Coral Hospitality Selected to Manage 4 New Resort Projects in Florida Expertise Creates Growth and Competitive Advantage

NAPLES, FL (January 20, 2006) – Coral Hospitality recently signed four new management contracts in Florida, creating company growth and strategic positioning within the condominium hotel and resort arena. Based on its strength and track record in hotel, club and residential community management, Coral is being selected to handle these new projects in emerging markets.

These new condo hotel management contracts are for major redevelopment or new build projects in emerging Florida destinations – Sandpearl Resort & Residences in Clearwater Beach, Vero Beach Hotel & Club in Vero Beach, Seagate Hotel & Spa in Delray Beach, and Warm Mineral Springs Resort in North Port. Each project is owned and developed by veteran development companies that selected Coral Hospitality for its acute awareness of the needs and services that are vital to developing a successful condo hotel, including extensive hotel, club and association management expertise throughout the United States and Caribbean.

“With the growing trend in condominium hotel projects, it’s a natural transition for Coral to move into management of this category. Based on our vast knowledge, experience and success in luxury resort and high-end residential community association management, we have been tapped for some of the leading projects in Florida,” comments Lee Weeks, CEO of Coral Hospitality. “It boiled down to an innate understanding of the nuances of how to run the operations, finances and service aspects of hotels and associations. Of course, the hospitality equation is a vital element as always.”

CFO Chris Schaeffer states, “It was a natural transition for Coral to go from luxury resort and master association management into condo hotels. The relationship of the hotel operating business and residential component is more important and unique than most think. You have to comprehend and meld owner, hotel operator (flag or independent), and association needs and desires. With our experience and understanding in all of these areas, we are able to promote an environment that succeeds for each independent component. Coral’s ability and experience allows us to become a total solutions provider to these projects.”

For more than 17 years, Coral Hospitality has brought five-star management expertise to its portfolio of hotels, clubs and residential communities. The company’s commitment to quality standards and a superior level of service has delivered maximum returns for its clients, and fostered strong relationships with partners. Coral Hospitality’s focus is on each individual property, and ensuring that the members and guests are enabled to fully enjoy the distinct experience and amenities provided.

The Sandpearl Resort features 253 guestrooms, 50 luxury suites that will be part of a rental program, a world class spa and fitness center, beach club, kid’s enrichment program, oceanfront pool with Jacuzzi, signature restaurant and lounge, beach bar and grill, concierge services, 20,000 sq. ft. meeting and event space, business center, retail shops and much more. Sandpearl Residences will include 117 residential condominiums that share the resort amenities, situated on 5.5 acres with 700 feet of expansive beach edging the Gulf of Mexico. JMC Communities is the owner and developer, as well as condo sales. The project is scheduled to open Winter 2007.

Vero Beach Hotel & Club, located at 3500 Ocean Drive in the heart of downtown Vero, will feature 84 one- and two-bedroom suites with a luxury spa, beach club, heated pool, Jacuzzi and waterfall feature, pool bar and grill, signature restaurant, fitness center, business services, concierge, laundry and valet services. The hotel suites will also be sold in the condo hotel category. The Heaton Companies owns the project, with condo sales handled by French & Company. Expected opening date is Fall 2006.

Along the sparkling shores of Delray Beach, the Seagate Hotel & Spa will feature 66 suites with signature restaurant and lounge, a luxury spa, and 10,000 square feet of new retail options along Atlantic Avenue. The historic Seagate Beach Club will offer members a dramatic two-level oceanfront club with lounge, restaurant, pool and sundeck. Seagate Residences will feature 31 newly constructed luxury condominiums. The design partners include internationally renowned architects, Randall Stofft, and interior designers, Hirsch Bedner Associates. Scheduled for completion in Fall 2007, the project is owned by HHC Florida, LLC.

Warm Mineral Springs Resort is a 100-acre development located in North Port, which features a 87˚F warm mineral springs lake said to be the Original “Fountain of Youth” sought by Juan Ponce de Leon. This extensive project will feature a main lodge and residential community totaling 270 guest and owner accommodations with a town center including 107,000 sq. ft. of commercial space to house a Conference Center, restaurants, the Institute for Natural Healing and European Spa, and retail stores. The springs boast 9 million gallons of warm mineral water flowing daily and are a popular Florida attraction. Golden Springs Group is the owner and opening is expected in 2007.

Based in Naples, Florida, Coral Hospitality is a full service management and investment company with a diverse portfolio of hotels, clubs and residential communities. Currently managing a collection of more than 35 properties throughout Florida and Georgia, Coral operates each with a core belief in providing thoughtful service in unique surroundings. For more information, contact Coral Hospitality at (239) 449-1800 or visit our newly redesigned website

Media Relations Contacts:
Kristin Wherry/Nikay Richardson
PPR Communications


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