Kor Completes $236 mil Loan for Viceroy Anguilla Project

Financing on a Par with Record-Breaking Sales Figures for Luxurious Viceroy Anguilla Resorts & Resid

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. October 14, 2008

LOS ANGELES, CA, June 22, 2006. Los Angeles-based luxury hotel operator Kor Hotel Group announces the completion of a $236 million loan with Citigroup of New York for the construction financing of its Viceroy Anguilla Resort & Residences project in the Caribbean's British West Indies. Ground-up construction of the project has been successfully underway since Spring 2006 and the premier residential resort is set to debut Spring 2008. With record-breaking results achieved since its sales-launch began in mid-2005, Kor's exclusive Anguilla resort stands as the most successful real estate project in the Caribbean to date, with over $250 million in residential sales secured.

"Working with Citigroup has been a rewarding experience," said Jeffrey Smith, Chief Operating Officer of The Kor Group, "and we look forward to continuing our partnership with them on this outstanding development. Viceroy Anguilla promises to be an exemplary rendition of the residential resort concept and represents a major step in Kor's continuing growth in the Caribbean and Mexico."

The successful construction financing from Citigroup contributes significantly to establishing Kor as a leader in the accelerating industry of upscale resort-hotels with residential components. The exquisite Viceroy Anguilla project additionally demonstrates Kor's growing presence in the burgeoning Caribbean market and marks Kor's first overseas exportation of the Viceroy brand's signature blend of distinctive design, luxurious amenities and exceptional service. Kor is also currently developing a Viceroy project on the Mayan Riviera near Playa del Carmen and two in Florida, Viceroy Icon Brickell and Viceroy South Beach.

Situated on over 36 lush acres, with 3,200 feet of beachfront land along Barnes and Meads Bays, Viceroy Anguilla Resort & Residences is a superbly designed array of luxury homes comprised of individual villas, townhomes and low-rise resort residence buildings. There are 35 freestanding 3,800 to 6,200 square-foot villas and 6 townhomes of three to four bedrooms, each with its own private infinity pool. Resort Residences will be offered as studio, one-, two- and three-bedroom units ranging from 500 to 2,700 square feet each. In addition, a limited number of flexible floor plans will be offered for buyers wanting penthouses of up to 3,600 square feet.

A bluff-top restaurant and lounge, complete with infinity pool, will offer fine dining and some of the most striking sunset views in the world. The resort will also feature a world-class, 12,000 square-foot spa and fitness center and an innovative Kids Club offering supervised activities such as tennis instruction, nature walks, fitness classes, and arts and crafts, as well as childcare services. The beachfront Sea Sports Center will offer guests choice of a wide range of non-motorized water sports including sailing, windsurfing and snorkeling. Additional amenities include meeting rooms, sports courts, tennis courts and three swimming pools.