Cable Beach Resorts Inc. Combines Sales & Marketing for Three Nassau Beach Properties

Newly-Acquired Properties to Operate as Three Resorts in One

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. October 14, 2008

PLANTATION, FL, June 27, 2005. The sales, marketing and operations for three Nassau Beach properties in The Bahamas - the Radisson Cable Beach Resort, the Nassau Beach Hotel, and the Wyndham Nassau Resort & Crystal Palace Casino, have consolidated reservations, sales and marketing functions for the three resorts at new executive offices in Plantation, Florida.

Under Cable Beach Resorts Inc., sales and marketing efforts for the three properties, along with other hotel operations including casino marketing, will be consolidated in order to optimize cross-selling and promotion opportunities across all three resorts, allowing them to operate as one resort complex. The group has already launched its Website - www.CableBeachResorts.com - which allows travelers to access information on all three properties as well as book a stay online at either of the three hotels.

Cable Beach Resorts' new executive offices are located at 1200 S. Pine Island Road, Plantation, and consist of a 20-person sales and marketing team led by Chief Marketing Officer Bryan Guillot; and a dedicated 10-person team handling operations and charters for the Wyndham Crystal Palace Casino.

Located adjacent to one another along 3,000 feet of Nassau's largest and most beautiful beach, the consolidation of the Wyndham, Radisson and Nassau Beach hotels will make the properties the second largest resort complex in the Caribbean.

Baha Mar Development Company Ltd, which took over ownership of the three properties in May 2005, is investing $15 million in improvements throughout the three resorts. Property enhancements and renovations will be completed by October 2005. In addition to the acquisition of the three Cable Beach resorts, Baha Mar is also planning a $1.3 billion phase one development of a Caribbean-inspired mega-resort along Cable Beach set to open in the fall of 2009. The takeover of the three properties, along with plans for the future mega-resort, represent the single largest tourism investment in the history of the Bahamas.

Michael Sansbury, Chief Operating Officer, Cable Beach Resorts and Executive Vice President, Baha Mar Development Company Ltd., stated, "We are committed to taking these existing resorts and creating a guest experience with much improved standards and upgraded service. In fact, for the first time, visitors will have access to an exciting array of cross-property amenity and service privileges."

Guests of the Wyndham, Radisson and Nassau Beach resorts can already enjoy beach, golf and tennis entitlements at all three properties no matter where they stay. Dining and other amenities offered at each resort will be available to guests within the next 60 days as Cable Beach Resorts puts a new centralized billing and reservation system in place.

Together, the resorts - which will retain their existing flags - offer guests 1,941 guest rooms and suites, most with incredible ocean views; a 35,000 square foot full-service casino; over 50,000 square feet of meeting space; 27 food and beverage facilities; a complete tennis facility; an 18-hole golf course; over a half mile of Nassau's best beach; and a variety of water sport activities. In addition, the three Cable Beach hotels are conveniently located within 20 minutes of Nassau International Airport, which is easily accessible by air from South Florida thanks to the introduction of added service to the island by such low-fare carriers at JetBlue, Spirit and Song.