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					                                                                                          GLOBAL ORGANIZERS OF INSTITUTIONAL
                                                                                          FINANCE & INVESTMENT CONFERENCES

                                                                      LEAD SPONSOR




                                                    THE SYMPOSIUM ON
                                    FINANCING, DEVELOPING
                                        AND OPERATING

    CONDO HOTELS
          7-8, 2005                SEPTEMBER
                                    THE CONRAD MIAMI
                                      MIAMI, FLORIDA

                               PA RT I C I PAT I N G D E V E L O P E R S / OW N E R S C U R R E N T LY I N C L U D E :
Brandon McCarter, Vice President of Lodging                 Robert Falor, CEO FALOR COMPANIES                        Thomas Arasi, President PORTMAN HOLDINGS
AMERICAN SKIING COMPANY                                     Angus Rogers, Founder and President FLORIDAYS RESORTS    R. Brenton Howie, President
Jody Kriss, Managing Director BAYROCK GROUP                 Alejando Aparicio, Executive Vice President              PROVIDENT MANAGEMENT CORPORATION
Peter M. Locke, Managing Director                           FORTUNE INTERNATIONAL HOTELS                             Jud Pankey, President PRESCOTT REALTY GROUP
BLACKACRE CAPITAL MANAGEMENT                                Marty Collins, President GATEHOUSE CAPITAL CORP.         Gene Grabarnick, Member of the Development Team
Russell Flicker, Managing Director                          Gary B. Lake, Senior Vice President GENCON GROUP
THE BLACKSTONE GROUP                                                                                                 REGENT SOUTH BEACH
                                                            Jerry Kaufman, Founder and Chairman                      Jeff Yamaguchi, Vice President of Operations
Gary S. Milner, Vice President CANYON RANCH
                                                            GLOBAL MARKETING GROUP                                   THE RESIDENCES AT MGM GRAND
Joy Anzalone, Chief Operating Officer
                                                            Chris Foster, President HAMPSTEAD PARTNERS
CONSOLIDATED MANAGEMENT , INC.                                                                                       Claudio Stivelman, President
                                                            Fabrizio Passalacqua, CEO HOLLYWOOD GRANDE
Gil Dezer, President DEZER DEVELOPMENT                                                                               SHEFAOR DEVELOPMENT LLC
Stanley R. Castleton, CEO DDRM GREATPLACE LLC               Brian A. Py, Vice President of Development and Finance
                                                                                                                     Cameron Burnet, Senior Vice President
                                                            THE KESSLER COLLECTION
Bob Lipsitz, President DOUBLE JJ RESORT                                                                              SUPERCLUBS & SONESTA BRASIL
                                                            Amachie Ackah, Vice President LUBERT ADLER
Carlos J. Rodriguez, Executive Vice President-Real Estate                                                            George Ruff, Senior Principal
Development DRIFTWOOD HOSPITALITY                           David Merritt, Senior Vice President
                                                            MARCUS HOTELS & RESORTS                                  TRINITY HOTEL INVESTORS LLC
MANAGEMENT LLC
                                                            Richard G. Baumert, Vice President                       Harper Sibley, President
David Pisor, CEO ELYSIAN DEVELOPMENT
                                                            MILLENNIUM PARTNERS                                      VALENTINES ISLAND DEVELOPMENT
Bill Ross, President
ESTORIL, INC. ESPIRITO SANTO PLAZA                          Marc Ehrlich, Principal                                  Mark Waltrip, Chief Operating Officer-Central Florida
Henry Terech, Senior Vice President                         O’CONNOR CAPITAL PARTNERS                                Investments WESTGATE RESORTS
EXTELL DEVELOPMENT CO.                                      Gary M. Safady, Managing Partner O&S HOLDINGS, LLC       Eric D. Sheppard, Principal WSG DEVELOPMENT

                                                            REGISTER BY AUGUST 5 AND SAVE $200
                             FOR THE MOST CURRENT INFORMATION PLEASE VISIT WWW.IMN.ORG/EEJ779/M
A           W E D N E S D A Y
            SEPTEMBER 7, 2005
D
    7:30         Registration for Symposium Workshop
                 Continental Breakfast Courtesy Of:



    8:00         SYMPOSIUM WORKSHOP: REVIEWING CONDO HOTELS AND PRODUCT VARIATIONS
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                 • Fractionals, Extended Stay, Condo Apartments vs. Condo Hotels • Hotel and Apartment Side-by-Side vs.Traditional Condo Hotel
                 • Common Area Issues • Legal Definitions • Key Issues you Must be Aware of • Making a Marginal Project Feasible
                 Workshop Facilitator:
                 Brian L. Belt, Partner SHUTTS & BOWEN LLP
                 Workshop Leaders:
                 Andrew S. Robins, Chairman-Real Estate Practice, Director-Leisure & Resort Practice Group GUNSTER YOAKLEY
                 Tom Patton, Development Manager LEGENDARY, INC.
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                 David Schwartz, Managing Principal THE MANAGEMENT CONSORTIUM, INC.
    8:45         Symposium Workshop Concludes
    8:15         Main Symposium Registration
                 Continental Breakfast Courtesy Of:
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    8:50         Welcoming Remarks From IMN & the Forum Chairman
                 Robert Falor, CEO FALOR COMPANIES
    9:00         EVALUATING THE MACROECONOMIC DRIVERS OF THE CONDO HOTEL EXPLOSION: ARE CONDO HOTELS THE DOT.COM’S OF THE
                 90’S OR A LONG-TERM REALITY?
                 • Looking At Major Markets (e.g. Miami, Las Vegas, NYC) • What are the Risks, Potential Problems & Pitfalls of this Market?
                 • Condo Conversions: Is the Existing Hotel Pool being Cannibalized? Is that Necessarily a Bad Thing? • Condo Hotel Premium Valuations
A




                 • Condo Exit Market • Performance of Condo Hotels: Comparing Inner City vs. Resort Properties • Trend Toward ‘Condo-izing’ Everything
                 • Impact of Competition from Other Condo Types • Condo Hotel Pipeline: How Many Will Actually be Built? • Looking Beyond The States:
                 The International Condo Hotel Market • Impact of Condo Flippers • Default Likelihood in a Rising Interest Rate Environment
                 Session Chair:
                 Mark A. Lunt, Senior Manager & Practice Leader-SE Area & Caribbean Basin-Hospitality Advisory Services ERNST & YOUNG LLP
                 Session Participants:
                 Jeffrey Owen, Partner DLA PIPER RUDNICK GRAY CARY
                 a representative from GREENBERG TRAURIG
                 Richard G. Baumert, Vice President MILLENNIUM PARTNERS
                 Jud Pankey, President PRESCOTT REALTY GROUP
                 Richard K. Hollowell, Real Estate Advisory Partner RACHLIN COHEN & HOLTZ LLP
                 Claudio Stivelman, President SHEFAOR DEVELOPMENT LLC
    10:00        WHAT ARE THE IDEAL COMPONENTS/REGIME AND FINANCIAL STRUCTURE OF A SUCCESSFUL CONDO HOTEL OPERATION?
                 • Owner/Operator vs. 3rd-Party Management • Necessary & Value-Added Amenities and Services • Striking a Deal Between the
                 Owner/Operator, Developer and Individual • Upkeep: Who’s Responsible? • Long-term Capital Demands: Who Pays the Piper When
                 the 3% Reserve is not Enough? • Rental Pool Commitment Options • Branded vs. Unbranded • Comparing Regimes in Urban vs.
                 Resort Setting • Residual Hotel (Public Spaces, F&B Outlets, Meeting Spaces etc.) Ownership and Revenues • CC&R Options
                 (Covenants, Conditions and Restrictions)
                 Session Chair:
                 Jay Neveloff, Partner KRAMER LEVIN
                 Session Participants:
                 Russell Flicker, Managing Director THE BLACKSTONE GROUP
                 Gil Dezer, President DEZER DEVELOPMENT
                 Bob Lipsitz, President DOUBLE JJ RESORT
                 David C. Gilbert, Executive Vice President-Resort Sales & Service INTERVAL INTERNATIONAL
                 Amachie Ackah, Vice President LUBERT ADLER
                 Cameron Burnet, Senior Vice President SUPERCLUBS & SONESTA BRASIL
    11:00        Refreshments Courtesy Of:




    2   l   For The Most Current Agenda Or To Register For This Symposium, Please Go To: www.imn.org/eej779/m/
11:25     KEY OPERATING & ON-SITE MANAGEMENT ISSUES




                                                                                                                                                              A
          • Inventory/Revenue Management • Accounting Issues • Cost & Expense Allocation • Whole Project vs. Common Facilities/Unit Budget
          Split • What Systems Technologies are Available for the Condo Hotel? • Condo Sale Practices • Calculating and Tracking the Revenue
          Sharing Between Owners and Accurate Accounting of Expenses and Fees • What does the Owner Need to Know About Operations
          and On-Site Management?
          Session Chair:
          R. Brenton Howie, President PROVIDENT MANAGEMENT CORPORATION




                                                                                                                                                              G
          Session Participants:
          Brandon McCarter, Vice President of Lodging AMERICAN SKIING COMPANY
          Allen Rice, Director of Business Development CONDOTELWARE
          Fabrizio Passalacqua, CEO HOLLYWOOD GRANDE CONDOMINIUM HOTEL RESORT
          Jeff Yamaguchi, Vice President of Operations THE RESIDENCES AT MGM GRAND
          Cameron Burnet, Senior Vice President SUPERCLUBS & SONESTA BRASIL
12:25     Luncheon Courtesy Of:




                                                                                                                                                              E
          Luncheon Address: “THE FUTURE IS SO BRIGHT…WE’VE GOT TO WEAR SHADES”
          Be sure not to miss this uplifting and in-depth look at our market and the voracious appetites of consumers who are making it all possible.
          Topics to be covered include:
          • What is Fueling this Bull Market in Leisure-Oriented Real Estate?




                                                                                                                                                              N
            • Real Time Industry Data • Psychographics & Demographics
          • What are Future Opportunities in this Space?
            • New Markets • Driving Higher Yields Via Innovative Offering Structures
          • Why it’s great to be in this Market!
          David Bansmer, Managing Director THE REGISTRY COLLECTION
1:45      CONDO HOTEL PRESIDENT & CEO ROUNDTABLE
          This panel of leading executives will discuss the past successes and future plans of leading condo hotel developers.




                                                                                                                                                              D
          Session Participants:
          Gil Dezer, President DEZER DEVELOPMENT
          Bill Ross, President ESTORIL, INC. ESPIRITO SANTO PLAZA
          Robert Falor, CEO FALOR COMPANIES
          Angus Rogers, Founder and President FLORIDAYS RESORTS
          Jerry Kaufman, Founder & Chairman GLOBAL MARKETING GROUP
2:45      Refreshments




                                                                                                                                                              A
                                               CONCURRENT SESSIONS: CHOOSE -A- OR -B-
-A- 3:00 PARTNERSHIPS AND JOINT VENTURES: MAKING THE MOST                       -B- 3:00    BRANDING & SELECTING YOUR FLAG
         OF YOUR INVESTMENT                                                                 • Identifying & Comparing the Top Brands • What is the
         • Partnership & JV Structures • Secondary Liquidity                                Value of a Brand in this Market? • Evaluating Management,
         • Alternative Financing Techniques • Negotiation Points                            License Fees • Brand Requirements • Management
         • Operating Partner Agreements                                                     Requirements and Options • Brand Financing, Ownership and
                                                                                            Joint Ventures • Going With a Non-Luxury Brand: Why?
         Session Chair:
                                                                                            Session Chair:
         Scott Landress, Managing Partner
                                                                                            Richard A. Warnick, President WARNICK & COMPANY
         LIQUID REALTY PARTNERS
                                                                                            Session Participants:
         Session Participants:
                                                                                            Carlos J. Rodriguez, Executive Vice President-Real Estate
         Thomas C. Nice, Principal REZNICK GROUP                                            Development DRIFTWOOD HOSPITALITY MANAGEMENT LLC
         Rich Feldheim, CEO STAR RESORTS GROUP                                              Gary B. Lake, Senior Vice President GENCON GROUP
         George Ruff, Senior Principal TRINITY HOTEL INVESTORS                              Gregory Rockett, Vice President-Development
         Joseph V. Green, President & CFO WINSTON HOTELS                                    HILTON INTERNATIONAL-THE AMERICAS

-A- 3:45 UNIT RENTAL MANAGEMENT PROGRAMS & AGREEMENTS                           -B- 3:45 AN UPDATE ON POTENTIAL LIABILITY ISSUES &
         • Reciprocal Rights • Disclosure During Sales Process                           CURRENT LAWSUITS
         • Operational Issues, Including Pooling of Rent                                 • Condo Defect Liability • Additional Capital Expenditures:
         • Rental Availability,Term Length & Unit Availability/Restrictions              Are they Well Understood & Documented?
         • Maintenance and Deductions • HOA (Homeowner                                   • Do Customers Really Understand this Product?: What
         Association) Issues • Condo Association Fees                                    Problems can this Cause Down the Line
         Session Participants:                                                           • ADA Compliance • Maintenance Fees • Suing the
         Brandon McCarter, Vice President of Lodging                                     Government to get Approval: Is it Worth it?
         AMERICAN SKIING COMPANY                                                         Session Participants:
         Grant Sabroff, Senior Vice President-Business Development                       a representative from GREENBERG TRAURIG
         BOYKIN MANAGEMENT COMPANY                                                       Scott Allan, Senior Vice President MARSH
         Alejando Aparicio, Executive Vice President
         FORTUNE INTERNATIONAL HOTELS, INC.
         Nina K. Eldred, Of Counsel SQUIRE, SANDERS & DEMPSEY L.L.P.
         Harper Sibley, President VALENTINES ISLAND DEVELOPMENT

               For The Most Current Agenda, Go To www.imn.org/eej779/m/                    Email: mail@imn.org   Tel: 212-768-2800   Fax: 212-768-2484   l3
A
    -A- 4:30 HOW ARE CONDO HOTELS FINANCING THEIR PROPERTIES?                                          -B- 4:30 SALES & MARKETING STRATEGIES: GEE...THERE ARE
             • Participations, Joint Ventures & Other Equity Financings                                         ALOT OF CONDO HOTELS BEING BUILT, HOW CAN
             • Mezzanine Financing • Pricing of Hotel With Condo Hotel                                          I STAND OUT FROM THE CROWD?
             Component vs. Without • Are there Projects you Wouldn’t                                            • How to Differentiate Yourself • Using 3rd-Party Brokers
             Finance? • Construction vs. Acquisition Financing                                                  • US Buyer Profile • Foreign Buyers: What Happens if the
             • Financing From the Consumer Side                                                                 Dollar Strengthens Further? • Different Locations,
                                                                                                                Different Marketing Strategies and Buyers • What is a
             Session Chair:                                                                                     Buyer Really Looking for? A Vacation Home? ROI? Tax
D
             Steve Gold, Managing Director                                                                      Break? • Regulations to be Aware of • Pricing your Condo
             HOTEL FINANCIAL STRATEGIES                                                                         • Marketing Variations on Theme Including: Ski, Golf,
             Session Participants:                                                                              Wellness Centers and Other Niche Products • 1031 Buyers
             Jeffrey A. Gould, President & CEO BRT REALTY TRUST                                                 Session Chair:
             Ali Elam, Managing Director                                                                        Gary S. Milner, Vice President-Legal & Development
             FORTRESS INVESTMENT GROUP LLC                                                                      CANYON RANCH
             a representative from GREENBURG TRAURIG                                                            Session Participants:
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             Marc Ehrlich, Principal O’CONNOR CAPITAL PARTNERS                                                  Bob Lipsitz, President DOUBLE JJ RANCH AND GOLF RESORT
             Bob Waun, Vice President-Private Mortgage Banking                                                  R. Brenton Howie, President
             PARAMOUNT BANK                                                                                     PROVIDENT MANAGEMENT CORPORATION
             Joseph V. Green, President & CFO WINSTON HOTELS                                                    Gene Grabarnick, Member of the Development Team
                                                                                                                REGENT SOUTH BEACH
                                                                                                                Chris Tivey, Executive Vice President STAR RESORT GROUP
E




    -A- 5:15 SITE SELECTION & NEW CONSTRUCTION:WHAT ARE THE                                            -B- 5:15 SALES & MARKETING COMPLIANCE
             CRITICAL FEATURES & PROJECT MANAGEMENT ISSUES FOR                                                  • Sales Training Necessary • SEC Laws to be Aware of
             A PROFITABLE CONDO HOTEL?                                                                          During the Sales Process • Disclosure of Rental Program
             • Location, Location, Location • Architecture/Design                                               During Sale Process • Pre-Sale Regulatory Issues: When can
             • Construction Management: Who has Responsibility?                                                 you Sign Up Buyers and Take Down Payments?
             • Help Wanted: Hotel or Multifamily Experience Necessary?                                          • Pre-Sale Revenue Pooling Issues
             • Rising Construction Expenses: Has it Impacted the Bottom                                         Session Chair:
G




             Line? • Construction Finance: What Kind of Terms are                                               Paul Berkowitz, Shareholder GREENBERG TRAURIG
             Available Today? • Phase Planning                                                                  Session Participants:
             Session Participants:                                                                              David Pisor, CEO ELYSIAN DEVELOPMENT
             David Pisor, CEO ELYSIAN DEVELOPMENT                                                               Mary Beth Bosco, Partner GUNSTER YOAKLEY
             Henry Terech, Senior Vice President EXTELL DEVELOPMENT CO.                                         Robert Chasnow, Partner HOLLAND & KNIGHT
             Jerry Kaufman, Founder & Chairman                                                                  Alfred Smith, Partner SHUTTS & BOWEN
             GLOBAL MARKETING GROUP
A




             Mark Waltrip, Chief Operating Officer-Central Florida Investments
             WESTGATE RESORTS

    6:00         Networking Cocktail Reception Courtesy Of:



    7:00         Day One Concludes



            O F F I C I A L                       C O N D O                        H O T E L                    C O C K T A I L                             S P O N S O R
                                                                               CONRAD MIAMI -- Decidedly modern, boldly conceived, and beautifully designed, this urban luxury hotel
                                                                               creates a unique sensory experience for its guests.
                                                                               A magnificent atrium welcomes hotel guests on the 25th floor.This floor also hosts the hotel's Latin-Asian
                                                                               influenced restaurant, Atrio, and steps away sits the sultry 40-seat bar, Noir, affectionately referred to as the
                                                                               ‘Dark Bar.’ Both areas offer cascading views of Miami's skyline and a smart, modish atmosphere. On the
                                                                               outside, the landscaped roof top features an outdoor deck, two tennis courts, a hot tub and the hotel’s lap
                                                                               pool. Inside, the luxury spa and fitness center offers Sonya Dakar-products and Life Fitness exercise
                                                                               equipment. On the threshold of the future of business travel, the hotel offers a state-of-the-art business
                                                                               center with meetings facilities equipped with plasma screen TVs, ergonomic chairs and meetings concierges.
                                                                               Each of the 203 luxuriously appointed guest rooms and 103 suite residences which overlook Biscayne Bay
                                                                               and the Miami skyline are finely appointed with contemporary furniture, two phone lines, personalized
                                                                               stationery, 27-inch flat-screen TV and a DVD player and a separate bathtub and shower. Guests may indulge
                                                                               in the hotel’s bath service menu in conjunction with the array of services available from Spa Conrad, from
                                                                               the comforts of their rooms. Additional amenities include Conrad’s pillow menu. Complimentary Hi-Fi and
                                                                               Wi-Fi is available throughout the building.
                                                                               Located on Brickell Avenue, in the heart of Miami's financial district, the Conrad Miami is just minutes from
                                                                               the Port of Miami, Coconut Grove and the Bayside Market Place -- also ideal for shopping and dining. All
        other locations, including Key Biscayne and Miami International Airport are just 15 to 20 minutes from the hotel.
        A recognized icon on the Miami skyline, the unconventionally stylish Conrad Miami was designed by the firm Kohn, Peterson and Fox. Part of the architecturally stunning Espirito
        Santo Plaza, the 36-floor mixed-use complex also features prime office space, an up-market retail center and a 12-level car park -- all in an innovative architectural design with a
        distinctive steel and glass exterior.


    4   l   For The Most Current Agenda Or To Register For This Symposium, Please Go To: www.imn.org/eej779/m/
  T H U R S D A Y
  SEPTEMBER 8, 2005
8:15    Continental Breakfast Courtesy of:


8:45    PROFITABLE STRATEGIES FOR A TIMELY ACQUISITION, RENOVATION AND CONVERSION
        • Renovation Cost & Conversion • Architecture/Design • Evaluating a Building’s Location, Current Condition & Desirability
        • A Small Developer’s Perspective • Timeframe & Impact on Profitability • Multi-Property Acquisitions • Financing the Acquisition
        • Repositioning Non-Hotel or Apartment Properties
        Session Participants:
        Henry Terech, Senior Vice President EXTELL DEVELOPMENT CO.
        Brian A. Py, Vice President of Development and Finance THE KESSLER COLLECTION
        David Merritt, Senior Vice President MARCUS HOTELS & RESORTS
        Janice Schnabel, Managing Director-Head of Hospitality Practice MARSH
        Jud Pankey, President PRESCOTT REALTY GROUP
        Gene Grabarnick, Member of the Development Team REGENT SOUTH BEACH
9:45    MIXED-USE PROPERTIES:WORKING CONDO HOTELS INTO THE EQUATION
        • Creating a Project Organizational Structure • Balancing Condo Owner Needs vs. Project Owner Needs • Incorporating Retail, Office
        & Other Non-Hotel/Residential Components • Role of the Local Government and Development Agencies • Project Structural Options
        • Multi-Party CC&Rs • Use Area Issues • Allocation of Costs and Project Maintenance • Mixed-Use Projects Utilizing Both Fractionals
        and Condo Hotels • Developing Agreements e.g. Management, License, Pre-Opening & Sales/Marketing • Condo Hotels as a Part
        of a Redevelopment
        Session Chair:
        Rick S. Kirkbride, Chair-Resort, Restaurant & Recreation Practice Group PAUL, HASTINGS, JANOFSKY & WALKER LLP
        Session Participants:
        Adam Berkoff, Partner DLA PIPER RUDNICK GRAY CARY
        Marty Collins, President GATEHOUSE CAPITAL CORP.
        David C. Gilbert, Executive Vice President-Resort Sales & Service INTERVAL INTERNATIONAL
        David Schwartz, Managing Principal THE MANAGEMENT CONSORTIUM, INC.
        Gary M. Safady, Managing Partner O&S HOLDINGS, LLC
        Jim Mace, Partner SNELL & WILMER LLP
10:45   Refreshments Courtesy Of:


11:00   EVALUATING THE LOCAL POLITICAL CLIMATE, LOCAL LAWS & RELEVANT CONDO REGULATIONS
        • Residential Zoning: Can you Build a Condo Hotel? • The NY Plaza Case Study • Land Use Policy and Development Standards
        • Design Standards, Density, Height Limitations, Parking Requirements • Historic Properties • Keys for Developers When Working the
        Political Angle • In-House Expertise vs. Hiring Help • Time and Effort Necessary to be Successful
        Session Chair:
        a representative from GREENBERG TRAURIG
        Session Participants:
        Jody Kriss, Managing Director BAYROCK GROUP
        Chris Foster, President HAMPSTEAD PARTNERS
        Eric Sheppard, President & CEO WSG DEVELOPMENT
12:00   CONCLUDING DISCUSSION:THE FIRST-TIMER’S EXPERIENCE;THE “DIDN’T TAKE THE PLUNGE” EXPERIENCE
        This session will detail the good, the bad and the ugly of those who actually invested in a condo hotel project for the first time or went through
        the whole evaluation process of investing in a condo hotel but didn’t ultimately invest. Discussions will focus on:
        • Translating Fractional, Multifamily & Hotel Experiences • Joint Venture Considerations & Evaluations • Where was the Risk?
        • Evaluating Phase Two Developments • Assessing the Marketing Plan • Why Didn’t you Pull the Trigger? • What was the Key Issue you
        Learned From this Experience? What was the Most Important Topic you Heard at this Symposium?
        Session Chair:
        Andrew S. Robins, Chairman-Real Estate Practice, Director-Leisure & Resort Practice Group GUNSTER YOAKLEY
        Session Participants:
        Bill White, Vice President-Acquisitions AMERICAN INVSCO
        Thomas M. Evans, Vice President AMSTAR
        Peter M. Locke, Managing Director BLACKACRE CAPITAL MANAGEMENT
        Joy Anzalone, Chef Operating Officer CONSOLIDATED MANAGEMENT, INC.
        Cheryl L. Jones, Director of Hospitality Investments NORTHRIDGE CAPITAL, LLC
        Thomas Arasi, President PORTMAN HOLDINGS LLC
1:00    IMN’s Symposium on Financing, Developing and Operating Condo Hotels Concludes

            For The Most Current Agenda, Go To www.imn.org/eej779/m/                    Email: mail@imn.org    Tel: 212-768-2800   Fax: 212-768-2484    l5
    S P O N S O R S
            INFORMATION MANAGEMENT NETWORK WOULD LIKE TO THANK THE FOLLOWING
             SPONSORS FOR THEIR GENEROUS SUPPORT OF THE SYMPOSIUM ON FINANCING,
                           DEVELOPING AND OPERATING CONDO HOTELS


LEAD SPONSOR
                                     The Registry Collection is an                the purchase. This has the impact of reducing reliance on rental returns as
                                     International service provider to the        the sole measure of performance within the mind of the consumer.
                                     luxury leisure real estate market. Core      Benefits to the consumer include:
                                     competencies include innovative use
                                                                                  Members of The Registry Collection possess unparallel access to the
                                     platforms, exchange, concierge service,
                                                                                  world’s most unique experiences and luxuries. Members have the
                                     proprietary technology and quality
                                                                                  ability to exchange their ownership interests for a wide variety of
                                     assurance. Our model is business to
                                                                                  extraordinary properties, such as Luxury Condominium Hotels and
business to consumer (B2B2C). Members of The Registry Collection possess
                                                                                  Private Residence Clubs. These hand-selected properties are located
unparallel access to the world’s most unique experiences and luxuries.
                                                                                  throughout the United States, Canada, Mexico, Caribbean, Europe and
Members have the ability to exchange their ownership interests for a wide
                                                                                  South Africa.
variety of extraordinary properties, such as Luxury Condominium Hotels
and Private Residence Clubs. These hand-selected properties are located           Further, members of The Registry Collection have the privilege of year
throughout the United States, Canada, Mexico, Caribbean, Europe and South         round personal Concierge Services, just as if they were in residence at
Africa.                                                                           the hotel. The Registry Collection’s Concierge Services staff can assist
Benefits to business partners include: The Registry Collection’s operations       members with requests from restaurant reservations to locating tickets
team can absorb the burden of fulfilling individual condominium owner’s           to a sold-out event.
personal usage reservations for time at condo-hotels, thereby, freeing            Finally,The Registry Collection offers members access to yachts, charted
operators to focus on running their hotels rather than catering to the            jets, cruises, airline tickets and elite automobile rentals as part of their
owners of the condominiums.                                                       membership privileges.
The Registry Collection affords purchasers of condo-hotel units greater           The Registry Collection is backed by the power of RCI and its parent
avenues to explore personal usage, insuring greater levels of satisfaction with   Cendant, which is a Fortune 100 company.

P L AT I N U M S P O N S O R
                       Located in capital cities and exotic resorts in            Cairo, Hurghada and Sharm El Sheikh in Egypt, including 6 under
                       Europe, the Americas, Asia Pacific and Middle              development and scheduled to open in Tokyo’s Shiodome district
                       East/Africa, Conrad Hotels offers value to both            overlooking the Royal Hamarikyu Garden and Tokyo Bay in 2005, on a
                       business and leisure travelers by establishing and         secluded hillside along Phuket island’s tranquil Cape Panwa, on the
                       maintaining the highest levels of service delivery         world-famous Las Vegas strip and in Indianapolis’ dynamic downtown in
                       with the renowned "Conrad Service Culture."                2006, as well as Dubai, U.A.E and Beijing, China in 2008..
The hotels provide fine accommodation, excellent restaurants, fully               All Conrad guests benefit from the Hilton worldwide reservation
equipped health clubs and sophisticated meetings facilities.                      system and its acclaimed guest loyalty program, Hilton HHonors®. For
Conrad Hotels currently represents 23 luxury properties worldwide in              more information or reservations, visit www.ConradHotels.com,
London, Dublin and Thomastown, Co Kilkenny in Ireland, Istanbul,                  contact your professional travel agent or call 1-800-CONRADS from
Brussels, New York, Miami, Hong Kong, Singapore, Bangkok, Bali,                   the U.S. and Canada. Outside the U.S. and Canada, please contact the
Queensland and Brisbane in Australia, Punta del Este in Uruguay and               nearest Hilton Reservations Worldwide office or the hotel direct.


GOLD SPONSORS
                           GREENBERG TRAURIG is a recognized leader               operators involved with all asset classes, including office, industrial, multi-
                           in the real estate industry and provides a             family, and retail properties, condominiums, hotels and major destination
                           complete range of sophisticated real estate            resorts. For more information, please visit www.gtlaw.com.
                           services on an international basis. We bring a
team of seasoned professionals with experience in virtually every                                          CONDO HOTEL CENTER is the #1 resource
industry, property sector and transaction type from our group of 170                                       for information on condo hotels around the
real estate lawyers. For more than three decades, we have challenged                                       world. Its comprehensive website features
traditional approaches and delivered practical business solutions for             numerous articles on the condo hotel concept, as well as data, photos
joint ventures, acquisitions, financings, construction, development,              and pricing on individual condo hotel properties.
dispositions, equity or debt securitizations, and marketing of every type         On the website, you can also subscribe to their free Property Alert
of project. Our experience is rooted in a diverse client base, ranging            newsletter to be notified when new condo hotel properties come on
from private and government entities to financial institutions and                the market.Visit www.CondoHotelCenter.com
consultants, investment advisors, and owners, developers, investors, and

6   l   For The Most Current Agenda Or To Register For This Symposium, Please Go To: www.imn.org/eej779/m/
S I LV E R S P O N S O R S
                         MARSH, the world's leading risk and insurance                           SHUTTS & BOWEN is a Florida-based law firm with more
                         services firm, has nearly 30,000 employees and                          than 170 lawyers in five offices in Florida and two in Europe.
                         annual revenues exceeding $5 billion. The firm                          It is nationally known for its work with major developers
provides advice and transactional capabilities to clients in over 100                            and institutional holders of real estate. The firm has
countries. Marsh is a unit of Marsh & McLennan Companies (MMC), a                   extensive experience in significant and prestigious condominium, hotel,
global professional services firm with approximately 60,000 employees               hotel-condominium and interval ownership projects. Its clients include
and annual revenues exceeding $12 billion. MMC also is the parent                   some of nation’s most prominent developers and holders of real estate.
company of Guy Carpenter, Kroll, Putnam Investments, and Mercer.                    The firm is known for its innovative and creative structuring approaches.
MMC's stock (ticker symbol: MMC) is listed on the New York, Chicago,                Its experience includes work with regulatory matters, financing,
Pacific, and London stock exchanges. MMC's Web site address is                      construction contracts, structuring and documentation, advising on the
www.mmc.com. Marsh's Web site address is www.marsh.com.
                                                                                    operation of associations and construction defect claims.
Specialization has long been a driving force in achieving Marsh’s mission
of making our clients more successful. The development of industry-
focused specialty practices is the logical extension of this philosophy.To                        Raleigh, North Carolina-based WINSTON HOTELS, INC.
deepen our understanding of a clients needs and to effectively leverage                           (NYSE:WXH) is a real estate investment trust specializing
our firm-wide expertise, Marsh has established global Practices devoted                           in the development, acquisition, repositioning and active
to ten major industry groups, including Real Estate, Hospitality and                              asset management of premium limited-service, upscale
Construction. Staffed by professionals that have many years of                      extended-stay and full-service hotels, with a portfolio increasingly
experience working with specific industries, the Practices are a key                weighted toward the leading brands in the lodging industry’s upscale
source of knowledge, innovation and collaborative problem-solving.This              segment.The company also provides mezzanine and bridge financing to
rich exchange provides our clients with the benefit of the intellectual             third-parties of $1 million to $10 million at competitive rates to
capital of the entire firm.                                                         borrowers planning to build, refurbish or purchase a hotel.


BRONZE SPONSORS
                 ACKMAN-ZIFF is the pre-eminent real estate capital advisor         CondotelWare provides the tools condo-hotels need to increase efficiency,
                 arranging financing for some of the most respected and             while delivering more personalized service. The accounting suite helps
                 experienced real estate owners and developers in the country.      operators master everything from fee allocations and revenue tracking to tax
                 With a team of more than 30 professionals in New York,             reporting and statements.The property management software includes rental
Boston, Washington DC and Miami the firm arranges, on an exclusive basis,           rotation, owner reservations, inventory management, and owner concierge
creative and cost effective debt, mezzanine and equity financing while always       functionality. CondotelWare can be customized to meet the needs of a
aligning its interests 100% with its clients. Concentrating on sophisticated        specific property and interfaces seamlessly with other resort reservation and
financing structures enables the talented and always growing team of Ackman-        management software.
Ziff professionals to build a trusted relationship with both clients and capital    CondotelWare was developed by the makers of TimeShareWare, the most
sources. With 76 years of history in the real estate business Ackman-Ziff is        widely used management software for timeshare resorts, and capitalizes on
synonymous with teamwork, integrity, creativity and talent.                         more than 12 years of experience with multiple-ownership properties. Call 801-
                                                                                    444-3113 or visit www.CondotelWare.com
                BRT REALTY TRUST, a public mortgage REIT traded on the
                New York Stock Exchange (NYSE:BRT) is a national leader in                                   DLA PIPER is an international business law firm with
                providing bridge loans and short term financing on commercial                                1,350 lawyers in offices throughout the U.S., whose
                and multifamily real estate properties nationwide. When                                      core practices are corporate and securities, litigation,
                                                                                    real estate, intellectual property and government affairs. Worldwide, DLA
conventional financing can’t or won’t meet your needs, BRT, a portfolio lender,
                                                                                    Piper has 2,800 lawyers in 50 offices in 18 countries, including the United
has the flexibility, experience and financial resources to close even complex
                                                                                    Kingdom, mainland Europe and Asia, offering leading practices in real estate,
loans quickly. BRT offers floating loan rates on first and second, short term and
                                                                                    commercial, corporate and finance, human resources, litigation, regulatory and
participating mortgage loans to 90% on income-producing properties. For
                                                                                    legislative, and technology, media and communications. With over 200 real
quick response on $1,000,000 to $50,000,000 loans with no pre-payment
                                                                                    estate lawyers in the US, our real estate practice is one of the most highly
penalties, lock-out or exit fees, call 800-450-5816. www.BRTrealty.com
                                                                                    ranked in the world, serving the needs of owners, lenders, developers,
                                                                                    corporations, hospitality companies, retailers, and investors, including
                      CBRE’S Florida Hotels, Resorts and Multi-Housing              developers, lenders and hospitality companies involved with condominiums,
                     Group offers investors’ unparalleled access to the             hotels, and condominium hotels.
                     emerging condominium-hotel conversion market. Our
expertise spans all major markets and sectors, providing access to the                                       ERNST & YOUNG delivers real estate advisory
broadest base of active and emerging investors locally and internationally. We                               services to users, owners, operators, investors,
work closely with clients to negotiate deal complexities and craft innovative                                builders, and developers of real estate. We help our
solutions for the successful re-capitalization of assets.                           clients meet their goals by assisting them in aligning real estate holdings and
                                                                                    operations with business and operating strategies. Ernst & Young’s Hospitality
                CONDOTELWARE is the market leading full-service software            Services has over 25 professionals offering a range of multi-disciplinary
                solution to manage the complexities of multiple ownership for       services for every major industry segment from lodging to travel and from
                condominium hotels. The Web-interfacing software is                 tourism to attractions, including development, investment, acquisition,
                compatible with existing hotel reservation and management           operations and disposition. Our clients include developers, lenders, operators,
systems. It is designed to improve condo-hotel operations and profitability,        and owners from the private-sector side and local municipalities, countries,
with applications in owner accounting, reservations, property management,           economic development agencies, and tourism bureaus on the public-sector
rental rotation, and owner relations.                                               side. For more information, visit www.ey.com/us/realestate

                For The Most Current Agenda, Go To www.imn.org/eej779/m/                      Email: mail@imn.org     Tel: 212-768-2800     Fax: 212-768-2484     l7
B R O N Z E S P O N S O R S ( CONTINUED )
                 The Leisure & Resorts Group at GUNSTER YOAKLEY                     market, we bring knowledge, experience and understanding to our work in
                 has been focused on meeting the business needs of our              this important new real estate trend area. For more information, please
                 hospitality industry clients for over a decade. The group          contact Bob Waun on 248-722-9286 or email bwaun@paramountbank.com
brings together development, transactional and operating expertise and a
proactive approach to accomplishing client objectives.The Leisure & Resorts                               Founded in 1955, RACHLIN COHEN & HOLTZ, LLP
Group has been at the forefront of the quickly evolving condohotel market                                 holds the distinction of being one of the nation’s 50
and continues to explore new ways to enhance the business opportunities                                   largest public accounting firms, as well as one of the
of our clients while minimizing risk. For additional information, please            largest independent accounting and advisory services firms in the Southeast.
contact: Andrew S. Robins, Director, The Leisure & Resorts Group, Gunster           Uniquely, Rachlin and its professionals are well known as a provider of
Yoakley & Stewart, P.A., 500 East Broward Blvd., Suite 1400, Ft. Lauderdale,        sophisticated services to the real estate industry, with over 750 real estate
FL 33394. Phone: (954) 462-2000                                                     related clients that include land developers, property owners and
                                                                                    management companies, REITs, condominium associations, construction
                           The 1300 lawyers of the law firm of                      companies, real estate partnerships, banks, insurance companies and
                           HOLLAND & KNIGHT provide client focused                  governmental agencies.
solutions for legal and business issues throughout the U.S. and                     Under the direction of Richard Hollowell, Rachlin’s Real Estate Estate Advisory
internationally with one of the largest real estate and hospitality law             Group provides specialized advisory and consulting services with particular
departments in the U.S. including representation on a wide range of                 focus on real estate asset management, acquisition due diligence, project
condominium, resort, hotel and mixed use real estate projects.                      development analysis, real estate finance, financial modeling, real estate loan
With respect to non-securities and securities based condo hotel programs,           restructuring and construction loan administration. In tandem with our
our team has worked on a wide range of projects in the states of AZ, CA,            Bankruptcy and Insolvency Group, our professionals have worked with law
CO, FL, HI, NV, NY, VT, and in Mexico, Costa Rica, and the Bahamas, for             firms and state and federal courts to director.
private developers, hotel companies and insurance groups involving single-
party deals, JV's, and multi-parties. We offer complete legal services in                                 Condo converters, home developers, construction
advising, structuring, documenting, implementing and managing condo hotel                                 companies, and real estate investment trusts, among
programs including multi-component mixed use programs involving,                                          other real estate industry clients, count on REZNICK
acquisition, zoning and land use, declaration and program documentation,            GROUP professionals to help put together the right team of experts and the
development, marketing and sales, financing, rental program, hospitality and        proper deal structure to maximize profits and minimize exposure. Our real
management operations, and resales. For more information, contact: Robert           estate specialists focus on the individual needs of these clients while also
Chasnow, Esq. Partner, Holland & Knight, 2099 Pennsylvania Ave., NW,                consulting on major issues such as succession planning, financing, acquisitions,
Washington, DC 20006.Tel: 202.828.5004, robert.chasnow@hklaw.com                    expansions, and diversifications. Our strong knowledge and extensive network
                                                                                    make us a valuable accounting resource. Reznick Group’s advice and
                          Since 1976, Interval International has led the vacation   unmatched expertise in meeting unique real estate business challenges is
                          ownership industry with its hallmarks of quality and      borne out of our vast experience addressing accounting, tax and business
                          innovation. INTERVAL has a global network of more         issues facing this dynamic industry.
than 2,000 resorts in 75 countries, and serves its developer clients and over       Key services provided to real estate clients include: tax advisory, audit and
1.6 million members - worldwide timeshare vacation owners - through 26              assurance, cost segregation, due diligence, internal audit and Sarbanes-Oxley
offices in 17 countries. Interval provides a variety of exchange services and       Act Section 404 compliance, management advisory, valuation and transaction
year-round travel related benefits to enhance member vacation experiences.          advisory, and wealth management.
Headquartered in Miami, Florida, Interval International is an operating business    A national leader in providing accounting, tax and business advisory services,
of IAC/InterActiveCorp, which also includes such well-known brands as               Reznick Group serves clients in a broad spectrum of industries. Reznick Group
Expedia, Inc., Hotels.com, and Ticketmaster. Contact: Shelley Pelcher, Director     is ranked among the top 20 public accounting firms in the nation and has
of Business Development Interval International, 6200 Sunset Drive, Miami, FL        approximately 900 people in six offices serving clients nationwide.
33143,Tel: (800) 622 1861, Fax: (305) 668 3480                                      For more information about Reznick Group services, seminars and
                                                                                    conferences, or to view our insights on issues that impact your industry, visit
                                  KRAMER LEVIN NAFTALIS & FRANKEL LLP               www.reznickgroup.com
                                  is a full-service law firm with offices in New
York and Paris. The firm represents numerous nationally recognized                                       Founded in 1938, SNELL & WILMER is a full-service
developers and owners in the acquisition development, operation and                                      business law firm with more than 400 attorneys
financing of real estate projects and other ventures.                                                    practicing in six offices throughout the Western United
Mr. Neveloff has represented developers of numerous mixed-use, commercial,          States, including Las Vegas, Nevada; Phoenix and Tucson, Arizona; Orange
retail and residential projects, including Time Warner Center and Trump             County, California; Denver, Colorado; and Salt Lake City, Utah. Our Real Estate
International Hotel and Tower as well as numerous regional shopping centers         Services group represents a number of national and international developers
and other commercial projects throughout the country.                               in high-rise condominium, condominium hotel and mixed-use developments.
Kramer Levin regularly assists clients involved in hotel transactions including     For additional information, visit www.swlaw.com
the acquisition, development and loan restructurings relating to hotels,
including innovative hotel condominium projects (including The Plaza Hotel                                Building on the talent and experience of the global
and the St. Regis in New York) and successfully obtained a critical SEC no-                               hospitality-leisure practice group, SQUIRE, SANDERS &
action letter involving a hotel condominium structure. http://www.kramerlevin.com   DEMPSEY L.L.P. has become a leader in advising clients as to condo hotel
                                                                                    projects.We represent a number of marquee developers and operators in the
                    PARAMOUNT BANK is a nationally recognized leader                structuring and documentation of all aspects of these highly complex
                    in condo hotel end loans to consumers. We offer                 transactions. We also handle management contracts, acquisitions, joint
                    interest-only and traditional mortgages for condo hotel         ventures, financings, securities issues, capital structures, fractional ownership
                    buyers of both hotel conversions and new construction,          aspects and more.We back these skills with a multidisciplinary approach, using
with and without kitchens, and with no minimum square foot or kitchen               the firm’s global footprint and experience in multiple practice areas to provide
requirements for approved projects. As lending specialists in the condo hotel       creative solutions that meet our clients’ goals.


8   l   For The Most Current Agenda Or To Register For This Symposium, Please Go To: www.imn.org/eej779/m/
M E D I A & A S S O C I AT I O N PA R T N E R S
                        SPOT NEW OPPORTUNITIES IN REAL ESTATE                                    As the leading financial publication of the hotel
                        FINANCE Every week, COMMERCIAL MORTGAGE                                  industry, LODGING HOSPITALITY sees its mission as
                        ALERT delivers hard-to-get, money-making leads to        providing lodging and timeshare owners, developers, marketers,
professionals in the global CMBS and REIT-debt markets. Start your FREE trial    buyers, sellers and lenders with the information and data on the
subscription to see how Commercial Mortgage Alert: • Tips you off to the         fundamentals of the industry to enable them to make rational and
latest developments in the booming CMBS market. • Covers conduits and            intelligent investment decisions.
other lenders battling for mortgage business. • Identifies REITs preparing to
tap the market for unsecured bonds.To start your free-trial subscription, call             MORTGAGE MAG is a series of web sites devoted exclusively
201-659-1700 or visit www.CMAlert.com                                                      to real estate lending. We offer extensive links in critical areas
                                                                                           such as employment, commercial lending. computer services,
                       COMMERCIAL REAL ESTATE DIRECT is the                                news reporting, banking and finance.The index is free to both
                       leading source of up-to-the-minute news and               professionals and consumers. We receive 25,000 unique visitors a day.
                       information on the commercial real estate
markets.We provide the information professionals need to make better
decisions.We'll tell you who's lending, who's buying and selling and what                               NATIONAL HOTEL EXECUTIVE MAGAZINE is
they're paying and what the major CMBS players are doing.                                               the internet's most recognized hotel trade
                                                                                 publication, with a focus on hotel openings and acquisitions, executive
                                                                                 appointments, hotel business news, and technology. We provide a
                 The CORNELL HOTEL AND RESTAURANT
                                                                                 weekly round-up of hotel industry events, and send out an email news
                 ADMINISTRATION QUARTERLY (CQ) is the premier
                 journal of applied research serving hospitality                 broadcast each Monday. Our Hospitality Forum presents a select line-
practitioners and scholars around the world. The award-winning CQ is             up of hotel analysts, spokespeople and industry leaders each month.
published by The Center for Hospitality Research (CHR) at the Cornell            Symposium attendees receive a 50% discount on subscriptions, available
School of Hotel Administration. Under the lead of CHR's 41 corporate             at www.hotelexecutive.com
affiliates, experienced scholars work closely with global business
executives to discover new insights into strategic, managerial and                                        GUARANTEE YOUR EDGE IN THE
operational issues. To learn more about the CQ and CHR and its                                            INVESTMENT COMMUNITY Every week, REAL
projects, visit www.thecenterforhospitalityresearch.org                          ESTATE ALERT gives you the intelligence you need spot the latest
                                                                                 investment opportunities and monitor the market's most successful
                       HEDGEWEEK is a web site of significant news               dealmakers. See for yourself how Real Estate Alert: • Identifies big
                       and topical features on the hedge fund industry           owners preparing to offer properties or mortgages. • Gives you an
including updates on new fund launches, investment trends, regulatory            inside view of latest disputes, strategic shifts, successes and failures of key
news and distribution strategies, and a regular series of market surveys.        market players. • Tracks the "smart money," showing you the regions and
Hedgeweek produces a weekly newsletter which is the most                         property types that leading investors are pursuing.To start your free-trial
comprehensive executive weekly briefing covering essential news and              subscription, call 201-659-1700 or visit www.REAlert.com
features within the Hedge Fund industry. All quantitative data on
products is sourced from Hedge Fund Research.                                                           REAL ESTATE FINANCE & INVESTMENT
Go here to access www.hedgeweek.com                                                                     (REFI) covers both real estate capital raising and
Go here to subscribe www.hedgemedia.com/HedgeWeek/subscribe.asp                  real estate fund management. Every week, real estate bankers,
                                                                                 investment bankers, REITs, developers and pension fund managers turn
                         HOTEL & MOTEL MANAGEMENT’S tabloid                      to Real Estate Finance & Investment for breaking news in the
                         newsmagazine format reports late breaking               commercial property markets, real estate capital markets, the CMBS
news and provides analysis on the lodging industry. Readers depend on            market. Additional coverage includes fund managers’ real estate
regular departments to provide timely and insightful news, marketing             investment strategies and analysis of trends both in the U.S. and
ideas, operational tips on subjects ranging from investment and finance          international markets. For a free trial subscription please call
to technology as well as design trends and new products. Hotel & Motel           212.224.3096 or visit our website at www.iirealestate.com
Management goes beyond the bricks and mortar of hotels and motels
to bring readers closer to those behind the business of hospitality.                                       THE REIT INVESTOR brings readers a
Founded in 1875, Hotel & Motel Management has earned the                                                   thorough weekly roundup of the latest deals,
reputation as the hospitality industry’s leading information source.             mergers, and large property transactions within the real estate
Offering the industry’s widest range of information choices and sources,         investment trust marketplace.
H&MM is uniquely positioned to serve the current and emerging needs
                                                                                 The REIT Investor gives readers the big picture by tracking important
of both hoteliers and industry vendors.
                                                                                 real estate indexes, trends and insider trading transactions. Our
Questex Media, publishers of Hotel & Motel Management, organizes                 experienced Dow Jones editors Keep readers in the loop while offering
highly acclaimed focussed events. These dynamic events are held                  a fresh perspective as events unfold every week.
throughout the world. Questex Media conferences and seminars are
                                                                                 VISIT WWW.DJNEWSLETTERS.COM, OR CALL 800-223-2274 select
known for their top quality specialized programs, expert international
                                                                                 prompt 2 TO REQUEST YOUR FREE TRIAL SUBSCRIPTION TODAY!
speakers and professional organization.

                 IRETO is an international non-profit commercial real
                 estate investment association that connects people,
                 capital, markets and information around the globe. Our
website and web magazine keeps professionals informed on industry-
wide events. Quarterly, IRETO also publishes "The IRETO Report", a
comprehensive guide to market and investment strategies. IRETO will
publish a special European Sale-Lease-Back Issue for this event.

               For The Most Current Agenda, Go To www.imn.org/eej779/m/                   Email: mail@imn.org     Tel: 212-768-2800    Fax: 212-768-2484     l9
                                                  GLOBAL ORGANIZERS OF INSTITUTIONAL FINANCE & INVESTMENT CONFERENCES




          UPCOMING REAL ESTATE EVENTS
         The 4th Annual
         High-Net-Worth Real Estate Investing Forum                                September 28-29, 2005                   New York, NY

         The 3rd Annual
         Endowment & Foundation Real Estate Symposium                              September 28-29, 2005                   New York, NY

         Inaugural West Coast Private REIT Industry Symposium                      October 27-28, 2005                     Rancho Mirage, CA

         The 6th Annual European
         Real Estate Opportunity & Private Fund Investing Forum                    November 15-16, 2005                    London, UK

         Inaugural Broker/Dealer Real Estate Symposium                             November 29-30, 2005                    New York, NY

         The 2nd Annual Tenants-in-Common (TICs) Forum                             November 29-30, 2005                    New York, NY

         The 5th Annual
         Borrowers Forum on Mezzanine Real Estate Loans                            December 1-2, 2005                      New York, NY

         The 3rd Annual Winter Forum on
         Real Estate Opportunity & Private Fund Investing                          January 25-27, 2006                     Laguna Beach, CA


         R E A L E S TAT E C O N F E R E N C E E V E N T S S C H E D U L E

         For More Information, Please Visit:

         www.imn.org/re/                                          E m a i l : mail@imn.org   C a l l : (212) 768-2800 Ext. 1   F a x : (212) 768-2484


10   l    For The Most Current Agenda Or To Register For This Symposium, Please Go To: www.imn.org/eej779/m/
IMN’S SYMPOSIUM ON FINANCING, DEVELOPING AND OPERATING
              CONDO HOTELS REGISTRATION FORM
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                                                                                                                                                                               THE SYMPOSIUM ON
                                                                                                                                                                FINANCING, DEVELOPING
                                                                                                                                                                    AND OPERATING
www.imn.org/eej779/m/
                        (Agenda Is Updated Daily Online)




                                                                                                                                CONDO HOTELS                   SEPTEMBER 7-8, 2005
                                                                                                                                                                THE CONRAD MIAMI
                                                                                                                                                                  MIAMI, FLORIDA
                                                                                                                                                        PA RT I C I PAT I N G D E V E L O P E R S / OW N E R S C U R R E N T LY I N C L U D E :
                                                                                                                              Brandon McCarter, Vice President of Lodging                 Angus Rogers, Founder and President FLORIDAYS RESORTS    Thomas Arasi, President PORTMAN HOLDINGS
                                                                                                                              AMERICAN SKIING COMPANY                                     Alejando Aparicio, Executive Vice President              R. Brenton Howie, President
                                                                                                                              Jody Kriss, Managing Director BAYROCK GROUP




                                                                                                   RETURN SERVICE REQUESTED
                                                                                                                                                                                          FORTUNE INTERNATIONAL HOTELS                             PROVIDENT MANAGEMENT CORPORATION
                                                                                                                              Peter M. Locke, Managing Director
                                                                                                                                                                                          Marty Collins, President GATEHOUSE CAPITAL CORP.         Jud Pankey, President PRESCOTT REALTY GROUP
                                                                                                                              BLACKACRE CAPITAL MANAGEMENT
                                                                  25 West 45th Street, 6th Floor                              Russell Flicker, Managing Director                          Gary B. Lake, Senior Vice President GENCON GROUP         Gene Grabarnick, Member of the Development Team
                                                                                                                              THE BLACKSTONE GROUP                                        Jerry Kaufman, Founder and Chairman                      REGENT SOUTH BEACH
                                                                                                                              Gary S. Milner, Vice President CANYON RANCH                 GLOBAL MARKETING GROUP                                   Jeff Yamaguchi, Vice President of Operations
                                                                                                                              Joy Anzalone, Chief Operating Officer                       Chris Foster, President HAMPSTEAD PARTNERS               THE RESIDENCES AT MGM GRAND
                                                                                                                              CONSOLIDATED MANAGEMENT , INC.
                                                                                                                                                                                          Fabrizio Passalacqua, CEO HOLLYWOOD GRANDE               Claudio Stivelman, President
                                                                                                                              Carlos J. Rodriguez, Executive Vice President-Real Estate




                                                                  New York, NY 10036
                                                                                                                              Gil Dezer, President DEZER DEVELOPMENT                      Brian A. Py, Vice President of Development and Finance   SHEFAOR DEVELOPMENT LLC
                                                                                                                              Stanley R. Castleton, CEO DDRM GREATPLACE LLC               THE KESSLER COLLECTION                                   Cameron Burnet, Senior Vice President
                                                                                                                              Bob Lipsitz, President DOUBLE JJ RESORT                     Amachie Ackah, Vice President LUBERT ADLER               SUPERCLUBS & SONESTA BRASIL
                                                                                                                              Development DRIFTWOOD HOSPITALITY                           David Merritt, Senior Vice President                     George Ruff, Senior Principal
                                                                                                                              MANAGEMENT LLC                                              MARCUS HOTELS & RESORTS                                  TRINITY HOTEL INVESTORS LLC
                                                                                                                              David Pisor, CEO ELYSIAN DEVELOPMENT                                                                                 Harper Sibley, President
                                                                                                                                                                                          Richard G. Baumert, Vice President
                                                                                                                              Bill Ross, President                                                                                                 VALENTINES ISLAND DEVELOPMENT
                                                                                                                                                                                          MILLENNIUM PARTNERS
                                                                                                                              ESTORIL, INC. ESPIRITO SANTO PLAZA
                                                                                                                              Henry Terech, Senior Vice President                         Marc Ehrlich, Principal                                  Mark Waltrip, Chief Operating Officer-Central Florida
                                                                                                                              EXTELL DEVELOPMENT CO.                                      O’CONNOR CAPITAL PARTNERS                                Investments WESTGATE RESORTS
                                                                                                                              Robert Falor, CEO FALOR COMPANIES                           Gary M. Safady, Managing Partner O&S HOLDINGS, LLC       Eric D. Sheppard, Principal WSG DEVELOPMENT
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