FORT LAUDERDALE, Fla., Dec. 14, 2012 -- David Aim of AIMCAP and partner Robert Kaliner of Ascend Group, are pleased to announce that they have successfully acquired Atlantic Hotel and Spa located in Fort Lauderdale, Florida, a full-service and all-suite hotel.

Until this acquisition, the hotel was operated under Atlantic Hotel Partners, LCC ("AHP"). This new acquisition strengthens the current portfolio of AIMCAP and its investment opportunities in the hospitality industry. David Aim of AIMCAP and Robert Kaliner of Ascend Group will be the managing partners for Atlantic Hotel and Spa.

The Atlantic Hotel and Spa is a Mediterranean-style luxury condominium hotel project with as many as 124 residential units. Located in the heart of Florida's Gold Coast, the hotel is the crown jewel of Fort Lauderdale, overlooking 23 miles of pristine sun-splashed golden beach. It currently features amazing amenities, including a 10,000 square-foot, European-style spa and fitness center, a heated outdoor pool and whirlpool, as well as 24-hour room and concierge service. The Atlantic offers accommodations such as 600 square feet guest rooms, one-bedroom suites with modern kitchenettes and private balconies, and 2-3 bedroom penthouse suites with large dining and living rooms.

David Aim of AIMCAP comments, "I am excited about acquiring the Atlantic Hotel and Spa and the opportunity it presents. I look forward to further developing and growing this property, improving the overall experience and taking The Atlantic Hotel and Spa to the next level of luxury hospitality."
Robert Kaliner, chief of Ascend Group, says, "This Acquisition was part of Ascend Group's strategic plan to increase its portfolio position in the luxury sector of both residential and commercial properties. We are excited about continuing to make this spectacular property the best asset in Florida."

AIMCAP has great plans for the resort, as it will be adding improvements to the lobby, restaurant and other facilities of the hotel, updating the overall experience. Further upgrades to be announced soon, The Atlantic Resort and Spa expects to set the bar for exquisite hospitality condominiums nationwide.