IRVINE, Calif.-June 5, 2012 - Eagle Four Partners and Pacific Hospitality Group, LLC announced today that the purchase of International Bay Clubs, Incorporated, parent company of the Balboa Bay Club & Resort and the Newport Beach Country Club, is complete. Richard H. Pickup and his family members, most of whom are long-time residents of Newport Beach, spearheaded the investment.

The Balboa Bay Club & Resort www.balboabayclub.com includes a 160-room resort hotel, as well as a historic private club with a 130-slip marina and 145 apartments set on 15 acres along the scenic Newport Beach Harbor. The Newport Beach Country Club www.newportbeachcc.com is a private, non-equity golf country club located adjacent to Newport Beach’s famed Fashion Island. The Newport Beach Country Club features a championship 18-hole golf course that is home to the annual PGA Champions Tour’s Toshiba Classic.

“We are excited to acquire two of Newport Beach’s most iconic and well respected properties, the Balboa Bay Club & Resort and the Newport Beach Country Club. We are delighted to be working alongside Pacific Hospitality Group www.pacifichospitality.com as we jointly oversee the evolution of The Balboa Bay Club & Resort and the Newport Beach Country Club. We plan to honor and preserve the rich history of these treasured properties while looking to the future with innovative plans to enhance both the membership and resort experience,” said Todd Pickup, CEO of International Bay Clubs Inc. and principal of Eagle Four Partners.

Eagle Four Partners and Irvine-based Pacific Hospitality Group will assume joint management of both properties. With the addition of The Balboa Bay Club, the recent acquisition of Estancia La Jolla Hotel & Spa and the expansion of The Meritage Resort and Spa in Napa Valley, Pacific Hospitality Group operates seven hotels and resorts representing more than 1,830 rooms and 158,000 square feet of indoor conference and event space.

“We are honored to have the opportunity to share in the tradition of managing these iconic properties. Both the Balboa Bay Club and the Newport Beach Country Club are a perfect complement to our expanding portfolio of high-quality, full-service conference/leisure and lifestyle assets,” said Timothy R. Busch, CEO of Pacific Hospitality Group.

“Our many years of experience in private club management, golf course and luxury resort operations allows us to tap into this expertise as we commit to providing quality facilities and exceptional services for all members and resort guests. Both Eagle Four Partners and Pacific Hospitality Group share the same core values of quality, innovation and service,” added Kevin Martin, president of International Bay Clubs Inc. and principal of Eagle Four Partners.

“In 2013 The Balboa Bay Club will celebrate 65 years in the Newport Beach community. With a strong team in place we are well positioned to hold true to the rich history and legacy of these fine properties while looking at future operational and physical enhancements,” added Steve Arnold, president of Pacific Hospitality Group.

The transaction closed on May 31, 2012 and the terms of the sale will not be disclosed.

About Eagle Four Partners
Eagle Four Partners is an Irvine-based private equity group specializing in hotel, golf, and other real estate investments. Eagle Four Partners actively asset-manages a portfolio of investments including Estancia La Jolla Hotel & Spa. www.eaglefourpartners.com

About Pacific Hospitality Group, LLC
Founded in 1997, Irvine-based Pacific Hospitality Group, LLC (“PHG”) maintains a long-term strategic vision and a strong sense of core values as guiding principles for its business success. PHG manages, develops, finances, and owns hotel assets located in California including the newly acquired, Estancia La Jolla Hotel & Spa and the recently expanded The Meritage Resort and Spa in Napa Valley. PHG successfully operates its hotels by consistently growing revenue while effectively managing costs, thereby maximizing each hotel’s NOI. By using a cluster strategy, PHG is committed to growing its market share and adding value to its portfolio through renovations, repositioning and expansion. To further this goal, PHG enjoys excellent relationships with major lodging companies including Hilton, Intercontinental Hotels Group and Preferred Hotel Group. www.pacifichospitality.com

About International Bay Clubs, Inc.
International Bay Clubs, Incorporated (“IBC”) was established in 1971 and is incorporated in the State of California. IBC owns two subsidiaries, which include: 1) Balboa Bay Club, Inc. and 2) The Newport Beach Country Club, Inc.