NEW YORK NEW YORK - January 12, 2010 - Mr. Raphael Weiss of Tricon Development is pleased to announce that The Nevele Hotel in Ellenville, New York is under contract for sale to the Nevele Holding LLC. in conjunction The Giluet Foundation. The buyer�s intention is to restore the hotel to its former glory including concierge and first rate service, complete renovations, entertainment and luxury for all guests.
 

Giluet to Fund Projects of Public Interest NEW YORK--January 11, 2010 - Tricon Development Inc. and The Giluet Foundation are pleased to announce an agreement to fund infrastructure and works for the public good and to the benefit of local residents within the municipality and county within which any project is to be situated. Steven Goldman of The Giluet Foundation feels that �the ability to do good, especially in a climate such as this one, is especially important for society to be productive.� An initial outlay of $15.6 million is to be set aside for such efforts. It will be the first tranche of disbursements within the second quarter of 2010.

It is hoped that discussions with municipal and state officials may be completed shortly in order to expedite proceeding. The buyer intends to reach out to:

� All those to whom monies are owed from past operations;
� The unions about hiring of their members;

It is anticipated that there will be many benefits including:
� Several hundred jobs generated for operations;
� Work for outside contractors in the region;
� Increase in sales tax receipts, payroll taxes and other municipal revenues;
� Economic activity in the region from visitors due to business, leisure and convention activity.

Mr. Weiss states that, �there will be no dependence upon the possibilities of gambling/horseracing or other expectations other than restoring the Nevele to its rightful position as the one and only Class A Resort. Such will go a far way toward reviving the economic fortunes of the area and bringing back the golden age that the area so rightly deserves.�

The Nevele Grande Resort
1 Nevele Country Club Rd
Ellenville, New York