| NEW YORK and WEST PALM BEACH, Fla., April 27, 2006 - Investcorp, a
global investment group whose real estate team is based in New York, and
Ceebraid-Signal Corporation, a real estate management and development company
with offices in West Palm Beach, Florida, Freeport, New York and Stamford,
Connecticut, today announced the acquisition of Holiday Isle, an existing
151- room hotel and marina complex located on Islamorada in the Florida
Keys. The 12.5-acre property, which has been purchased for approximately
$98 million, will be redeveloped into a luxury condominium hotel and marina
resort.
 The
Holiday Isle property is located on Windley Key in the Village of Islamorada,
Florida, approximately 77 miles south of Miami and 83 miles north of Key
West. The existing hotel and retail facilities, which were built in stages
between 1954 and 1976, will be replaced with a newly constructed condominium
hotel project featuring 151 condo units of approximately 1,250 square feet
each. The redevelopment will also include ancillary retail, restaurant,
bar, lobby, and spa areas, a marina facility, tennis courts, and a resort
pool.
Holiday Isle is the fifth joint investment by Investcorp and Ceebraid-
Signal. In July 2005, Investcorp and Ceebraid-Signal acquired the Gulfstream,
a historic landmark hotel in Lake Worth, Florida, for $13 million. Ceebraid-
Signal is renovating the interiors of the Gulfstream, transforming the
popular Lake Worth landmark into a distinctive boutique luxury hotel. Separately,
in October 2005, Investcorp and Ceebraid-Signal acquired the Palm Beach
Hilton in Palm Beach, Florida for $42 million, renaming the property the
Ocean Club Beach Resort. Investcorp and Ceebraid-Signal have commenced
renovations to the property in order to transform the property into a premier
condominium hotel.
John Fraser, co-head of Investcorp Real Estate, said, "We are very
excited to create a new value-generation opportunity for our clients by
partnering again with Ceebraid-Signal in the development of a luxury condominium
hotel and resort property. The Keys are extremely attractive to vacationers
for their unique offering of year-round sporting activity, and the project
will seek to satisfy a small portion of the largely unsatisfied demand
for quality, high-end product in the area. We believe the new property
will stand among the Florida Keys' top resorts once the development is
completed."
Adam Schlesinger, President of Ceebraid-Signal, said, "The acquisition
of the Holiday Isle Resort is commensurate with our commitment to and investment
in South Florida. Our proven reputation of successfully developing, renovating
and repositioning luxury properties throughout the United States and affiliations
with prestigious real estate companies such as Investcorp will maximize
the property's value as a real estate asset and will enhance the resort's
reputation as a Florida Keys destination."
About Investcorp Real Estate
Investcorp's New York-based team of real estate professionals invests
in all major real estate asset classes with risk/return profiles ranging
from core plus to opportunistic, for mid- to long-term holding periods.
The team oversees a portfolio with a current value of approximately $2.8
billion in selected urban and suburban markets in the U.S. Over the past
decade, Investcorp has acquired real estate with an initial capitalization
of approximately $5.4 billion.
In addition to investing in real estate, Investcorp focuses on corporate
investments, asset management and technology investments. Established in
1982, it now manages total investments in alternative assets of approximately
$9.5 billion. Additional information on Investcorp may be found at http://www.investcorp.com,
or through the contacts below.
About Ceebraid-Signal Corporation
Ceebraid Signal Corporation, with offices in West Palm Beach, FL, Stamford,
CT and Freeport, NY, specializes in the renovation, restoration and new
construction of properties to create luxury lifestyle communities. Since
1962, Ceebraid Signal Corporation has been one of the country's leading
real estate developers, repositioning more than 25,000 residential units.
With a unique approach to vertical integration through owning, managing,
building and redeveloping tens of thousands of luxury units throughout
the United States, the company is renowned for creating superior environments
from conception to completion, maintaining historical integrity in the
meticulous renovation of select hotels of distinction and its expertise
in the real estate industry.
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