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Credit Suisse and Other Lenders Take Ownership of Turtle Bay Resort from
 Former Owner Oaktree Capital Management LLC

Benchmark Hospitality Continues as Manager

The Honolulu AdvertiserMcClatchy-Tribune Regional News

February 23, 2010 --A consortium of lenders today assumed ownership of Turtle Bay Resort, resolving a more than two-year foreclosure case filed against former owner Oaktree Capital Management LLC by lender Credit Suisse.

The out-of-court settlement puts a group of roughly 20 lenders in control of the 880-acre resort with large-scale expansion plans opposed by many area residents.

Bob Boyle, vice president and regional operations director of Benchmark Hospitality, which manages Turtle Bay, said day-to-day operations are not expected to change, but the transaction gives the resort a clearer future.

"It just opens up the skies to move forward," he said. "This is a great day for Turtle Bay Resort and all of its employees."

Stanford Carr, a local developer who was overseeing operation of the resort under an agreement between Credit Suisse and Oaktree, will assume a similar role for the lender consortium as asset manager.

Oaktree retained no ownership stake, according to Boyle.


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