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 Broadreach Capital Partners Acquires Majority Ownership of the
329 room Four Seasons Resort Aviara, Carlsbad, California
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Palo Alto, CA -- February 7, 2007 -- Broadreach Capital Partners has acquired a majority ownership of the Four Seasons Resort Aviara from Aviara Resort Associates, a private investment partnership.  The investment represents a recapitalization of the existing ownership structure in joint venture with Maritz, Wolff & Co, who will remain an active stakeholder.

Completed in 1998, Aviara contains 329 rooms & suites, an 18-hole Arnold Palmer-designed golf course, a 15,000 square-foot spa and 20 acres of developable land.  The property is located 35 miles north of San Diego in Carlsbad, California on approximately 200 acres of coastal area land.

"This transaction is a compelling opportunity for us to acquire one of the highest quality luxury resorts in the United States,” commented Heather Castellari, Broadreach's director responsible for lodging related investments on the West Coast and Pacific Rim.  “The property is well located within a submarket that has very high barriers to entry, and its location offers one of the country's most appealing climates, both of which make this an exciting lodging opportunity for Broadreach.”

Aviara also offers 39,000 square feet of meeting and function space and proximity to major metropolitan areas.  Broadreach plans to expand efforts to capture new interest as the preeminent location for large business meetings and group functions.

“San Diego's growth and demographic patterns are quite favorable.  Within this strong market Aviara stands out with many original and exciting things to offer its guests from the Surf Concierge, to the Argyle Steakhouse.  The property also recently completed the addition of beautiful new indoor/outdoor meeting space and, over the next several quarters, we will work closely with our first-tier operator Four Seasons to increase occupancy levels and attract additional business,” added Castellari.

In May 2006, Broadreach closed on its second discretionary investment fund with $700 million in equity commitments to invest in the acquisition, re-development and development of commercial, mixed-use, and land in the western United States as well as hotels and resorts on a global basis.  BRCP-II allowed Broadreach to expand its investment criteria to include hospitality and The Four Seasons Resort Aviara is the fund's first significant hotel acquisition.  Castellari, along with Philip “Flip” Maritz, Jeff Barone and Pat Lowery, oversees Broadreach's 
investments in lodging- related properties.

About Broadreach Capital Partners
Broadreach Capital Partners, a real estate private equity firm with locations in Palo Alto and Los Angeles, CA, St. Louis, MO and Edwards, CO, invests in a variety of commercial, mixed-use and land properties in the western United States and lodging-related properties on a broader geographic basis.  The company focuses on opportunities where it can create significant value by capitalizing on the team's core competencies; including opportunistic acquisitions, operational excellence, strategic asset repositioning, and select development activity.  Broadreach manages over $1 billion of equity through its series of discretionary real estate funds. In 2006, the company added a team from Maritz, Wolff & Co. to pursue lodging related investments throughout the United States and abroad.

About Maritz, Wolff & Co.
Maritz Wolff, & Co. is a leading private real estate investment fund that has invested in luxury hotel and resort properties, hotel management companies and hospitality related assets.  Founded in 1994, Maritz, Wolff & Co. has acquired 19 luxury hotels operated by leading luxury hotel management companies including Four Seasons, Fairmont, Ritz-Carlton, and Rosewood.  The portfolio of hospitality assets also includes an interest in Rosewood Hotels and Resorts management company.

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Contact:

Bruce Beck
DB&R
850 Hampshire Road
Suite C
Westlake Village, CA 91361
(805) 777-7971
 

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Also See: Rosewood Hotels & Resorts and Partner Maritz, Wolff & Co. Quietly Showing the Posh Mansion on Turtle Creek to Prospective Buyers / April 2006
A $150 million, 700 room Mediterranean-style Resort in Carlsbad, California in Final Stages of Planning; Will Compete with Four Seasons Resort Aviara and La Costa Resort and Spa / September 2004
Wolff Urban Development Building a Hyatt Place Hotel on the Fresno State University Campus in Fresno, California / November 2006
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