Private Retreats by Abercrombie & Kent Acquires New Properties; New Destinations Include New York City, Naples and Steamboat Springs

Date: November 13, 2003

Over 60 World Class Destinations Available Worldwide

Private Retreats by Abercrombie & Kent, www.PrivateRetreats.com, the world’s premiere destination club, announced today the acquisition of new resort properties in three prime vacation destinations: New York, New York; Naples, Florida and Steamboat Springs, Colorado.

Private Retreats by Abercrombie & Kent provides members the experience of owning multiple vacation homes throughout the world at a fraction of the cost.

Larry Langer, Director of Acquisitions for Private Retreats by Abercrombie & Kent comments, “We have had an incredibly busy month of closings as usual, and with our Membership roster virtually sold-out, we are nearing completion of our acquisitions for Private Retreats by Abercrombie & Kent. These recent acquisitions are superb additions to our collection of five-star destinations. By January 2004 our first portfolio of homes should be complete.”

“With this in mind, the process of scouting and purchasing five-star homes for our next Club, Distinctive Retreats by Abercrombie & Kent is well underway,” adds Langer. “Distinctive Retreats by Abercrombie & Kent will be our next exclusive club in the family of Destination Clubs managed by Preferred Retreats.”

The new acquisitions include properties at Trump International Hotel & Tower in New York City, New York; Naples, Florida and The Mountaineer in Steamboat Springs, Colorado.

“This destination club represents the perfect collection of residences, experiences and services in a variety of highly desirable destinations that offer a wealth of activities,” said Mr. Geoffrey Kent, Chairman and CEO of Abercrombie & Kent. “Private Retreats by Abercrombie & Kent is a product of its time and I truly believe you’ll find it rewarding.”

The Club offers its members unlimited access to over 60 world-class destinations on all seven continents, including residences and yachts in Nevis, Jackson Hole, Cabo San Lucas, Telluride, Tortola, Hawaii and Scottsdale. Also available are the Club's luxury suites in Paris, London, Rome, New York, San Francisco, Miami and San Diego. Abercrombie & Kent safaris and tours provide members with annual vacations to some of the most luxurious adventure destinations throughout the seven continents. Members also enjoy access to private jet and turbo prop aircraft through the Club-owned fractional jet interests.