Northwood Investors Completes Acquisition of the 214-room Cheeca Lodge & Spa in Islamorada in the Florida Keys / August 2011

NEW YORK, Aug. 4, 2011 -- Northwood Investors LLC ("Northwood"), a leading privately-held global real estate investment firm, announced today that it has completed the acquisition of The Cheeca Lodge & Spa ("Cheeca" or the "Lodge"), a 214-room full service luxury resort.

The Cheeca Lodge & Spa is the premier luxury resort in the Florida Keys, located in Islamorada, less than 90 minutes from Miami. The resort is known for its lush vegetation, spectacular water views, peaceful atmosphere, oversized rooms, world class fishing and first-class service. The property was completely renovated in the past few years, adding waterview suites, new dining venues and upgraded meeting space. The Lodge retains its famous luxurious spa, two fresh and one salt water pools, six tennis courts, a Jack Nicklaus 9 hole par 3 golf course and the Presidential Suite.

"This acquisition demonstrates our commitment to high quality hotels and our ability to transact quickly and efficiently. We look forward to building upon Cheeca's legacy as a premier destination," said Jonathan Wang, Managing Director, Northwood Investors.

Herbert Spiegel, General Manager of Cheeca Lodge & Spa, has been associated with the property for over 15 years, and stated, "I love this place so much I was married here. We look forward to continuing our commitment to the Florida Keys community and all of our neighbors. We would also like to welcome back all of our past guests to see what we have accomplished here."

For more information on The Cheeca Lodge & Spa, please visit the company's website at www.cheeca.com

About Northwood Investors
Northwood Investors is a leading privately-held global real estate investment firm with over $2 billion of real estate assets. Founded in 2006 by John Z. Kukral, Northwood employs a fundamental, value-driven investment strategy with a longer-term outlook. Northwood has extensive experience investing in a wide range of real estate assets worldwide, including office buildings, shopping centers, hotels and residential investments, over multiple cycles and property types and geographies, providing the firm with a deep knowledge base, strong relationships, and unparalleled access to global real estate resources.

For further information on Northwood Investors or if you wish to contact us, please visit our website: www.northwoodinvestors.com or contact Vivian Tongalson, Managing Director, at (212) 573-0815 or [email protected].