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Royal Island Partners, LP, an Affiliate of The Staubach Company,  Acquires 50%
Interest in Rock House, a Nine-room Hideaway Hotel on Harbour Island
in the Bahamas for $7.5 million

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Celebrity Hideaway Will Be 'Beach Head' for Royal Island, Private Island Community


Dallas, TX, May 29, 2008 - Royal Island Partners, LP, an affiliate of The Staubach Company and its development arm, Cypress Equities, has acquired a 50% interest in Rock House, a nine-room hideaway hotel on Harbour Island in the Bahamas catering to celebrities and guests seeking privacy and pampering.

The partnership purchased half of the hotel from its co-owners and co-developers, J. Wallace Tutt III and Don Purdy, for approximately $7.5 million. Tutt and Purdy, who own the other 50%, will continue to manage the hotel.

"Rock House has a 65-year-old heritage for hospitality with a clientele that wants a small, stylish, discreet hideout for sheer relaxation," said Chris Maguire, CEO of Cypress Equities. 

"More importantly, Rock House (www.rockhousebahamas.com) mirrors the exclusivity and the 'anything you ask for' service at Royal Island, a 430-acre private island residential and resort community with 15 miles of coastline that we're developing 30 minutes away by water taxi," he added. 

According to Maguire, nothing will change at Rock House. "We see it as an elegant beach head to introduce the advantages of owning a piece of a pristine Bahamian island. Potential owners can fly into North Eleuthera International Airport, spend a night or two at Rock House, immerse themselves in the spirit and style of the local culture, boat over and tour Royal Island, have lunch or dinner, maybe overnight in one of our villas and return to Rock House. By partnering with Wallace and Don, we can create a total experience for the person who wants a luxurious residential hideaway in a community on a virtually untouched private island with ocean views."

A small Royal Island sales center has been created just off the lobby so that Rock House guests can learn more about Royal Island and the 83-room Montage Royal Island Bahamas resort. When complete, future Rock House guests will enjoy its restaurants, spa and beach club. They will also have playing privileges on the 18-hole Jack Nicklaus Signature Golf Course with its 14 oceanfront holes, tennis and dining. Royal Island homeowners and their guests will also have the Rock House services and amenities available on day trips to Harbour Island. In addition, Royal Island will have a 140-acre naturally protected deep-water yacht marina with 200 slips ranging from 50 to 400 feet, scheduled to open in mid-2010. 

Rock House was originally built in the early 1940s as a bed-and-breakfast on Harbour Island, famed for its three-mile long pink sand beach. The property was acquired in July 2002 by Miami builder J. Walter Tutt III, known for creating estate homes for the late fashion designer Gianni Versace and the singer-actress Cher. Tutt combined the hotel with the adjacent Catholic School House and reopened the Rock House as a nine-room casual yet elegant boutique hotel and restaurant. 

The privacy and exclusivity has attracted, among others, entertainment industry celebrities including Robert De Niro, Richard Gere, Mick Jagger, Henry Winkler, James Caan, Colin Farrell, Nicole Sheridan, George Hamilton, Bette Midler and more.

Executive Chef Jennifer Learmouth will continue to specialize in a fusion of flavorful California, continental and Caribbean tropical comfort food served in the British Colonial-themed dining room or on the terrace overlooking the bay. The poolside Martini Bar, staffed with skilled, imaginative mixologists, is noted for its Goombah Smash, a potent marriage of three rums and four fruit juices.

The centerpiece of the plantation colonial-styled hotel is a 40-foot by 20-foot heated swimming pool surrounded by private cabanas. Complimentary wireless high-speed Internet access (WiFi) is available throughout the hotel and in most of the nine rooms and suites. A luxurious five-bedroom home is also available for weekly rental. Other amenities include massage, snorkeling, diving, waterskiing, fishing and sightseeing by 'chartered' golf cart. Rock House currently is the top rated hotel in the Bahamas on TripAdvisor.com. Rock House rates range from $380 to $950 a night, exclusive of 6% room tax and 14% gratuity.

There is direct commercial air service from Miami, Fort Lauderdale and Atlanta and Nassau to North Eleuthera International Airport, which has a 6,000-foot runway and also accommodates private jets. Harbour Island has passenger boat service from Nassau and Grand Bahama.

About Cypress Equities
Cypress Equities is a development affiliate of The Staubach Company formed in 1995. With seven development offices in Dallas, Atlanta, New York, Phoenix, San Francisco, Fort Lauderdale and Nassau, Bahamas, it is an independent company with a dedicated staff that focuses on hotel and resort development, portfolio acquisitions, build-to-suits, project development, sale-leasebacks and other development services for retail and automotive. Currently, Cypress Equities is developing more than $3 billion in projects across the country.

About Behringer Harvard
Behringer Harvard owns a significant partnership interest in Royal Island Partners, LP. Behringer Harvard is a commercial real estate company investing in assets domestically and internationally. The company offers strategic real estate program opportunities across a wide spectrum of investment styles for retail investors, as well as domestic and international institutions, through its real estate investment trusts, partnerships, joint ventures and proprietary program structures. For more information on Royal Island, please visit www.royalislandbahamas.com

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Contact:

Cypress Equities
Randa McMinn
972-361-5039
randa.mcminn@cypressequities.com

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Also See: Cypress Equities and The Staubach Company Selects Montage Hotels & Resorts as Operator of Luxury Resort in Bahamas; Montage Royal Island Bahamas to be Centerpiece of Cypress Equities' Private Island Community near Eleuthera / October 2007
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