Buena Vista Hospitality Group/UrbanAmerica Joint Venture Acquires 1102-Room Orlando Resort

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First published on Thursday 28 September 2006:

ORLANDO, Fla. (Sept. 28, 2006) Buena Vista Hospitality Group, an International Resort Development and management company, and its joint venture partner, UrbanAmerica, a national real estate private equity firm, have acquired the Sheraton World Orlando Resort. The 1102-room property, located on International Drive in the heart of Orlando's Convention area, will be renamed the International Plaza Resort & Spa.

We're delighted to partner with Buena Vista Hospitality Group on our first venture in the condo-hospitality marketplace, said UrbanAmerica President and CEO, Richmond McCoy. The International Plaza Resort & Spa is a welcome addition to our large existing portfolio in Florida, currently valued at $150 million representing approximately 1.5 million square feet of real estate in nine cities.

We welcome UrbanAmerica as our partner, said Mike Frost, CEO of Buena Vista Hospitality Group. We know we can look forward to great success with UrbanAmerica, who has been active in many Florida markets since 2000.

The International Plaza Resort & Spa will remain open as the partnership plans for the re-branding of the resort as a luxury, tropically-themed destination condo-hotel. The property, which is next door to Sea World Orlando, two minutes from the Orlando Convention Center and only minutes from the city's other major attractions, includes a restaurant and deli, 3 swimming pools, a fitness center, spa, business center, two children's pools, playground and miniature golf course.

About UrbanAmerica
UrbanAmerica is a national real estate private equity firm with $500 million under management and a $5 billion pipeline of for-sale residential, retail and office opportunities.

A minority-controlled registered investment advisor founded in 1998, the company established an urban investment niche targeting properties in healthcare, government and academic spheres, along with mixed-use residential condominiums, retail markets and now hospitality. Currently UrbanAmerica owns and operates a portfolio of properties representing 3.6 million square feet, including a large portfolio in the metro D.C. market. More information about UrbanAmerica can be found at www.urbanamerica.com.

About Buena Vista Hospitality Group
Buena Vista Hospitality Group (BVHG), a Tampa, Florida based international resort and golf club development and management company that got its start in the early 1970s. BVHG has managed renowned projects in the U.S.A. including PGA National Resort & Spa in Palm Beach Gardens, Fla.; LPGA International, home of the Ladies Professional Golf Association (LPGA), Daytona Beach, Fla.; and the Buena Vista Palace Resort & Spa, Walt Disney World Village.

Internationally, the company is the developer and operator of the 36-hole TPC-Cancun project in Mexico, and the exclusive licensee of the PGA (United Kingdom) for the branding of PGA International Resorts in Europe and the UK. Buena Vista Hospitality Group has project developments in the UK, Spain and Croatia that will carry the PGA International Resort branding. Other international projects are located in France, Canada, Italy, Cyprus and the Dominican Republic. The European operations are headquartered in Central London.

BVHG has successfully provided a full range of development and management services for more than 50 hotels, resorts, golf communities and clubs globally. More information about BVHG can be found at www.bvhg.com.

For more information about the International Plaza Resort & Spa, visit the official website at www.InternationalPlazaResortAndSpa.com. For the Vista Club Hotel, visit www.VistaClubOrlando.com.

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