Sterling Resorts Signs Five Contracts to Manage Rental Operations, Homeowner Associations

New Business Agreements Will Expand Sterling's Presence, Inventory in South Malton's Highway 30-A Co

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. October 14, 2008

DESTIN, FL, October 11, 2005. Sterling Resorts has signed a series of new contracts to handle rental operations and homeowner association management for five properties in Walton County, Fla., including Sanctuary at Redfish, Sanctuary by the Sea, The Preserve, Preserve Place and Lakeside. As a result, the number of Sterling-managed properties in south Walton County's scenic Highway 30-A corridor will expand by approximately 400 units. Exquisite Development, LLC, the developer of Sanctuary at Redfish and Sanctuary by the Sea, says choosing Sterling to manage the properties' rental program was an easy decision. "We chose Sterling Resorts to manage the rental operations for both Sanctuary projects because of the company's solid reputation, local headquarters and the level of service it provides to both condominium owners and resort guests," said Mike McCormick a partner in Destin, Fla.-based Exquisite Development, LLC.

Sterling Resorts CEO Jim Olin views the contract with Exquisite Development and other leading developers and homeowner associations in Northwest Florida as the key that will open the door to the company's next level. "Sterling Resorts is pleased to forge this new relationship with Exquisite Development, and is looking forward to adding the Sterling Advantage to these new properties," said Sterling Resorts CEO Jim Olin. "By offering our customers a complete, "one-stop" range of services and a strong performance history, plus the benefits of a local management team, extensive investments in rental marketing programs and the Sterling Plus program, Sterling Resorts is quickly becoming the largest, privately-owned vacation rental management company in the country." Scheduled to open in July 2006, Sanctuary at Redfish is a lakefront, square feet. Each condominium will have 10-foot ceilings, covered balconies, a laundry room, a gas fireplace and breathtaking views of the lake and Gulf. Amenities will include a heated pool, hot tub, pool cabanas, fitness center, game room, two executive meeting rooms, spa treatment room, covered parking, virtual indoor golf, walking trails, gated check-in, staffed guardhouse and high-speed Internet service.

Situated on a 14-acre lot east of the intersection of Highway 83 and Highway 30-A in the Blue Mountain area of South Walton County, Fla., Sanctuary at Redfish features a westward view of Big Redfish Lake, and is surrounded by acres of natural vegetation to offer a peaceful and private environment. Sanctuary by the Sea will consist of 82 gulf/lakefront condominiums that have been designed to offer unobstructed views from each unit. Floor plans, which range from 2,244 5,866 square feet, feature a gas fireplace, granite counter tops, wet bar and private balcony. The mid-rise (three-level) development also will offer luxurious community amenities, including two heated swimming pools, swim-up pool bar, whirlpool spas, pool cabanas, staffed security gatehouse, three-story clubhouse with theatre, arcade room, virtual golf rooms, fitness center with massage room, sunken bar, sitting area, underground parking and meeting facilities with library. The 23-acre project is located along Highway 30-A in Walton County, and is

scheduled to open in June 2008.

The Preserve is a planned community consisting of 130 single-family home sites located on the north side of Highway 30-A in Walton County, Fla. The neighborhood features numerous amenities, including two swimming pools, tennis courts, walking paths and a community clubhouse with exercise facilities and a meeting room.

Located adjacent to The Preserve, is Preserve Place a mid-rise, mixed-use property that opened in September. The building features 10 residential condominiums in the upper three levels and six units of first-floor retail space. Residents and guests have access to all of the amenities at The Preserve.

Lakeside will be a traditional planned community with 147 single-family home sites featuring traditional Florida vernacular architecture, especially the cracker and Caribbean designs. The community, which opened in September, will be located on the north side on Highway 30-A in Walton County, Fla.