NEW YORK, Aug. 29, 2005 - George Clooney and Rande Gerber are joining together with the preeminent real estate developers, Related Las Vegas and Centra Properties, to create Las Ramblas -- a world-class hotel, condominium and casino complex that will be the largest residential project in Las Vegas and continue to transform the city into a first-class urban destination. Las Ramblas, a $3 billion project located on the burgeoning Harmon Avenue corridor situated just off The Strip, will encompass more than 25 acres and feature 11 towers with a luxury hotel, luxury residences (both condo and condo-hotel), bungalows, spa and health club, nightlife, dining, shopping and a proposed upscale casino. Evoking its name, Las Ramblas will also feature the city's first-ever, open air pedestrian promenade.

Las Ramblas is a collaboration among the world's great developers, architects, designers and entertainers. The project is being developed by a joint venture of Related Las Vegas and Centra Properties. Related Las Vegas is the Las Vegas development arm of the Related Group, the largest developer of condominium projects in the Unites States. In addition to transforming the Miami skyline through an array of developments, Related is responsible for such world-renowned, mixed-use urban developments as the Time Warner Center in New York and CityPlace in West Palm Beach. Related is also the developer and owner of two of the most successful hotels in New York -- the W Union Square and the Mandarin Oriental New York Hotel -- and is currently developing the W Hotel condo-hotel project in South Beach. Centra Properties is one of the most active developers in Las Vegas with such trendsetting projects as the 1.9 million square foot Town Square mixed-use project.

Construction on Las Ramblas commences in mid 2006. When completed, Las Ramblas will encompass more than 4,400 hotel, condo and condo-hotel units in 11 high-rise buildings comprising nearly 8 million square feet. It will include 300 hotel units, 2,764 condo units, 1,326 condo-hotel units and 19 bungalows. Phase one will be designed by the renowned architecture and interior design firm, Arquitectonica, and will include the first four towers, to be completed in early 2008. This includes the 300-room hotel with 370 additional condo-hotel units, a second adjacent tower of approximately 556 condo-hotel units, and two gateway residential condominium buildings at the entrance of the project, containing 285 and 344 units respectively.

Clooney and Gerber will each be extensively involved in multiple aspects of Las Ramblas. In addition to being investors in the overall project, as well as residence owners, they will contribute to the design and direction of numerous aspects of the project, including the hotel, restaurants, entertainment and the look and feel of the casino. Gerber, through his company After Midnight, will also develop restaurants, clubs and lounges for the project. Additionally, Clooney has committed to donate 25% of the profits from his investment in Las Ramblas to the Make Poverty History campaign which, in unison with people around the world, calls on world leaders to make poverty history.

"For the past several years, Rande and I have sought a project that evokes the style, sophistication and glamour of Las Vegas and that provides a first- class experience, including a five-star hotel, the finest restaurants, the coolest bars and clubs and an exceptional spa," said George Clooney. "We're clearly putting more than just our names to this project -- we're investing financially and creatively to develop an idyllic environment that reflects our personal tastes and interests and where we can relax with our friends who also love this town. In fact, we are talking to our friend Brad Pitt about being involved in the design, as well as other friends who are interested in being part of our exciting project."

"Las Ramblas is a dream opportunity for George and me and we are both personally investing a significant amount of money in the overall project to make the dream a reality," said Rande Gerber. "We have also each committed to buy residential units in the project. We have discussed developing a project in Las Vegas for the past two years and, after considering many opportunities, are excited to build our vision with Related and Centra and contribute to the ever-growing, dynamic city of Las Vegas. With a complex of buildings situated in an environment unlike any other built in Las Vegas, we are excited to add a new dimension to the city's sophistication and glamour."

Arquitectonica conceived the idea to create a pedestrian promenade in Las Vegas, evoking the famous La Rambla boulevard in Barcelona, Spain. Las Ramblas will also involve some of the world's other leading architects and designers. Additionally, a thrilling and unique blend of talent will develop its restaurants, spas and retailing, adding their distinctive signatures to the project. Related and Centra are collaborating with Philippe Starck on the interiors of the two gateway residential buildings and with Keith Hobbs of United Designers Europe on the interiors of the hotel and condo-hotel towers. Other internationally-recognized architects and designers will be engaged to design the remaining buildings.

"Las Ramblas will be one of the most exciting projects ever developed by Related," said Jorge Perez, Chairman and CEO of Related Las Vegas. "We are bringing together a dream list of architects, designers, entertainers and purveyors of lifestyle to create an environment that combines sophistication, class and glamour. What makes the project special is that it fulfills the visions of a very talented duo -- George Clooney and Rande Gerber -- who have set their sights on a unique Las Vegas project."

The open air pedestrian boulevard, modeled after the project's namesake in Spain, will feature broad paths for strolling, as well as areas for outdoor eating and lounging. Extensive landscaping and a lively offering of retailers, restaurants, bars and lounges will entice visitors and residents.

Other highlights of the project include restaurants, clubs and lounges from Rande Gerber's After Midnight Company, several additional renowned restaurants, private bungalows with pools, a large main pool area with private cabanas, a 30,000 square-foot spa, and a proposed casino that will offer visitors an intimate and exclusive gambling experience.

About Related

Related Las Vegas is the Las Vegas-based development arm of The Related Companies from New York and the Related Group of Florida from Miami. Related is one of the largest private developers in the nation with offices in New York, Miami, Chicago, Irvine and Las Vegas. Related is the largest developer in south Florida and is the largest developer of residential condominiums in the nation. Related is also responsible for some of the most spectacular mixed-use projects in the world such as the Time Warner Center building in New York and the CityPlace project in West Palm Beach, Florida. Related Las Vegas is involved in five projects in the Las Vegas market, including the Icon Las Vegas residential towers, the World Market Center (furniture mart), the Union Park mixed-use project in the downtown and another project with Centra Properties near The Strip. Time magazine recently named Jorge Perez one of the 25 Most Influential Hispanics in America. For additional information, visit www.related.com and www.relatedgroup.com

About Centra Properties

With nearly $3 billion in ongoing projects, Centra is the leading property development company in the Las Vegas market. Founded in 2001 by partners James M. Stuart and Kenneth J. Sullivan III, Centra brings a fundamental concern for developing projects with a beneficial, long term impact within the communities they serve. Centra's capabilities include developing regional retail, mixed-use commercial/residential and master planned businesses and industrial parks. In 2004 the National Association of Industrial and Office Parks (NAIOP) selected Centra as Southern Nevada's Development Firm of the Year. For additional information, visit www.centraproperties.com.

About After Midnight Company

Rande and Scott Gerber are the founders and operators of After Midnight Company. The company, an evolution of their trademark brand, The Whiskey, was created to develop innovative nightlife, hotel, restaurant and lifestyle concepts. Rande Gerber founded The Whiskey nearly 15 years ago, and he has since become one of the most influential nightlife proprietors in the country. His extraordinary success with The Whiskey Bars has established Gerber as the preeminent tastemaker, with an uncanny ability to create chic, elegant bars that reflect the times and national moods. Since then, the Gerbers have expanded this nightlife brand and vision, developing hotel bars with W Hotels and Ian Schrager. The Gerbers were also tapped by Giorgio Armani to redevelop his Armani Cafes nationwide and by Donald Trump to transform Trump Parc on Central Park, now Whiskey Park. The Gerbers' newest ventures include Stone Rose, located in Manhattan's Time Warner Center, and a partnership with Maxim Magazine to develop Maxim Lounges. For additional information, visit www.amcbars.com.

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