Villas will be aimed at giving vacationers to the world-class golf resort the space and comforts of home all in a setting that will include the amenities of a luxury hotel. The new vacation villas will expand the leisure and executive business market for ChampionsGate.

�Condo hotel amenities are increasingly popular, particularly in Florida. Their presence at ChampionsGate answers the demand for this style of living and vacationing,� said Ira Mitzner, managing partner of Rida Associates, L.P., who is developing the project in a joint venture with Apollo Real Estate Advisors.  �With the Omni�s luxurious amenities and the golf facilities right out the door, the condo hotel is the perfect fit for the first phase of The Villas at ChampionsGate.�

Rida Associates is overseeing construction of the 57-unit condo hotel that will include two- and three-bedroom, privately owned villas.  Each unit runs from 1,424 to 2,260 square feet.  Welbro Construction, which built the Omni Orlando Resort at ChampionsGate, has been selected as the general contractor for the condo hotel project. Omni Hotels will manage the condo hotel units.

Even before the first shovel of Florida sand has been turned, ChampionsGate has received dozens of reservations.  Set to open in 2006, prices for the villas start at $489,900.

The condo hotel units in The Villas at ChampionsGate will be an extension of the successful Omni Orlando Resort, a new 730-room hotel that opened in the fall of 2004.  Owners and guests in the condo hotel will have the privilege of using all of the Omni Orlando Resort�s amenities, including the 10,000 square-foot European-style spa, three pools and upscale dining at Zen, David�s Club and Trevi�s.  Guests can take advantage of the world headquarters of the David Leadbetter Golf Academy as well as the two Greg Norman-designed golf courses on property.

Villa owners will have the option of placing their units in a rental program to be managed by Omni Orlando Resort when they are not using the units. The villas will expand on a popular market for Omni business and vacation guests.

�We�ve seen great demand for the resort�s 30 suites and the new condo hotel units will provide a wonderful setting for families and golfers looking for spacious accommodations,� said Andy Papoutsis, vice president and general manager of the Omni Orlando Resort.  �Many golfers, especially those traveling in small groups prefer the comforts of the villas-style condos.  The Villas at ChampionsGate will give the feel of a private residence with all the sensible luxuries of our resort.�

Rida Development has two sales offices for The Villas at ChampionsGate, one at 8390 ChampionsGate Blvd., Suite 100, and a second information center on the main lobby level of the Omni Orlando Resort.  Sales information on The Villas at ChampionsGate is also available online at www.ChampionsGate.com/residential.

About ChampionsGate

ChampionsGate (www.ChampionsGate.com) is Florida�s premier golf resort community, encompassing some 1,500 acres southwest of Orlando.  ChampionsGate, with its beautifully designed double gates, welcomes visitors off Interstate 4, just south of Walt Disney World Resort.

ChampionsGate is home to the world headquarters of the David Leadbetter Golf Academy, the new Omni Orlando Resort at ChampionsGate, a flagship resort for Omni Hotels, and two championship golf courses designed by Greg Norman. The community is also host each December to the nationally televised Father/Son Golf Challenge, which pairs up major championship winners with their sons.

ChampionsGate is being developed by Rida Associates LP as a joint venture by Apollo Real Estate Advisors of New York and Rida Development Corporation of Houston.  ChampionsGate has a projected value of approximately $1 billion and is expected to include 2,864 hotel rooms, 2,136 resort villas, condominiums, townhomes and apartments, 36 holes of golf, and 426,000 square feet of retail space, making ChampionsGate one of the region�s largest resort destinations.