Exclusive Resorts Appoints Key Management Positions

Date: October 6, 2003

Chief Financial Officer and Senior Vice President of Operations Selected

Exclusive Resorts, announced today the appointment of Brian Greenman as Chief Financial Officer and Cathy Ross as Senior Vice President of Operations. "With the addition of seasoned hospitality executives, Exclusive Resorts is poised to be the leader in the luxury residential travel industry," said Brad Handler, co-founder, chairman and CEO of Exclusive Resorts. "Brian has an extensive background in hospitality, real estate, equity raises, lending sourcing and financial forecasting and Cathy has a proven track record in financial and operational oversight in the hospitality, real estate and manufacturing industries." Prior to joining Exclusive Resorts, Greenman directed all financial relations and accounting for the multi-billion dollar Hyatt Corporation holding company group. His asset and debt portfolio management dealings covered $1.3 billion of complex transactions. As CFO of Exclusive Resorts, Greenman assumes responsibility of all financial and accounting functions of the company. As Senior Vice President of Operations, Ross is responsible for organizing, managing and implementing the real estate acquisitions and asset management for Exclusive Resorts. Previously, Ross was vice president, corporate controller for Destination Hotels & Resorts, the second largest independent hotel management company in the United States. Ross had financial and operational oversight for the rental management portfolio, in addition to responsibility for all corporate financial operations, new property transitions, and construction and development financial oversight.