Investcorp and Ceebraid-Signal Acquire Holiday Isle Property Keys for $98 mil

Property to Be Redeveloped into Luxury Condominium Hotel and Marina Resort

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. October 14, 2008

NEW YORK, NY, April 27, 2006. Investcorp, a global investment group whose real estate team is based in New York, and Ceebraid-Signal Corporation, a real estate management and development company with offices in West Palm Beach, Florida, Freeport, New York and Stamford, Connecticut, today announced the acquisition of Holiday Isle, an existing 151- room hotel and marina complex located on Islamorada in the Florida Keys. The 12.5-acre property, which has been purchased for approximately $98 million, will be redeveloped into a luxury condominium hotel and marina resort.

The Holiday Isle property is located on Windley Key in the Village of Islamorada, Florida, approximately 77 miles south of Miami and 83 miles north of Key West. The existing hotel and retail facilities, which were built in stages between 1954 and 1976, will be replaced with a newly constructed condominium hotel project featuring 151 condo units of approximately 1,250 square feet each. The redevelopment will also include ancillary retail, restaurant, bar, lobby, and spa areas, a marina facility, tennis courts, and a resort pool.

Holiday Isle is the fifth joint investment by Investcorp and Ceebraid- Signal. In July 2005, Investcorp and Ceebraid-Signal acquired the Gulfstream, a historic landmark hotel in Lake Worth, Florida, for $13 million. Ceebraid- Signal is renovating the interiors of the Gulfstream, transforming the popular Lake Worth landmark into a distinctive boutique luxury hotel. Separately, in October 2005, Investcorp and Ceebraid-Signal acquired the Palm Beach Hilton in Palm Beach, Florida for $42 million, renaming the property the Ocean Club Beach Resort. Investcorp and Ceebraid-Signal have commenced renovations to the property in order to transform the property into a premier condominium hotel.

John Fraser, co-head of Investcorp Real Estate, said, "We are very excited to create a new value-generation opportunity for our clients by partnering again with Ceebraid-Signal in the development of a luxury condominium hotel and resort property. The Keys are extremely attractive to vacationers for their unique offering of year-round sporting activity, and the project will seek to satisfy a small portion of the largely unsatisfied demand for quality, high-end product in the area. We believe the new property will stand among the Florida Keys' top resorts once the development is completed."

Adam Schlesinger, President of Ceebraid-Signal, said, "The acquisition of the Holiday Isle Resort is commensurate with our commitment to and investment in South Florida. Our proven reputation of successfully developing, renovating and repositioning luxury properties throughout the United States and affiliations with prestigious real estate companies such as Investcorp will maximize the property's value as a real estate asset and will enhance the resort's reputation as a Florida Keys destination."