| Miami, Florida -- June 3, 2005 - Aztec Group, Inc., Florida's leading
real estate investment and merchant banking firm based in Miami, is pleased
to announce that it has arranged the sale of the Fontainebleau Hotel (formerly
the Fontainebleau Hilton Resort & Towers) in Miami Beach, Florida.
A Miami Beach landmark, the Fontainebleau Hotel was built in 1954 by legendary architect Morris Lapidus. The 876-room hotel also features a recently opened, 462-room condominium hotel tower (Fontainebleau II), a 286-room condominium hotel under development (Fontainebleau III), 190,000 square feet of meeting space, over 1,000 feet of ocean frontage, and numerous food and beverage outlets. Aztec represented the seller, Hotelerama Associates, Ltd., in the disposition of the property to an affiliate of Turnberry Associates, who is planning a $400-million renovation of the hotel and grounds. Ezra Katz, Chairman & CEO, and Boaz Ashbel, Managing Director of
Aztec, were responsible for arranging this transaction.
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