Partnership to Result in Co-Creation of Five-Star Standards for Working and Living

HOUSTON, Sept. 22, 2022 /PRNewswire/ -- Hines, the global real estate investment, development, and property manager, today announced a partnership with Forbes Travel Guide to define five-star hospitality standards at Hines buildings, making it the first commercial real estate firm to work with Forbes Travel Guide on a global scale.

Hines and Forbes Travel Guide will co-develop custom service standards for the firm's 415 global office and multi-family properties, and emphasize how hospitality-inspired service can bring greater value to tenants and residents. As commercial real estate standards rapidly change, and people seek more collaborative, creative, and curated spaces, the partnership signifies Hines' commitment to creating a consistent customer experience that scales with the firm and brings the company's culture to life.

"Real estate owners and managers have typically prioritized asset value over experience. We're seeing the value in both ROI and ROE, or return on experience, and see it as the most important metric of tomorrow," said Whitney Burns, vice president of global client strategy at Hines. "Enhanced customer experience driven by five-star standards not only increases asset value, but helps people feel more valued, connected, and inspired in our spaces. We selected Forbes Travel Guide because they are the trusted partner of the world's leading hospitality brands and share our passion for creating meaningful experiences for clients."

In addition to the co-created service standards, the partnership between Hines and Forbes Travel Guide will include a substantive training program encompassing both in-person training customized to the Hines portfolio and scalable online training. The new service standards will be implemented in 2023.

Creator of the original Five-Star rating system, Forbes Travel Guide is the only independent, global rating agency for the hospitality industry. With over 60 years in the hospitality sector, Forbes Travel Guide is the global authority on five-star service, providing world-class, professional development resources to many of the world's most beloved hospitality brands including the Mandarin Oriental Hotel Group, Marriott International, Hilton Worldwide Hotels & Resorts, as well as other organizations that make exceptional service a pillar of their business model.

"Now, more than ever before, people are emphasizing the experience and purpose behind where they choose to spend their time. Our partnership with Hines is a testament to the firm's commitment to innovation and placemaking and signifies a new industry standard in the operation of commercial real estate," said Hermann Elger, Forbes Travel Guide CEO.

About Hines

Hines is a privately owned global real estate investment firm founded in 1957 with a presence in 285 cities in 28 countries. Hines oversees investment assets under management totaling approximately $90.3 billion¹. In addition, Hines provides third-party property-level services to 373 properties totaling 114.2 million square feet. Historically, Hines has developed, redeveloped or acquired approximately 1,530 properties, totaling over 511 million square feet. The firm currently has more than 198 developments underway around the world. With extensive experience in investments across the risk spectrum and all property types, and a foundational commitment to ESG, Hines is one of the largest and most-respected real estate organizations in the world. Visit http://www.hines.com for more information.

¹Includes both the global Hines organization as well as RIA AUM as of December 31, 2021.

About Forbes Travel Guide

Forbes Travel Guide ("FTG"), the global authority on genuine Five-Star service, provides world-class professional services to the hospitality industry and other service-oriented businesses such as luxury retail, residential, healthcare and private clubs through bespoke training solutions, evaluation services and custom service standards. Started as Mobil Travel Guide in 1958, the company created the first Five-Star rating system in the United States. Today, in addition to providing professional services, FTG is the only independent, global rating system for luxury hotels, restaurants and spas. FTG's prestigious annual Star Awards can only be earned through the company's objective, in-person inspection process. For more information on FTG services, please visit partner.forbestravelguide.com.

SOURCE Hines