Behringer Harvard Adds Florida Keys Resort

Hawk's Cay Joint Venture With Northview Hotel Group and Five Star Realty Plans Substantial Renovatio

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. October 14, 2008

FEBRUARY 21, 2007. Behringer Harvard announced today that it has acquired a majority interest in the well-known Hawk's Cay Resort in the Florida Keys. The company and its joint venture partners -- Northview Hotel Group and Five Star Realty Partners LLC -- intend to redevelop Hawk's Cay to compete with the finest destinations along the U.S. coast. The unique resort has been independently owned and operated for the past 24 years.

"Hawk's Cay has one of the top oceanfront resort locations in America. Our goal with the planned renovation is to create a four-star experience, from the public areas and guestrooms down to the landscaping and amenities," said Robert M. Behringer, founder and CEO of Behringer Harvard. "Among the advantages Hawk's Cay will have over its regional competitors are its extensive meeting space, its impressive amenity package and its self-contained island setting."

"Five Star and Northview have significant experience with hospitality properties and the ability to recognize value-add and opportunistic investments with high upside potential," said Behringer. "We look forward to working closely with them on redeveloping this asset."

Hawk's Cay Resort is located on Duck Key Island, approximately 60 miles north of Key West and 90 miles south of Miami. The resort features 177 guest rooms; 297 privately owned villas, the majority of which participate in a rental management program; 25,000 square feet of meeting space; and 10,000 square feet of office and retail space. Amenities include five restaurants, a resort bar, five swimming pools, a 7,000 square foot spa, a 52-slip full service marina, tennis courts and a premier children's program.

Hawk's Cay offers guests world-class fishing, snorkeling, scuba diving, parasailing and other watersports activities, plus "Dolphin Discovery," a program that provides interactive and educational dolphin experiences for guests.

The joint venture partners plan to undertake an extensive renovation and re-branding strategy for the resort. Northview will head up the redevelopment efforts and operate the property going forward.