Broadreach and Maritz, Wolff Acquire 85% of Dolce

Will Rapidly Expand Dolce Brand Within Conference Center Industry

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. October 14, 2008

MONTVALE, NJ, July 18, 2007. Dolce International, the world's leading conference center and hospitality group, with 26 Hotel, Resort & Conference Destinations in North America and Europe, today announced a major recapitalization that will allow for rapid expansion in the U.S., Europe and potentially also Asia.

Through the company's recapitalization Dolce is taking significant steps to reposition itself as a pure play management company, allowing it to grow the brand internationally and focus on its core expertise: delivery of a high-quality meeting experience - the Dolce Difference.

"This recapitalization is an integral part of our strategic plan to take the Dolce brand to a new level," said Andy Dolce, the company's chairman and managing director. "Today we serve over half of the worlds Fortune 100 firms, over the next five years we expect to double in size so we can serve the rest of them."

Under terms of the deal, management shareholders have led the recapitalization with Palo Alto-based private equity real estate firm Broadreach Capital Partners. Principals of Broadreach Capital Partners have agreed to acquire 85 percent of Dolce International for an undisclosed sum. Dolce management will hold the remaining 15 percent ownership stake. The 85 percent equity stake is bought from exiting investors AEW Capital Management of Boston and Soros Real Estate Investors.

The deal gives Dolce International a new partner, with extensive experience in building operating companies, committed to growing the company and further positioning the brand within the conference center industry. In addition, Dolce is attracting investment funds through existing and future capital partners in North America and Europe.

"We invest in first-class operating companies with quality management, making Dolce International an extremely attractive investment opportunity in one of the fastest-growing sectors of the hospitality industry," added Philip "Flip" Maritz, managing director of Broadreach Capital Partners and co-founder and chairman of Maritz, Wolff & Co.

The meetings business is a major sector within the hospitality industry and is also, as noted, the fastest-growing with over $122 billion in annual revenues. Client-based meeting planners expect the number of such meetings to grow seven percent this year, while independent planners project 21 percent growth.

"Dolce is a growing powerhouse in the conference center industry, a segment of the hospitality industry we think has been largely overlooked by investors," Mr. Maritz continued.

Mr. Maritz, through Maritz, Wolff & Co, has been integrally involved in the growth and ownership of both the Fairmont Hotels & Resorts and the Rosewood Hotels & Resorts companies and looks forward to applying that experience to growing Dolce International.

As part of the transaction Broadreach and Dolce added Dolce Basking Ridge, in Basking Ridge, New Jersey to its already robust portfolio of Hotel, Resort & Conference Destinations. On June 8th, Dolce officially assumed management of the Basking Ridge facility including sales and marketing, conference services, food and beverage, technological integration and property operations.

On July 2nd Dolce Valley Forge, in King of Prussia, Pennsylvania was added making it the 26th property in Dolce's portfolio. The property was purchased by Capital Hospitality Group, a hotel investor and developer from the Washington, D.C. area and also a new financial partner for Dolce.

Additionally, as part of the new transaction, Dolce International announced on July 12th that Dolce Norwalk Conference Center, in Norwalk, Connecticut has been acquired by a partnership that includes Broadreach Capital Partners, Dolce family members and senior management. Dolce will also manage the Connecticut property under a long-term.