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Flag Luxury Properties Completes Refinancing of the Ritz-Carlton, South Beach
in Miami, Obtains $181 million of 10-year Fixed Rate Financing
at a Rate of 6.37%


New York, August 10, 2006 – Flag Luxury Properties, a New York-based developer of luxury resorts and residential communities, today announced that it has completed the refinancing of the Ritz-Carlton, South Beach in Miami.  In partnership with The Lionstone Group, a privately owned real estate investment firm, Flag Luxury obtained $181 million of 10-year fixed rate financing at a rate of 6.37 percent.

The lenders were Credit Suisse First Boston and Barclay’s. 

The Ritz-Carlton, South Beach, renovated in December 2003, is a complete restoration of an original 1953 Morris Lapidus-designed landmark hotel in the city's historic Art Deco district. The 376-room hotel offers The Ritz-Carlton Spa featuring La Maison de Beauté© Carita, a multi-million dollar art collection, Tanning Butler, resident DJ, VIP oceanfront cabanas, water ballet performances and the DiLido Beach Club - the only oceanfront restaurant on South Beach. The hotel is ideally situated in the heart of internationally acclaimed South Beach and is steps away from myriad dining, shopping, entertainment and nightlife options, including those on fashionable Lincoln Road, a thriving ten-block pedestrian mall.

Paul C. Kanavos, Chairman & CEO of Flag Luxury, commented, “Flag Luxury is committed to building and maintaining a portfolio of the finest resort hotels and residential properties.  This fixed-rate financing of the Ritz-Carlton is consistent with that business strategy.”   

About Flag Luxury Properties
Flag Luxury Properties, based in New York City, was founded in 1946 with a commitment to owning and developing branded world class hotels, residential properties and gaming assets. Through strategic partnerships, innovative architectural execution, and unparalleled locations, Flag Luxury has become a leader in its industry.   Current holdings include The Ritz-Carlton South Beach, the St. Regis Resort, Temenos Anguilla; The Ritz-Carlton Golf Club & Spa, Jupiter; an 18-acre site to be master planned on the Las Vegas Strip; and the first Jack Nicklaus-designed planned championship golf course in New York City  -- The Ferry Point Park Golf and Conference Center. 

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Contact:

Flag Luxury Properties™, LLC
www.flagluxury.com

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Also See: The Ritz-Carlton, South Beach, A $200 million Restoration of the Historic DiLido Hotel / Sept 2003
The Ritz-Carlton Hotel Company Planning Fractional Ownership Properties in Miami Beach and San Francisco / November 2005


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