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 Bonaventure Resort & Spa's Original Developer, The Ireland Companies, to Redevelop the 496 room Resort into 252 Condominiums; Wyndham to Manage the Resort


$75 Million Redevelopment Adds Golden Door Spa

MIAMI -- June 14, 2004 -- Wyndham International, Inc. (AMEX:WBR) and The Ireland Companies today announced that they have contracted to purchase and redevelop the former Wyndham Bonaventure Resort & Spa in Weston, Fla. The Ireland Companies, led by Thomas K. Ireland, the resort's original developer, intends to redevelop the resort into 252 luxury residences through a $75 million redevelopment, complete with the addition of a 48,000-square-foot Golden Door(R) spa -- Wyndham's largest spa and the first Golden Door on the East Coast. The two parties will also enter into a long-term agreement for Wyndham to manage the resort.

The new project, the Wyndham Resort & Golden Door Spat at Weston, Fla., will be redeveloped over a period of 18 months, with renovations planned to begin Sept. 2004 and expected completion in late 2005. Plans call for the existing 496 hotel rooms to be converted into 252 two-bedroom condominium units. The residences will be available for individual sale and occupancy by unit owners who will have the opportunity to become part of Wyndham's rental program, through the brand's extensive distribution systems. The fully-furnished residences are 869 sq. ft. and 1,291 sq. ft. and range in price from $324,000 to $465,000.

"Our Golden Door Spas are continuously ranked among the best and most enriching spa experiences in the world, and the new resort at Weston is an ideal opportunity to expand this preeminent spa brand, as well as enhance our already strong presence in the Florida market," said Fred J. Kleisner Wyndham's chairman and chief executive officer.

"I am very excited about this redevelopment project and envision completely transforming the property into a world-class condominium resort and spa facility with the addition of a Golden Door Spa," said Ireland. "Working with the esteemed Wyndham International is a tremendous advantage which makes us an exclusive and attractive product for the entire community, as well as buyers."

Nine individual four-story residential buildings are located on the perimeter of the property. Each structure houses only 28 units, offering a total of 252 condominiums for sale. The planned unit breakdown is as follows:

  • 144 -- 2 bedroom/2 bath units containing approximately 869 sq. ft. each (plus 80-square-foot balcony) convertible into 288 hotel rooms
  • 108 -- 2 bedroom/2 1/2 bath suites containing approximately 1,291 sq. ft. each (plus 80-square-foot balcony) convertible into 108 one-bedroom hotel suites and 108 hotel rooms
The refurbished rooms will reflect a British Classic decor with new custom-made living and bedroom furniture incorporating richly stained wood armoires, tables and beds. Design accents include new light fixtures; Beijing gold granite kitchen counter tops and backsplashes; crown and base molding; foyer, kitchen, bathroom floors and vanity tops in Crema Marfil polished marble; spacious closets and enclosed private terraces. Every residence will offer a two-line telephone, 100 channel television and be pre-wired for high-speed Internet access. The extra large bathrooms offer a separate soaking tub and shower, twin vanities, Kohler(R) fixtures and stone floors and surfaces. The residences will also feature a kitchen/bar with new custom wood cabinets and G.E. appliances including cook-top, microwave and refrigerator. Renovation efforts also include an update to the resort's meeting space with new wall, ceiling and floor finishes.

Both guests and residents will enjoy the unsurpassed luxury of the Golden Door Spa, a sanctuary offering relaxation and rejuvenation of the mind, body and spirit through a complete program of personalized well-being. The original Wyndham-owned Golden Door in Escondido, Calif., draws inspiration from the ancient Honjin inns of Japan, where weary travelers sought sanctuary, great attention to personal service and therapeutic treatments such as massage and soothing baths. That concept will be continued at the newest Golden Door Spa at the Wyndham Resort Weston, where guests will find restoration, pampering and renewed energy. To accommodate the high standards of the Golden Door brand, the current spa facility will be completely rebuilt to include new furniture, fixtures and state-of-the-art spa and exercise equipment, along with new wall and floor finishes.

The Golden Door Spa at the Wyndham Resort Weston will join three sister Golden Door resort spa locations within Wyndham: The Boulders Resort & Golden Door Spa in Carefree, Ariz., Las Casitas Village & Golden Door Spa in Las Croabas, Puerto Rico and the Wyndham Peaks Resort & Golden Door Spa in Telluride, Colo.

Set on 23 landscaped acres, the Wyndham Resort & Golden Door Spa at Weston boasts a host of upscale amenities including two championship golf courses; a full program of clinics and lessons; equipment rental and pro shop available at the Bonaventure Country Club, located adjacent to the resort; extensive tennis facilities; four heated swimming pools; and three onsite restaurants. The resort offers 83,000 sq. ft. of meeting space including a 45,000-square-foot conference center with 25 flexible breakout rooms, eight conference rooms, two amphitheaters that seat up to 175 people, and three ballrooms, with the largest seating up to 1,450 people.

Real estate sales and marketing of the Wyndham Resort & Golden Door Spa at Weston will be handled by the South Florida real estate firm, Fortune International, through its corporate offices in Miami and Weston sales office.

Headquartered in Miami, The Ireland Companies is a multi-faceted real estate and development company. Since its founding in 1960, The Ireland Companies has completed more than 100 commercial, industrial, resort and recreational projects in 10 states exceeding 5,000,000 sq. ft.

Based in Dallas, Wyndham International, Inc. offers upscale and luxury hotel and resort accommodations through proprietary lodging brands and a management services division. Wyndham owns, leases, manages and franchises hotels and resorts in the U.S., Canada, Mexico, the Caribbean and Europe, and guarantees that the best rates for its properties will be found on its Web site. 

Wyndham International, Inc
Also See: Larry Rose Appointed General Manager Wyndham Bonaventure Resort & Spa in Fort Lauderdale, Fla. / Dec 2002
Wyndham Reports Net Loss of $29.4 million for 1st Qtr 2004 Compared to Prior Year Loss of $107.4 million; Sold 11 Hotels During First Quarter / Hotel Operating Statistics / May 2004

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