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Crescent Heights Signs Agreement with Outrigger Hotels to Provide
Hotel and Condominium Management Services
for the Ala Moana Hotel

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HONOLULU, OAHU, HAWAII - Outrigger Hotels & Resorts and Ala Moana Hotel Services, a wholly owned subsidiary of national condominium company Crescent Heights, have announced that they have entered into an interim consulting agreement whereby Outrigger Hotels & Resorts will provide advisory services in hotel operations, condominium management and marketing to take the well-known Ala Moana Hotel to the next level. Subject to the agreement of both parties, this agreement will ultimately develop into a long term management contract of the hotel and its rental program.

"This relationship will assist us in re-positioning this premiere hotel condominium,"  stated Kathryn Acorda-Strona, Regional Marketing Director for Crescent Heights. "Our ultimate goal is to turn this project into a full service contemporary, urban hotel with first class amenities to support the Hawaii Convention Center, the Ala Moana Shopping Center and Hawaii Tourism Authority's marketing efforts for the Island of Oahu. Our multimillion-dollar renovation of guest rooms and all public areas is
underway."

"The Ala Moana Hotel has been one of Honolulu's largest, best known, and best located hotels for many years," said Perry Sorenson, Chief Operating Officer for Outrigger Hotels & Resorts. "Crescent Heights is one of the nation's leading developers, and we're very pleased they have selected Outrigger to advise them by applying our expertise in the Hawaii marketplace to implementing their vision for this landmark property."

"Outrigger Hotels & Resorts brings a wealth of knowledge and expertise to the table in operations, marketing and planning that will result in an enhanced experience for our guests and a successful rental program for our owners," stated Nani Teruya, Owner Relations Coordinator at the Ala Moana
Hotel. 

The Ala Moana Hotel, purchased in October 2004, is currently undergoing a multimillion-dollar transformation with a host of impressive amenities and services. In addition, the property has been converted to a hotel-condo where units are individually owned as fee simple property. The concept of a hotel-condo allows clients to purchase real estate, fee simple, with the possibility of placing their unit into a rental program. 

"This hotel has been a landmark for years and will continue to operate as a full service hotel. The multimillion-dollar transformation will include fully renovated suites, a new pool, sundeck, state-of-the-art fitness center and spa," stated Acorda-Strona. 

"This has been one of the most successful condo-conversions in the state of Hawaii," Acorda-Strona continued. "Sales for the development project have been phenomenal. Over 15,000 people have shown interest in purchasing and over 3,000 checks and Letters of Interest have been received by the sales office." Sales began in July and will continue for the next several months. 

According to Acorda-Strona, the first series of sales events took place in July where all phase 1 released units were quickly sold. "We've received over 3,000 interested parties who have submitted a check for $10,000 along with a Letter of Interest. The demand has been truly overwhelming. The sales office still has over 2,500 people anxiously waiting for the release of phase 2 and the opportunity to purchase at the Ala Moana," added Acorda-Strona.

About Crescent Heights
Crescent Heights is the nation's largest condominium and hotel-condominium company. With projects in every major city in the country, Crescent Heights has redefined hotel-condominium living in America over the past three decades, creating award-winning condominium projects that offer a sophisticated lifestyle, superior design and incomparable value. In scores of prestigious properties, representing over $7 billion in sales and compassing over 60 properties throughout North America, Crescent Heights has established an unmatched record of success. Past and current projects include The Rafael in Chicago, The Alexander Hotel and The Shelbourne Hotel in Miami, The Exchange in New York City, The Remington in Los Angeles, the City Front Terrace in San Diego, and The Metropolitan in San Francisco. Their most recent project includes Ko'olani, the luxury residential condominium located off Pi'ikoi and Ala Moana Blvd. This state-of-the-art condominium will include a 20,000 square-foot spa and expansive 2 and 3-bedroom residences. The condominium is expected to be completed 2nd
quarter of 2006 and is nearly sold out. For more information on Crescent Heights call 1-800-327-0555 or visit our website at www.crescentheights.com.

About Outrigger Hotels & Resorts
Outrigger Hotels & Resorts is a family-owned and operated company deeply committed to providing authentic island hospitality in premiere destinations throughout the Pacific. Each Outrigger property embraces the local culture to create a true sense of place for guests. Outrigger Hotels & Resorts and OHANA Hotels & Resorts are divisions of Outrigger Enterprises, Inc., Hawaii's largest locally owned hospitality-company and one of the fastest-growing hotel companies in the Pacific managing over 50 properties with more than 12,000 rooms in Hawaii, Australia, Micronesia, Fiji, Tahiti and New Zealand. For reservations or information, call your preferred travel professional or Outrigger Hotels & Resorts toll-free at 1-800-OUTRIGGER (688-7444) within the U.S., Guam and Canada. Elsewhere call 303 369 7777. For online information or reservations, Internet users can log onto www.outrigger.com. Outrigger's e-mail address is reservations@outrigger.com

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Contact:

Nancy Daniels, APR, PR Manager 
Outrigger Hotels & Resorts 
808-921-6839 office
808-921-6901 fax
nancy.daniels@outrigger.com

Kathryn Acorda-Strona
Regional Marketing Director
808-983-1900 office
808-478-8088 cell
kacorda@crescentheights.com

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Also See: Starwood Sells Chicago's Raphael Hotel and the Sheraton Chapel Hill; Part of Starwood's Target to Sell $500 Million Worth of Assets / July 2005
Outrigger Enterprises to Purchase the 500 room Waikiki Beachcomber Hotel; Majority of Beachcomber Employees to be Offered Jobs with Outrigger / August 2005


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