Grace Bay Club to Expand

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. October 14, 2008

MIAMI, FL, April 24, 2005. Grace Bay Club is looking at a success story due to the entrepreneurial acumen of a young, dynamic team made up by Miami Beach-based Mark Durliat, Denver's John Fair and Nikheel Advani.

In just five years since purchasing the property in 2001, under the stewardship of Managing Partner Mark Durliat, this team has converted a $14-million asset to a $140-million thriving resort property of the highest caliber, achieving real estate sales prices nearly double those of competitors and setting record prices for the region.

The extraordinary success of this unbranded property, now uniquely positioned as a clear leader among the giant global brands competing in Turks & Caicos, is a David-and-Goliath epic that underscores the power of innovative entrepreneurship.

Progress has been swift at Grace Bay Club, with the following key milestones defining the project:

-- In 2001, Mark Durliat spearheads negotiations for the acquisition of Grace Bay Club, valued then at US$14million. Durliat and John Fair's creative approach shapes a spectacular remodeling of this five-star resort and its on-site spa, setting new standards of excellence in Turks & Caicos and introducing unprecedented levels of luxury, comfort and service to Providenciales. Durliat and Fair's companies now manage the Grace Bay Club resort, purchase an additional four acres adjacent to the property, and create a program for expansion with a new, separate section offering family-friendly condo-hotel units (The Villas), which will be managed by Grace Bay Club.

-- In 2003, the company sells over $36 million of condominium real estate at The Villas at Grace Bay Club, surpassing all records on this flourishing island in terms of average sales price per unit (at US$1,250,000 per unit), sales price per square foot, and sales absorption pace.

-- In July of 2004, Durliat negotiates the acquisition of an additional five acres of prime beachfront land adjacent to Grace Bay Club, the planned location of The ESTATE, a super-luxury development of 22 customized residential units, also to be managed by Grace Bay Club.

-- In September of 2004, celebrated hotelier Nikheel Advani joins Grace Bay Club as its general manager and primary leader in the resort's expansion. Advani brings 15 years of hospitality experience, and an impressive history of both opening and operating five-star hotels. Advani opened six Ritz-Carlton hotels over a seven-year period in the U.S. and internationally, and served two years as hotel manager of Raffles Hotel in Singapore.

-- In June of 2005, Advani spearheads the launch of the Hotel School at Grace Bay Club, the first of its kind in Turks & Caicos, designed to train hospitality staff for stellar productivity, and to introduce an extraordinary new level of service to the region.

-- In December of 2005, The Villas opens, offering 38 units with superbly designed facilities and great family appeal, including an on-the-beach swimming pool with bar and restaurant, the Anani Spa and Fitness Center, and the eco-focused Kid's Town activity program for children.

-- Refurbishment of the 21 suites at the adults-only Hotel begins in April, 2006.

-- Opening in 2008, The ESTATE will offer the most luxurious residential condominiums on the island, each measuring over 4,600 square feet and priced from $3.2 to over $6.0 million (the cost of a penthouse unit). By combining extraordinary quality, the development acumen of Durliat/Fair and the award-winning personalized service provided by Nikheel Advani and his hotel team, The ESTATE is now successfully competing on a residential level with the branded heavyweights in the region, such as St. Regis in Anguilla, Four Seasons in the Bahamas, One&Only Ocean Club on Paradise Island, and Ritz-Carlton, Grand Cayman. The ESTATE offers purchasers of units an innovatively designed rental program managed by Grace Bay Club, allowing owners to earn income from their properties when not in residence.