Baha Mar Development Copr. Announces MHA Studio to Serve as Dedicated Achitectural/Design Firm for N

Evocative and Pioneering Designer, Mike Hong to Lead Los Angeles-Based Architectural/Design Team

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. October 14, 2008

NASSAU, The Bahamas, August 10, 2005. MHA Studio has been officially established as a subsidiary of Baha Mar Development Corp. dedicated to the architectural design and execution of Baha Mar, a 600-acre, mixed-use destination mega resort in Nassau, Bahamas scheduled to open in late 2009. Based in Los Angeles, the firm's architectural/design team will consist of 15 professionals led by design principal, Mike Hong (AIA), and managing principal Kim Lange.

As Senior Vice President and Senior Design Principal at The Jerde Partnership, Mike Hong worked on the creation of the Master Plan for Baha Mar, which will take on an authentically Caribbean-inspired look and feel. Hong left The Jerde Partnership earlier this year, along with Kim Lange, the firm's Vice President and Senior Project Manager, to establish MHA Studio as a subsidiary of Baha Mar Development. MHA Studio will be responsible for creating all aspects of the project's design and architectural look and feel, from Master Plan phase through to opening day activities. An executive architectural firm to be selected shortly, will act as the Architect of Record for the project, and prepare all construction documents for Baha Mar, in addition to providing on site construction management.

"We are fortunate to have assembled an enviable architectural and design team for Baha Mar that brings not only experience creating world-renowned resorts and properties; but also an understanding and passion for design that inspires and engages," said John Kristich, Executive Vice President of Design and Development for Baha Mar Development Corp. "Mike Hong shares our vision for Baha Mar, and it is indeed a thrill to be working with him to turn that vision into a world-class resort the likes of which has never been undertaken."

Hong and the MHA Studio team are currently focused on design and development plans for phase one of the Baha Mar project. Budgeted at $1.2 billion - the single, largest investment in the history of The Bahamas, phase one will include 2,300 rooms over a series of four branded hotels, including a casino hotel - each with its own spa.

The hotels will be unified by what Hong refers to as a "podium" - a designated area to serve as a gathering place where commerce and cultural exchange will be encouraged. The centrally-located "podium" area will feature restaurants, retail, and entertainment venues easily accessible to guests via a canal system and wide pedestrian paths that together, create one cohesive experience. Surrounding Baha Mar will be 20 acres of new beachfront running adjacent to the property, along with a series of canals, "show lakes".

Phase one will also to include a championship golf course; an expansive tennis facility; a mega spa; and a show venue expected to be the best in the Caribbean. Baha Mar is planning to attract signature restaurants from throughout the Bahamas, Caribbean and the United States to the property, as well as build a mixed-use commercial village with additional restaurants, retail and other convenient services. The West Bay Village is the first element of phase one to be developed and is set to open in late 2006. Additional phase one development is set to get underway in 2007.