�The independent philosophy of Destination Hotels & Resorts complements MONY�s vision for the resort.  We selected DH&R for their expertise and credibility in repositioning the Pointe South Mountain Resort as a distinctively unique experience for conference groups, business and leisure travelers,� said Dave Bland, Director � Hotel Investments of MONY.  �In a market abundant with chain-affiliated hotels, DH&R has garnered a reputation for delivering exceptional hotel experiences to its customers, while providing solid returns for their investors.�

Pointe South Mountain Names Executive Team

The Pointe South Mountain management team is as follows:  

• Newly-appointed Managing Director Ron Olstad, most recently from the Westin Stonebriar Resort in Texas, will oversee vision, positioning and owner relations.  
• General Manager J.D. Smith, a 15-year Pointe veteran, will continue to oversee the resort�s day-to-day operations.  
• Creating the new sales force is Director of Marketing Andre Fournier, most recently from DH&R�s Vail Cascade Resort, along with the newly appointed Director of Sales, Dan Sierka who brings 13 years of hotel sales experience.  
• Mike Riccio, a 19-year Pointe veteran, continues as the director of Catering & Conference Services, a post he has held the last eight years; 
• Shawn McGowan, a 5-year Pointe veteran, continues as the director of Food & Beverage; and Walter Leary is executive chef, a position he has held for the past four years.

According to Bland, MONY and DH&R have a plan for resort enhancements.  Some, as listed below, are well under way, while other projects are under consideration and will be announced in the future.

Paseo � In June, the Pointe South Mountain Resort broke ground on a $3 million property enhancement project that will completely transform the areas between the resort�s three main buildings into an outdoor oasis.  A public promenade with fountains, gardens, sculptured walkways and a palm court will replace what are now parking areas.  Complemented with dramatic lighting and a sound system, the Paseo will provide a unique gathering area for leisure guests and group events, being introduced in October for the resort�s busy winter season.

East Pointe Parkway � To create a more tranquil environment for resort guests, the 48th Street road that currently passes through the heart of the resort is being realigned to redirect local traffic.  This multi-million dollar construction project is scheduled to begin in the winter of 2001 with completion in the summer of the same year.

Rooms Renovation �  Beginning the summer of 2001, the resort will refresh all guest rooms by adding pillow-top mattresses, bedspreads, draperies, carpet, and upgraded case goods.  The intent of the redesign is to provide a more upscale and soothing ambiance for guests. The West Pointe Penthouse is a two-bedroom, 2,000 square-foot suite currently being remodeled to coincide with the Paseo completion, as a one-of-a-kind retreat.

Water Feature � Concept and design plans are being developed for a dramatic water feature for the enjoyment of leisure guests and as a venue for special events.  The expanse of untouched acreage on the Pointe South Mountain property will enable the creation of Arizona�s most unique water feature at a resort.

The addition of the Pointe South Mountain Resort to the DH&R portfolio marks a total of 1,059 rooms the company manages at three properties in metropolitan Phoenix.  DH&R currently manages the historic Royal Palms Hotel and Casitas in Phoenix and the Tempe Mission Palms Hotel and Conference Center in Tempe, Ariz.  Since commencing management of the Royal Palms in 1998, the hotel has been recognized as a Grand Award Winner in 1999, the highest award from Andrew Harper�s Hideaway Report.  In 1992, Destination Hotels & Resorts began managing the Tempe Mission Palms Hotel and Conference Center, which received certification from the International Association of Conference Centers (IACC) in 1999.

�Destination Hotels & Resorts has a proven track record of acquiring hotels and custom-fitting solutions to elevate each property within its own marketplace,� said Charlie Peck, president and chief operating officer of DH&R.  �The key difference between Destination Hotels & Resorts and most chain-affiliated hotels is the company�s entrepreneurial approach, which allows each property the freedom to make its hotel unique and its experience distinct and memorable.�

A prime example of DH&R�s success was the transition of the Sunriver Resort in Sunriver, Ore.  A 25-year-old property when acquired in 1993, DH&R�s primary goal was to re-position the Sunriver Resort from a local and regional resort to greater recognition as a national golf and meetings destination, attracting business and leisure travelers across the country.  The resort has marked steady, substantial increases in revenues and occupancy over the last seven years, with 95 percent growth in revenues and 147 percent growth in operating income since acquisition.  Sunriver Resort is now host to groups, corporate business travelers and golfers, and continues to be a ski destination in the winter.  Through re-positioning and improving levels of quality, the resort recently earned the AAA Four Diamond Award and was named one of the top 50 ski resorts in North America by Conde Nast Traveler magazine.  Sunriver Resort�s award-winning 18-hole championship golf course, Crosswater, was named as one of the �Top 100� golf courses in America for 1999/2000 by Golf Digest.

�The Pointe South Mountain is our second management-only contract, which supports our new strategy to diversify DH&R beyond the ownership and development of distinctive, independent hotels to set a new benchmark as a lodging management company,� Peck said.

With the addition of the Pointe South Mountain Resort, Destination Hotels & Resorts offers a collection of 26 upscale and luxury hotels and resorts featuring more than 6,600 guest rooms, 12 golf courses and four full-service spas spanning the United Kingdom and nine U.S. states including Arizona, California, Colorado, Florida, Hawaii, Illinois, North Carolina, Oregon and South Carolina, as well as the District of Columbia.

Each distinctive, well-situated Destination Hotels & Resorts property offers exceptional recreational opportunities and conference facilities.  Properties include the Hotel del Coronado and L�Auberge Del Mar near San Diego; the Inverness Hotel & Golf Club near Denver; Vail Cascade Hotel & Club in Vail, Colo.; the Royal Palms Hotel & Casitas in Phoenix; Tempe Mission Palms Hotel in Tempe, Ariz.; Eden Roc Resort & Spa in Miami Beach; Sunriver Resort in Sunriver, Ore.; and Tenaya Lodge in Yosemite, Calif. 

The Pointe South Mountain Resort is owned by MONY/PSM Properties, a subsidiary of MONY Life Insurance Company.  MONY Life Insurance Company is a subsidiary of The MONY Group Inc. (NYSE: MNY), which manages a $1.5 billion commercial mortgage and equity real estate portfolio through its subsidiaries.

Located at 7777 South Pointe Parkway, the Pointe South Mountain Resort is a 300-acre, all-suite destination resort at the base of the landmark South Mountain with 18 holes of championship golf, four themed restaurants, a 38,000 square foot fitness center and spa, 10 tennis courts and more than 95,000 square feet of meeting and function space including a 20,000 square-foot ballroom and a 20,000 square-foot outdoor exhibit pavilion. 

Based in Colorado, Destination Hotels & Resorts manages independent, upscale hotels and resorts around the country and the United Kingdom.  The company was recently ranked the largest independent hotel management company in Hotel Business magazine�s 2000 Top 100 Management Companies survey.  Formally ranked the seventh largest hotel management company in the country, Destination Hotels & Resorts is the largest company on the list who manages primarily independent hotels rather than franchised or chain-affiliated hotels.