Colony Beach & Tennis Resort to Suspend Hotel Operations

Due to Ongoing Dispute with Owners of 234 Condos Over Maintenance Costs

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. September 23, 2009

LONGBOAT KEY, FL - September 22, 2009 - The Colony Beach & Tennis Resort has been forced to suspend hotel operations as a result of attempts by their Condominium Unit Owner's Association Board over the last four years to paralyze operations by refusing to assess the unit owners to fund its operations expenses and repairs to the property. Therefore, effective September 28, the resort will suspend hotel operations indefinitely.

Despite The Colony's venerable 40-year history, which includes being recognized as one of the first, and finest tennis resorts in the world, establishment as a premier fine dining institution, and serving as the chosen destination for millions of guests, Presidents and elite athletes, the condominium Association's and their designated Board's failure to meet their fiduciary obligations, has led to the decision by the resort's management to cease operations. The suspension of services will be temporary until a mutually agreed upon plan for continued operations is developed between the resort and its owner's Association to restore The Colony to its luxury resort condition.

Colony President and General Manager, Katherine Klauber Moulton states, "This is a very difficult decision my father and I have been forced to make. We were optimistic that the Association would have been more prescient about the possible ramifications to the operations as a whole if they decided to continue neglecting their fiscal obligations. As a result, an organization that is well-run, rich with heritage, potential and a talented staff is being forced to close."

The 234 one- and two-bedroom villas suites, beach houses and specialty suites will close until further notice. Colony staff will be undertaking the effort to contact confirmed guests with existing reservations, and attempt to relocate travelers to Longboat Key and Sarasota resort properties.

Resort components such as The Colony Spa, The Monkey Room Patio, and The Colony Shops will also suspend operations. Le Tennique, The Colony's retail shop featuring men's and women's fashions, accessories and gifts will be holding a progressive sale starting on Wednesday, September 23. Discounts on merchandise will start at 40% off and progress to higher percentages daily until Sunday, September 27.

The Colony Dining Room, however, will remain open permanently Tuesdays through Sundays, serving dinner starting at 5:00. The Restaurants' famous Sunday Brunch will also continue from 10:00 - 2:00 weekly.

The Colony's full-time hotel staff of over 80 employees, some who have served guests at the resort for over 30 years, will be placed on an indefinite furlough until the property can reopen for business. Employees will be provided assistance by appointing two human resources professionals to exclusively offer counseling and support in retraining services and job placement as part of a plan to aid in the transition process. Executive management will also be making efforts to personally assist in placing key staff members at comparable positions throughout the Sarasota and Manatee area.