| DALLAS - Oct. 1, 1998--Atef Mankarios, former Chairman of
Rosewood Hotels Resorts, LLC, and past Chairman of Preferred Hotels Resorts,
Inc., has formed Foresthills Hotels Resorts, Inc., and has entered into
a joint venture with an affiliate of Apollo Real Estate Advisors, LP, which
will provide substantial investment capital to the newly formed company.
Mr. Mankarios will serve as the General Partner of the Joint Venture. Foresthills
Hotels Resorts was established for the purpose of acquiring and owning,
operating and managing, as well as developing superior and distinctive
independent luxury hotels and resorts on an international basis. Each property
taken under management by Foresthills will retain its independence and
image integrity, will embody and represent the best of local culture, and
provide a genuine "sense of place."
Stated Atef Mankarios, "Our partnership with such an established and
preeminent real estate investment fund as Apollo makes it possible for
Foresthills Hotels Resorts, Inc., to establish itself as a significant
force in the luxury hospitality industry. The financial resources provided
by Apollo will enable us to put in place a solid operational sales and
marketing infrastructure, and immediately be able to provide these services
to independent hotels and resorts, as well as to develop and invest equity
in hotels and resorts which will be operated by Foresthills Hotels Resorts,
Inc."
Continued Mr. Mankarios, "With the operational, financial, and sales
and marketing expertise of our management team, we will also be able to
provide independent luxury hotel and resort owners with a critical competitive
advantage in the marketplace and, in so doing, maximize operational efficiencies,
profitability and yield management, as well as asset value."
Foresthills is presently conducting in-depth assessments of a number
of independent hotels and resorts. The company anticipates that it will
enter into management agreements with four independent properties in the
near future.
Prior to forming Foresthills Hotels Resorts in January 1998, Mr. Mankarios
served as President and Chief Executive Officer of Rosewood Hotels Resorts,
Inc., from 1989 to 1997 and, subsequently, as Chairman of Rosewood Hotels
Resorts, LLC., from 1997 to 1998. During his tenure with Rosewood, Mr.
Mankarios quadrupled the size of the company's property portfolio, and
earned record profits while maintaining an exceptional level of service
and amenities that earned the company and the hotels numerous awards. During
his nearly thirty years in the luxury hospitality industry, Mr. Mankarios
has been the visionary and guiding force responsible for the development
and management of several of the world's most successful and distinguished
hotels and resorts, including among many others: The Lanesborough in London,
The Hotel Bel-Air in Los Angeles, The Mansion on Turtle Creek in Dallas
and, most recently, Las Ventanas al Paraiso in Los Cabos, Mexico. |