Wigwam Resort to be Managed by Destination

Receiver Douglas Wilson Companies Names Manager, Will Continue to Oversee Legendary Resort

. May 22, 2009

MAY 22, 2009 - Douglas Wilson Companies, the largest business services entity of its kind and receiver of the Wigwam Golf Resort & Spa, announced today that Destination Hotels & Resorts will manage the legendary resort and the Arizona Biltmore Golf Courses.

Destinations Hotels & Resorts, a wholly owned subsidiary of Lowe Enterprises, is a top seven ranked full-service hotel and resort management company and will step in as manager of the Wigwam Golf Resort & Spa at midnight May 29, following the exit of Starwood Hotels and Resorts Worldwide, Inc. Destination Hotels & Resorts manages such notable Arizona properties as Royal Palms Resort and Spa and Tempe Mission Palms and Conference Center. The company's nationwide portfolio includes over 33 assets and 7,500 rooms with properties from Maui, Hawaii to Stowe, Vt., including the coveted L'Auberge Del Mar and the Estancia La Jolla Hotel & Spa. Also included in the company's portfolio is the prestigious 582-room Terranea Resort that's situated on 102 oceanfront acres on the Palos Verdes Peninsula in Southern California and features a 25,000-square-foot destination spa, three swimming pools, three restaurants and a Todd Eckenrode-designed par three golf course.

"We selected Destination Hotels & Resorts because they are one of the most highly respected operators of some of the best Four Diamond resorts across the U.S.," said Douglas P. Wilson, CEO of Douglas Wilson Companies. "Partnering with such a notable operator will ensure that the traditions and legend of the Wigwam continue."

Douglas Wilson Companies was named the receiver of the Wigwam and the Arizona Biltmore Golf Courses last month and will continue to oversee the properties through the receivership, with Destination Hotels & Resorts as the resort and golf course manager. Destinations Hotels & Resorts is currently working with Starwood to assure a seamless turnover.

"We are more than pleased with this appointment and the high level of standard that is and will continue to be maintained at the Wigwam," said Darryl Crossman, City Manager of the City Litchfield Park. "The Wigwam is the cornerstone of our city and that will remain unchanged."

The largest business services entity of its kind, Douglas Wilson Companies has provided problem resolution for over 500 projects involving assets valued in excess of $7.5 billion. An authority in resolution of non-performing loans, distressed real estate assets and operating companies, Douglas Wilson Companies' portfolio includes several high-end hospitality developments, including The Ritz-Carlton, Rancho Mirage.

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