Buena Vista Hospitality Group

Premier Florida Residential Community to Expand on Golf Course Development with Nine New Holes, Open for Play in Fall 2002, Plus 225 Home Sites

Venice, FLORIDA – September 9, 2002 – Pelican Pointe Golf & Country Club, which recently topped Venice Gondolier‘s "Best Golf & Country Club" category for 2002, is expanding its Ted McAnlis-designed golf course from 18 to 27 holes. The new nine holes, to measure approximately 3,500 yards, will be ready for play in the fall of 2002 and will enhance the original 7,192-yard Pelican Pointe course, which is rated at 75.1 with a slope of 138. In addition to the construction of the new holes, also designed by Ted McAnlis, the world-class Sarasota County development is adding 225 residential sites with home and lot packages ranging in price from the $300,000's to the $600,000's.

"The growth of the Club at Pelican Pointe underscores Florida's appeal as one of the world's leading golf destinations and locations for country club residences," said Mike Frost, CEO of Buena Vista Hospitality Group, which manages the Club at Pelican Pointe. "The expansion is a result of the burgeoning demand for home sites with golf amenities in Florida."

The Club at Pelican Pointe opened in 1995 and is the centerpiece of the Pelican Pointe residential community, which currently features more than 900 homes surrounding the championship golf course. The gated community is nestled on 1,000 acres, of which half is dedicated to wildlife preserves and recreational amenities.

The Club at Pelican Pointe membership program is limited to residents of the Pelican Pointe residential community. The Club, which operates as a semi-private club, serves approximately 375 golf members and 500 social members. To accommodate the additional membership associated with the community's growth, the Club is also expanding upon its 22,000-square–foot clubhouse with an additional 4,500 square feet.

Buena Vista Hospitality Group, Inc., a Tampa-based international resort and golf club development and management company, along with its capital partner, Old Saybrook Golf Capital, acquired the Club at Pelican Pointe in late December of 2001. Since its inception in the early 1970s, Buena Vista Hospitality Group has attracted renowned projects in the U.S. including PGA National Resort & Spa, headquarters of the PGA of America; LPGA International, home of the Ladies Professional Golf Association (LPGA); Buena Vista Palace Resort & Spa; and East Hampton Golf Club. Internationally, Buena Vista Hospitality Group is affiliated with projects including Tucker's Point Club in Bermuda, Cayo Largo Resort in Puerto Rico, La Roca Golf and Country Club in Mexico, and Chateau Cartier Resort & Spa in Canada.
More information on Buena Vista Hospitality Group can be found on the company's website at www.bvhg.com or by contacting Mike Frost, CEO, Buena Vista Hospitality Group, 2910 W. Bay to Bay Blvd., Suite 200, Tampa, Florida 33629. Phone (813) 221-7535. Fax (813) 222-8344.

Pelican Pointe Golf & Country Club is conveniently located in Venice off Center Road, just minutes from I-75 and US 41. Venice's shell laden beaches, numerous shopping centers and medical centers are a short distance away. More information on Pelican Pointe is available on the web at www.pelicanpointeclub.com. Phone (941) 496-HOME (4663). Toll Free (800) 433-HOME (4663).